Bloomberg Credit Suisse Group AG investors should brace for billions of dollars in losses before the troubled Swiss lender’s sweeping restructuring plan eventually leads to modest profitability in 2025 — and that’s only if it can overcome steep risks, according to Moody’s Corp. The ratings agency said that the Swiss bank’s plan entails elevated restructuring and remediation costs, as ...

  Bloomberg Deutsche Bank AG agreed to pay employees in Germany an extra €1,500 ($1,500) this year to help them deal with the current high inflation. The payment will be made on top of December wages and apply to staff covered by collective wage agreements in the country, according to a memo seen by Bloomberg News and confirmed by spokesman. ...

  Bloomberg One of Australia’s largest banks is expecting further interest rate increases next year as consumers face price rises on “everything they touch.” National Australia Bank (NAB) Chief Executive Officer Ross McEwan said while there’s currently no impact on loan arrears from surging inflation and higher borrowing costs in the country, 2023 will likely see that change. “There’s going ...

Bloomberg Commerzbank AG’s decision to raise two financial targets fell flat with investors, after results in the third quarter were hit by charges at its Polish unit and the lender flagged cost headwinds. Revenue at the Frankfurt-based bank declined 5.9% in the three months through September, slightly worse than analysts had estimated, reflecting a hit of almost €750 million at ...

  Bloomberg US stock futures declined on Monday and Treasury yields rose as a cautious tone from a Fed speaker tempered some of the ebullience that inflation may have peaked. Contracts on the tech-heavy Nasdaq 100, typically more sensitive to interest rates, slipped 0.7% while those on the S&P 500 dropped 0.4%. Losses in New York premarket trading were concentrated ...

Bloomberg Having emerged as a safe haven amid this year’s global equity rout, Indian stocks look poised to extend their lead over world peers and finish 2022 on a high. A return of foreign investors is bolstering the market, where the benchmark S&P BSE Sensex Index rise to an all-time high as risk assets rejoiced over a softer US inflation ...

Rome / WAM Food import costs globally are projected to reach nearly $2 trillion this year, or higher than previously expected, the UN Food and Agriculture Organisation (FAO) said in a report. The new forecast of $1.94 trillion would represent an all-time high and a 10 percent increase over the record level of 2021. However, the pace of increase is ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan will attend the G20 Summit, which will take place in Bali, Indonesia from November 15-16. Chaired by Indonesian President Joko Widodo, the 17th G20 Heads of State and Government Summit will welcome heads of state and government officials from the world’s leading economies to address major ...

  Abu Dhabi / WAM Abu Dhabi’s real estate market witnessed continued growth in the third quarter of 2022, recording 4,441 property transactions amounting to over AED21.04 billion, according to the latest report published by the Department of Municipalities and Transport (DMT). The DMT’s quarterly showed that the emirate recorded 1,995 real estate sales worth AED5.39 billion, and 2,446 mortgage ...

Bali / Gulf Time Sanad, a global industrial services leader with over 30 years’ expertise in aerospace and wholly owned by Abu Dhabi’s Mubadala Investment Company PJSC (Mubadala), has signed a landmark memorandum of understanding with Indonesia’s GMF, the country’s largest aircraft maintenance company, at the UAE Business Forum which took place on the sideline of this week’s B20 Summit ...