Bloomberg UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence (AI) and data analytics to drive the bank’s digitisation. The new team called AI, Data and Analytics, will be lead by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a ...

Bloomberg Chinese property developers are responsible for about half of the world’s distressed dollar bonds, a fresh indication of the magnitude and global nature of the industry’s woes. Of the $139 billion of dollar-denominated bonds trading at distressed prices, 46% were issued by companies in China’s real estate sector, according to data compiled by Bloomberg on October 12. That captured ...

Bloomberg The International Monetary Fund (IMF) warned of the risk of sudden and steep declines in global equity prices and home values as the Federal Reserve and other central banks withdraw the support they’ve provided during the pandemic. Ultra-easy monetary policy has led to “pockets of market exuberance and rising financial leverage” that could unwind in disorderly ways and put ...

DUBAI/LONDON / WAM DP World has announced the creation of an investment platform in partnership with CDC Group (CDC), the UK’s development finance institution and impact investor. The platform covers a long-term investment period. DP World is contributing its stakes in three existing ports initially and expects to invest a further $1 billion through the platform over the next several ...

ABU DHABI / WAM The UAE has condemned the terrorist attack that targeted a Yemeni convoy, which included Aden Governor and Yemen’s Minister of Fisheries, leading to several civilian deaths and injuries. The Ministry of Foreign Affairs and International Cooperation reaffirmed the UAE’s strong denunciation of such criminal acts and all forms of terrorism and violence that threaten the region’s ...

ABU DHABI / WAM Under the directives of the Supreme Council for Financial and Economic Affairs, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and member of the board of Abu Dhabi Supreme Council for Financial and Economic Affairs, has launched the Abu Dhabi IPO ...

Bloomberg An Australian company plans to invest $3 billion in Saudi Arabia in a bet on the metals used in batteries for electric vehicles (EV). EV Metals Group Plc’s spending will be on building plants to process minerals including lithium and nickel, and later expand into exploring for the battery metals, Managing Director and CEO Michael Naylor said. It would ...

ABU DHABI / WAM Dr Ali bin Harmal Al Dhaheri, First Vice Chairman of Abu Dhabi Chamber of Commerce and Industry, met with Carlos Massa Júnior, Governor of the State of Parana, Brazil, and the accompanying delegation at Expo 2020 Dubai to discuss the prospects of trade and investment cooperation between businesses in Abu Dhabi and Parana. During the meeting, ...

DUBAI / WAM Enoc Group has announced the opening of a new service station in Dubai South, an urban master development focused on the aviation and logistics ecosystem, in close proximity to the Expo 2020 Dubai site. This takes the total number of Enoc service stations to 156 across the UAE. The new service station will cater to residents and ...

Ras Al Khaimah / WAM The Ras Al Khaimah Municipality Department has officially launched the “Unified Addressing and Spatial Guidance System Project for the Emirate of Ras Al Khaimah” (The Address), which will improve the quality of life and drive sustainable development in the emirate. The Address will also help achieve the emirate’s developmental and economic plans and give it ...