Bloomberg China’s property slump is estimated to cost the nation’s banking system as much as 1.5 trillion yuan ($212 billion) in losses on loans, bonds and other assets, according to UBS Group AG. Such a loss will be “digestible by the banking system as the banks have strong earnings power and high” reserves against non-performing assets, May Yan, the bank’s ...

  Bloomberg JPMorgan Chase & Co is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars. Executives across JPMorgan made a decision last year to cut back on risk in leveraged finance, a choice that surprised customers and ...

  Bloomberg Credit Suisse Group AG has started cutting senior bank jobs in Asia including three managing directors across investment banking and financing as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said. Among the bankers let go were Johnson Chui, Asia-Pacific head of equity capital markets, Karen Yap from ...

  Bloomberg The euro has scope to bounce back above $1.10 by the end of next year, taking it to levels last seen in the early months of the Russia-Ukraine war, before energy and economic concerns helped drag the common currency below parity with the greenback for the first time in decades. Deutsche Bank AG’s Alan Ruskin and George Saravelos ...

  Bloomberg Africa’s largest economy is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Nigeria operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many businesses and individuals, which in turn ...

  Bloomberg Franklin Templeton Investments and Eastspring Investments are joining a growing list of money managers snapping up Chinese stocks on bets that Beijing’s pivot away from Covid Zero will bring significant gains. China’s world-beating rally this month has solidified convictions that recent losses are a thing of the past as a property rescue plan and easing on virus controls ...

Bloomberg London is no longer home to Europe’s biggest stock market. That prize has been taken by Paris. This week on the In the City podcast, David Merritt speaks to reporter Joe Easton, who has been closely monitoring the race for months. In 2016, before the Brexit vote, British stocks were collectively worth $1.5 trillion more than France. The French ...

  Abu Dhabi / GULF TIME AD Ports group, the leading facilitator of global trade, logistics, and industry, has signed a land lease agreement for 30 years with Audex Pte Ltd a wholly owned subsidiary of PEC Ltd, a leading integrated project and maintenance solutions provider to the energy, petrochemical, terminal and pharmaceutical industries, with fabrication facilities spread across Asia ...

  Abu Dhabi / WAM The UAE strongly condemned the attack that targeted the Kurdistan Region in northern Iraq, resulting in deaths and injuries. The Ministry of Foreign Affairs and International Cooperation expressed in a statement the UAE’s solidarity with all measures taken by Iraq to protect its sovereignty, security, and stability, stressing UAE’s support for efforts to establish security ...

  Bali / WAM Indonesian Minister of Tourism and Creative Economy Sandiaga Uno has affirmed his country’s eagerness to foster cooperation with the UAE across different sectors, at the forefront of which is the green economy, clean energy, and improving business opportunities. In a statement to the Emirates News Agency (WAM), on the sidelines of the G20 Summit held on ...