Bloomberg Bank of America Corp. made the legal leap required to untangle what US clients are charged for research and trading, bringing to America a version of the changes being forced on markets in Europe. Its Merrill Lynch unit added the firm’s research department to an existing investment adviser registration late on Thursday, according to a document on the US …

Bloomberg Italian bank executives and central bankers, take note: people trust you less and less. Just 16 percent of Italians have confidence in the country’s lenders, down from an already meager 17 percent in June, according to a poll by the SWG research group of Trieste. Only 24 percent trust the Bank of Italy, plunging from 36 percent in June. …

Bloomberg One week after Nordea Bank AB said it will cut 6,000 jobs in a digital bet, a key investor says the rest of the industry would do well to watch and learn. Sampo Oyj, Nordea’s biggest owner with about one-fifth of its stock, says digital adequacy is overtaking capital adequacy as a top consideration for investors. “In the Nordics, …

Bloomberg China’s central bank moved to stabilize money supply, capping a week that began with a bond rout and more than 1 trillion yuan ($151 billion) of loans due to mature. The People’s Bank of China offered 404 billion yuan of one-year funds under the Medium-Term Lending Facility, compared with 207 billion yuan of maturities, according to a statement on …

DUBAI / Emirates Business The UAE’s design market will reach $36bn in 2019, fuelled by architects and interior designers leveraging innovations to enhance the experience, experts announced ahead of The Big 5 in Dubai. Boosted by innovative architecture and interior design projects, the UAE’s design market will grow by 13 percent from $32 billion in 2017 to reach a record-high …

Abu Dhabi / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance, has said that the UAE flag represents loyalty and love for the country and supports all its objectives and aspirations. In a statement to mark the UAE’s Flag Day on Thursday, Sheikh Nahyan said, “It is an honour for all of us to celebrate the day with …

Abu Dhabi / WAM The assets held by traditional banks operating in the UAE surged to AED2.103 trillion, accounting for 79.6 percent of the total assets of the country’s banking apparatus until the end of September, according to statistics released by the UAE Central Bank. The assets of the country’s Islamic banks neared AED5.39 billion, making up 20.4 percent of …

Abu Dhabi / WAM The UAE federal government departments’ total expenses amounted to AED31.5 billion in nine months, according to official figures released by the Ministry of Finance as part of a report on the financial performance report on the implementation of the country’s general budget. Public services’ expenses totalled around AED10.4 billion, accounting for 33 percent of total federal …

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) announced the latest score of its Wealth Sentiment Index (WSI), which remained stable at 1052.78 in October, compared to 1,052.94 in September this year. The October score reflects a range of factors, including an increase in oil prices, a fall in inflation, which reached its lowest level since August 2016, and …

Abu Dhabi / WAM Mobile phone subscriptions in the UAE reached 19.7 million by the end of September, according to official statistics released by Etisalat and du, the only telecommunications operators on the local market. The figures indicate a 2.2 percent increase in the number of subscribers in the post-paid and pre-paid mobile phone services during the first nine months …