Bloomberg Citigroup Inc said it will wind down its consumer banking business in China, a move which is expected to affect about 1,200 employees in the country. The exit will include products such as deposits, insurance, mortgages, investments, loans and cards, the lender said in a statement. The bank will also explore options for those employees who wish to ...

  Bloomberg The Bank of Italy raised its inflation forecasts for the next three years on the continuing increase of energy costs and more pronounced wage growth in 2024, according to its macroeconomic projections. Consumer prices are seen increasing 8.8% this year and 7.3% next year, from previous forecasts of 8.5% and 6.5% respectively. Economic output was revised upwards to ...

  Bloomberg Sumitomo Mitsui Banking Corp (SMBC) named Senior Managing Executive Officer Akihiro Fukutome as its next president, as the Japanese lender seeks to attract a younger generation of customers and build up businesses in Southeast Asia. The appointment will be effective from April, according to a statement from the core banking unit of Japan’s second-largest lender Sumitomo Mitsui Financial ...

  Bloomberg Norway’s central bank raised borrowing costs to the highest level in more than a decade, and signaled it still plans to hike its key interest rate to 3% at the beginning of next year even as the Nordic country faces a recession. Norges Bank lifted its key deposit rate by 25 basis points to 2.75%, the highest level ...

  Bloomberg The Swiss National Bank (SNB) raised its interest rate by 50 basis points, a third salvo against inflation that narrows the gap with the borrowing costs of global peers. Officials raised the benchmark to 1%, as predicted by a majority of economists surveyed by Bloomberg. Further increases can’t be ruled out, the central bank said. “There is a ...

  Bloomberg Bulls reeling from the Federal Reserve’s still-hawkish tilt are about to lose a major force that helped tamp down turbulence in US stocks during this week’s macroeconomic drama. An estimated $4 trillion of options is expected to expire in a monthly event that in tends to add turbulence to the trading day. This time, with the S&P 500 ...

  Bloomberg US equity-index futures dropped with European stocks amid concern the resolve of central banks to continue their fight against inflation will tip the economy into a recession. Contracts on the S&P 500 and Nasdaq 100 fall at least 1.1% each after the underlying indexes posted their biggest declines since November 2. Europe’s Stoxx 600 slid to a five-week ...

  Dubai / WAM Dubai has cemented its first place for a second consecutive year in the region, ranking second globally in the Top City Destinations Index 2022 of Euromonitor. The UK-based market research company in its latest rankings has uncovered the top city performers for economic and business activity, with thriving tourism infrastructure and performance that show great potential ...

  Dubai / WAM Amea Power announced on Thursday that it has been awarded a 120 megawatts (MW) solar photovoltaic (PV) project in South Africa as part of the sixth bid submission phase of the renewable energy independent power producer procurement (REIPPP) Programme. The Doornhoek PV project will sell electricity to the state utility, Eskom, under a 20-year power purchase ...

  Dubai / WAM Dubai Chambers on Thursday organised a meeting to bring the COP28 UAE Presidency and Dubai’s business community together to discuss how the private sector can engage and benefit from the journey towards COP28. The meeting reaffirmed that businesses across all sectors must revisit their business models and restructure it to support sustainable development. The event also ...