Bloomberg HSBC Holdings Plc, the largest foreign bank in China, warned of further potential hits from the nation’s battered real estate market as defaults continue to climb amid a worsening Covid-19 outbreak. “It’s a big call to say that we’ve seen the worst,” Ewen Stevenson, HSBC’s chief financial officer, said in an interview with Bloomberg News. “Do I think ...

  Bloomberg Banco Santander SA’s earnings beat estimates, with the retail banking giant’s geographical reach providing a buffer against growing economic risks in Europe from the war in Ukraine. Spain’s biggest lender posted net income of 2.54 billion euros ($2.72 billion) in the first quarter, exceeding the analyst consensus of 2.26 billion euros, as rising lending revenue offset increased costs ...

  Bloomberg Nomura Holdings Inc posted a fourth straight quarter of profit as Japan’s largest brokerage booked gains from a stake sale in one of its affiliated companies, offsetting further provisions for a legal case in the US. Net income totalled 31 billion yen ($242 million) in the three months ended March 31, the firm said in a statement. Nomura ...

  Bloomberg Novan Amirudin, head of Southeast Asia equity capital markets at JPMorgan Chase & Co., is leaving after serving more than 15 years at the US bank, according to people familiar with the matter. Novan, who is also head of Malaysia investment banking at JPMorgan, tendered his resignation this week, said the people. He has started his gardening leave, ...

Bloomberg Technology stocks led a broad rally in Chinese equities on Friday as the nation’s top leaders vowed to boost economic stimulus and as speculation grew about a possible easing of the continued crackdown on internet firms. The Hang Seng Tech Index jumped 10% in Hong Kong, the most since March 16, led by names like Alibaba Group Holding Ltd. ...

Bloomberg The yen’s plunge to a 20-year low threatens to leave it significantly weaker for years to come, shaking up global money flows and undermining Japan’s efforts to get its fragile economy back on track. The speed of the decline — it’s slumped 11% against the dollar in seven weeks — has caught policy makers off guard and exposed divisions ...

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) has reported its financial results for the three-month period ended March 31. The group produced a strong set of results with a net profit of AED5.1 billion, up 107 percent from AED2.5 billion in the first quarter of 2022. The results represent the highest quarterly net profit in the bank’s ...

Abu Dhabi / WAM The General Pension and Social Security Authority (GPSSA) revealed that value of government support for Emiratis working in private sector, as part of the contribution calculation salary, reached AED87.74 million in 2021. Ibrahim Shukralla, Head of GPSSA’s Government Communications Office, said the total share of monthly contributions due from insured individuals employed in government and private ...

  Abu Dhabi / WAM The Abu Dhabi Department of Economic Development (Added) signed an agreement with First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), and Abu Dhabi Islamic Bank (ADIB) to provide “easy payment plan” service, enabling credit card holders issued by these banks to pay the charges for the services provided ...

  DUBAI / WAM The Dubai Free Zones Council (DFZ Council) held its 20th meeting, headed by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the DFZ Council. During the meeting, HH Sheikh Ahmed noted that Dubai’s free zones, continuing to develop their services throughout the current decade in line with the demands of new economic opportunities, are on ...