Emirates Business The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has initiated world’s first cross-border testing of fintech digital sandbox connectivity with Asean Financial Innovation Network (AFIN) between Abu Dhabi and Singapore. This is a continuation of ADGM’s first announcement in September to launch its fintech digital sandbox. To …

DUBAI / WAM National Central Cooling Company, Tabreed, on Wednesday, released its financial results for the first nine months of 2018, reporting a 10% increase in net profit to AED319.3 million for the year up to September 30, compared with the same period in 2017. Tabreed’s latest financial results follow its announcement last month that it successfully issued a $500 …

Bloomberg Opec and allied oil producers will cut or adjust production as needed to balance the market, the group’s president, United Arab Emirates Energy Minister Suhail Al Mazrouei, said on Wednesday. If Opec+ needs to reduce output, it will do so, he said in a Bloomberg TV interview in Abu Dhabi. The producers will take whatever steps are necessary to …

Bloomberg The International Energy Agency (IEA) welcomed the oil market’s return to surplus as Opec’s production surge sw-ells global stockpiles and drives prices into a bear market. Inventories in industrialised nations have increased for four straight months and are set to jump by 2 million barrels a day next half if current output is maintained, the IEA said in its …

Bloomberg AES Corp, a long-time builder of coal-fired power plants around the world, published a report that projects how climate change could affect its business. The bottom line, the company says, is that its move away from carbon fuels means its business model holds up whether the world warms a lot or a little. The report, which AES says is …

Bloomberg SSE Plc is to split off its green generation into a separate business known as SSE Renewables under the UK utility’s increased focus on low-carbon generation. The new company will have 4 gigawatts of capacity by March including onshore and offshore wind, flexible hydro, run-of-river hydro and pumped storage. That compares with 7.3 gigawatts of conventional assets. We’re starting …

Bloomberg US stocks pared an advance after a key Democrat called into question the revamped Nafta deal, rekindling concern over trade. Crude rebounded from the worst rout in three years. The S&P 500 looked for its first gain in five sessions, while technology shares all but erased a rise that topped 1 percent. Bill Pascrell, in line to chair the …

Bloomberg Volatility in the pound jumped as traders looked ahead to the next hurdle on the Brexit path even if a draft deal is signed off by Prime Minister Theresa May’s senior ministers. Overnight volatility in the pound against the dollar climbed to the highest level in more than a year. One-, two- and three-month measures also rose, suggesting that …

Bloomberg Greek authorities are moving forward with two different plans to save their banks from a downward spiral. Some would-be investors think they’re too clever by half. To reduce non-performing loans, the Greek central bank is proposing a special-purpose vehicle created with the stricken lenders’ tax credits — themselves an accounting creation of the nation’s past debt restructuring. With those …

Bloomberg Poland’s financial industry regulator quit after a newspaper reported that he made an improper offer to the owner of a troubled bank, triggering a government investigation. Financial Supervision Authority Chairman Marek Chrzanowski said allegations by Gazeta Wyborcza were a “dishonest and groundless” provocation, but that he must resign to ensure stability in the banking industry, he told Poland’s PAP …