Bloomberg European Union (EU) countries are set to cut Russia’s largest lender Sberbank off the SWIFT international payments system, as the bloc readies a sixth package of sanctions against Russia for its invasion of Ukraine. The proposed restrictions also target Credit Bank of Moscow and the Russian Agricultural Bank, according to people familiar with the discussions. The EU, the US ...

  Bloomberg Credit Suisse Group AG is in the early stages of considering its options to strengthen capital, Reuters reported, citing two people with knowledge of the matter. The size of the increase would likely exceed 1 billion Swiss francs, but this has not yet been determined, one of the people told Reuters. A sale of a unit, such as ...

  Bloomberg BNP Paribas SA announced a plan to hire as many as 7,000 people in France this year, as the lender implements a strategy to drive growth through technology and sustainable finance. The recruitment effort will focus on retail and corporate services, IT and support functions, as part of its strategy through 2025, the bank said in a statement ...

  Bloomberg National Bank of Canada’s fiscal second-quarter results got a boost from a surge in trading as recession fears roiled the markets. Revenue in the financial-markets unit rose 7.7% to C$632 million ($496 million) in the three months through April, the Montreal-based lender said. That beat analysts’ C$524.4 million average projection. Overall profit also topped estimates. Escalating concerns that ...

  Bloomberg A dramatic increase in the size and complexity of crypto markets means the sector is on track to become a risk for financial stability that must urgently be regulated, the European Central Bank (ECB) said. While recent volatility has not proved contagious to the rest of the global financial system, the threat is increasing with institutional investors increasingly ...

  Bloomberg Stocks and US equity futures dropped, while bonds fell Tuesday as euro-zone inflation accelerated to a fresh all-time high, intensifying the debate at the European Central Bank (ECB) about how rapidly to raise interest rates. S&P 500 and Nasdaq 100 contracts slipped at least 0.3%. Europe’s Stoxx 600 Index was set to snap four days of gains, retreating from ...

  Bloomberg Global investors returned in earnest to China’s stock markets in May, erasing much of the year’s earlier outflows, as investors bet that policy support and the emergence of key cities from Covid-lockdowns will spark a revival. They added 16.9 billion yuan ($2.5 billion) of Shanghai and Shenzhen shares via trading links this month, narrowing year-to-date outflows to just ...

  Abu Dhabi / WAM The UAE on Monday strongly condemned the storming of Al Aqsa Mosque courtyard by extremist settlers under the protection of Israeli forces. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) reiterated its firm position on the need to provide full protection for Al Aqsa Mosque and halt serious and provocative violations ...

  Abu Dhabi / WAM Adnoc Drilling company on Monday announced it has signed a Sale and Purchase Agreement (SPA) to acquire an additional two premium offshore jack-up drilling units. The investment is central to the company’s enterprising expansion strategy and forms part of its three-year guidance on capital expenditure. Adnoc Drilling’s fast-tracked fleet expansion programme keeps the company firmly ...

  Abu Dhabi / WAM The UAE expressed its sincere condolences and solidarity with the Federative Republic of Brazil over the victims of torrential rains and floods that struck several states in the country, killing dozens of people, necessitating the evacuation of tens of thousands, and causing severe damage. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) expressed its ...