Bloomberg UBS Group AG Chairman Axel Weber said the Swiss bank won’t trade Bitcoin or offer it to retail clients as increased regulation could lead to a “massive” drop in value. “This is something where the price is really unclear,” Weber said in an interview on Wednesday with Bloomberg TV at the World Economic Forum in Davos, Switzerland. “We fear ...

Bloomberg State Bank of India and Punjab National Bank will be among lenders that receive 881 billion rupees ($14 billion) of fresh capital the government had pledged for state-run banks in the year through March 31. SBI, the nation’s biggest lender by assets, will get 88 billion rupees while Punjab National Bank will take 55 billion rupees, Rajiv Kumar, banking ...

Bloomberg The Bank of Japan will continue with its unprecedented monetary easing policy for a “couple more years” and it will remain tough for lenders to make money from doling out credit, according to the top executive at Mizuho Financial Group Inc. “Just simple lending business is not so profitable, and this situation will last,” Chief Executive Officer Yasuhiro Sato ...

Bloomberg Strains are spreading in China’s $15 trillion shadow banking industry as investors pull back from the debt-like savings products that helped drive leverage to dangerous levels. Most affected are some $3.8 trillion of so-called trust products, until now the fastest-growing shadow banking segment and a popular way for debt-ridden property developers and local governments to raise funds from millions ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) on Tuesday signed an agreement with Lotte Chemical Titan (LCT), one of the largest polyolefin producers in South East Asia, for the sale of up to one million tonnes per year of naphtha to the Malaysian petrochemicals’ company, over the next three years. The long-term agreement, which builds upon ...

Abu Dhabi / WAM The Ministry of Finance has welcomed the European Union’s decision to remove the UAE from its list of uncooperative tax havens, in recognition of the transparent procedures the State has been adhering to, and will continue to do so, locally and internationally. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, said, “The European Union’s ...

Abu Dhabi / WAM The National Petroleum Construction Company (NPCC), part of Senaat Abu Dhabi, has won an Engineering, Procurement, Construction (EPC) contract for 5 Well Platforms and Pipeline for Ratna field from ONGC as part of offshore oil and gas infrastructure development on the west coast of India. This contract includes survey, design, engineering, procurement, fabrication, load out, transportation, ...

Bloomberg Emirates, the world’s biggest airline by international traffic, has mandated eight banks including HSBC Holdings Plc and Standard Chartered Plc to manage a sale of Islamic bonds, according to two people with knowledge of the transaction. The Dubai government-owned carrier also picked Citigroup Inc, BNP Paribas SA, Emirates NBD PJSC, Dubai Islamic Bank PJSC, Abu Dhabi Islamic Bank PJSC ...

DUBAI / Reuters Demand for business loans in the United Arab Emirates has increased marginally during the fourth quarter of the last year, mainly because of stronger demand in Dubai, a central bank survey showed on Tuesday. The total demand for personal loans was flat, according to the survey. The net balance measure for business lending — the weighted percentage ...

DUBAI / Emirates Business Consumers are confident they’re safe online, but hackers have proven otherwise, stealing AED 3.86 billion from 3.72 million consumers in the UAE in the past year, according to the 2017 Norton Cyber Security Insights Report, released by Norton by Symantec on Tuesday. Within the last year more than half (52%) of the country’s adult online population ...