Bloomberg A few years ago, the biggest banks in one of the richest corners of the globe were adding thousands of jobs to a department that suddenly seemed more important than most others: compliance. But with headcount growing more than 10-fold in some cases, those same jobs are now at risk. This month, Danske Bank A/S warned of “significant” cuts, ...

Bloomberg The African Development Bank (AfDB) approved loans and grants for several nations to ward off the Covid-19 pandemic as infections multiplied across the continent. The lender will provide $97.7 million for Rwanda’s budget to help the nation strengthen its health-care system, buttress economic resilience and mitigate the pandemic’s impact on the most vulnerable people. Under the worst-case scenario, Rwanda’s ...

Bloomberg Axis Bank Ltd., India’s third-largest private sector lender, has picked advisers including BNP Paribas SA and Credit Suisse Group AG to manage its proposed share sale. The Mumbai-based lender has also chosen HSBC Holdings Plc and UBS Group AG for the offering, the people said, asking not to be named as the information is not public. Axis Bank plans ...

Bloomberg Treasuries traders are once again eyeing record low yields, with dimming hopes for a sharp US growth recovery fuelling expectations that the Federal Reserve is about to signal more accommodation ahead. The benchmark 10-year yield just posted its lowest-ever weekly close, at 0.59%. And after stripping out inflation, the real yield — one of the market’s purest reads on ...

Bloomberg After a dreadful March quarter for Asian corporations, investors are bracing for another wave of reporting cards that will reflect the first full three-month period during the worst virus outbreak in living memory. More than 280 companies on the MSCI Asia Pacific Index are expected to report results next week, and the number will continue to climb in August. ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Saturday received a telephone call from Gurbanguly Berdimuhamedow, President of Turkmenistan. During the conversation, the two leaders discussed ways of strengthening bilateral ties and cooperation to serve the mutual interests of the two ...

Dubai / WAM Dubai’s real estate market witnessed transactions worth AED72.5 billion in the first half of 2020, despite the impact of the global Covid-19 outbreak, according to a report issued by the Dubai Land Department (DLD). The figures indicate that Dubai’s real estate sector is gradually returning to normal, driven by the stimulus packages and initiatives launched by the ...

Abu Dhabi / WAM Inspired by the UAE Leadership’s vision and commitment to overcome the pandemic through a global collaborative effort, the Abu Dhabi Health Services (Seha) has started conducting new clinical trials for phase III of inactivated vaccine to combat Covid-19. The trials are being conducted under the supervision of the Department of Health – Abu Dhabi, and in ...

Bloomberg Reliance Industries Ltd., controlled by Asia’s richest man, toppled ExxonMobil Corp. to become the world’s largest energy company after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays. Reliance, which manages the biggest refinery complex, gained 4.3% in Mumbai adding $8 billion to take its market value to $189 billion, while ...

Bloomberg In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast. Equinor also filled oil tankers with crude, turning them into floating storage facilities, ...