Bloomberg United Overseas Bank Ltd. (UOB) has imposed a freeze on hiring, pay and promotions as the Singapore lender prepares for a further decline in earnings following the coronavirus pandemic. The city state’s third-largest bank told staff that it expects the situation to worsen before improving when the government cuts some of its support, according to an internal memo sent ...

Bloomberg Barclays Plc asked Pritpal Gill, head of foreign exchange trading in Asia Pacific, to leave after about 18 months with the British lender. Gill, head of G10 foreign exchange and foreign exchange options trading in the region, is departing as part of cost cutting measures across the bank’s corporate and investment divisions. Gill joined Barclays in January 2019 and ...

Bloomberg Citigroup Inc. will resume job cuts starting this week, joining rivals such as Wells Fargo & Co. in ending an earlier pledge to pause staff reductions during the coronavirus pandemic. The cuts will affect less than 1% of the global workforce, the bank said in a statement. With recent hiring, overall headcount probably won’t show any drops, Citigroup said. ...

Bloomberg Taiwan’s central bank urged traders to show restraint in sales of US dollars and not to offload large amounts in single transactions, but didn’t set a cap, according to a statement from the monetary authority. The statement follows media reports that central bank has restricted banks’ sales of US currency to no more than $5 million per trade in ...

Bloomberg European stocks climbed for a third day, supported by improving Chinese economic data and positive results coming from retailers. US equity futures advanced and the euro strengthened. Ocado Group Plc rallied after the UK grocery delivery company reported a strong surge in sales. Hennes & Mauritz AB jumped after beating profit estimates. European government bonds fall. The offshore yuan ...

Bloomberg Bond investors in three of Asia’s biggest emerging markets are starting to push back against record increases in government borrowing, an ominous sign for policy makers trying to revive economic growth with fiscal stimulus. In India, dwindling appetite for sovereign bonds drove yields to their biggest increase in more than two years last month while Indonesia’s latest bond auction ...

Abu Dhabi / WAM Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, announced that the UAE has authorised the emergency use of the Covid-19 vaccine; making it available to those first line defence heroes, who are most at risk of catching Covid19, protecting them from any danger that they may be exposed to due to ...

Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, Adnoc Distribution, which are listed and traded on the Abu Dhabi Securities Exchange (ADX). This represents 10 percent of Adnoc Distribution’s total share capital. ...

Bloomberg Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in US technology shares. The state oil giant’s stock gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount. Meanwhile, Apple ...

Abu Dhabi / WAM The Ministerial Development Council, under the chairmanship of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, adopted the public and private school calendar for the next three years, to strengthen the national education system. The decision will establish a clear and detailed timeline of school days and holidays, to ...