Bloomberg Credit Suisse Group AG named Neil Hosie head of equities for Europe, Middle East and Africa, replacing Ryan Nelson who stepped down after bank lost $5.5 billion in the collapse of Archegos Capital Management. Hosie will remain as head of equities for Asia Pacific, according to people familiar with the decision who asked not to be identified since the …

Bloomberg Investment firms shouldn’t be allowed to keep half a billion dollars Citigroup Inc accidentally sent them because the payment wasn’t due for three more years, legal experts and advocacy groups said in asking a court to overturn the ruling. A group of law professors said in a brief with the federal appeals court in Manhattan that the lower-court ruling, …

Bloomberg Societe Generale SA plans to focus its investment bank more on corporate banking as Chief Executive Officer Frederic Oudea attempts to turn the unit around following steep trading losses on complex derivatives last year. The Paris-based lender on Monday said the business, which is heavily geared toward markets activities, will pursue a “client-centric” strategy and allocate more capital to …

Bloomberg Nasdaq futures fall as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. The tech-heavy index has been whipsawed by the prospect of inflation which can threaten longer-horizon revenues typical of the industry. Contracts on the S&P 500 Index were steady. Treasury yields edged …

Bloomberg Australia’s stock market is on a tear, with surging commodity prices and a v-shaped economic rebound from the pandemic pushing the nation’s benchmark index to a record high. Mining giants BHP Group and Rio Tinto Ltd traded at all-time highs on Monday as global demand fuels surging metals prices while the country’s biggest banks advanced amid rising earnings. With …

May 10 / Emirates Business Floward, the go-to online flowers and gifts delivery store in the region launched its services in Muscat, Oman on Sunday, May 2, 2021 making it the first expansion of the year for the company. With this expansion, the company now operates in 19 cities across seven countries. As part of its expansion strategy, Floward will …

SHARJAH / WAM Dana Gas on Sunday announced its financial results for the first quarter ended March 31. Net profit was up by 41 percent in Q1 2021 reaching AED88 million as compared to AED62 million in Q1 2020. The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), …

Bloomberg Toronto’s housing market last month posted the sharpest drop since the early weeks of the Covid-19 crisis, as buyers and sellers took a breather from a frenetic pace amid surging infections and renewed lockdown measures. The number of properties changing hands in Canada’s largest city declined 20% in April on an annualized basis from the month before, while the …

Bloomberg A rally in one of Asia’s best-performing stock markets is stalling amid rising virus cases at home and a rethink of the global reflation trade. Second only to Taiwan among Asia’s major benchmarks this year, Singapore’s Straits Times Index has slipped about 1% so far in May, paring 2021’s gains to around 13%. The reintroduction of social distancing rules …

Bloomberg Asia’s high-dividend-yield stocks have emerged as winners among regional equities this year as expectations grew for the economy to recover from the Covid-19 pandemic. While stocks that pay relatively large dividends are rising globally, for the most part the gains are happening in-line with the wider market. Not so in Asia though, where MSCI Inc.’s key gauge for this …