Bloomberg China should consider letting commercial banks foray into securities business, according to Bank of Communications Co Chief Economist Lian Ping. Lenders should be enabled to establish new securities firms or be allowed to acquire or merge with brokers, the official Shanghai Securities News reported, citing Lian’s speech at a forum in the city on Saturday. The capital of commercial ...

Bloomberg Danske Bank A/S probably will be fined around 13.5 billion kroner ($2 billion) this year by authorities in Denmark, the US and the UK as investigations into Europe’s biggest money laundering scandal draw to a close, according to estimates by Jyske Bank. Danske has admitted that a large part of 200 billion euros ($223 billion) in transactions at an ...

Bloomberg Venezuela’s international reserves fell $832 million between December 30 and January 2, reaching a thirty-year low of $6.63 billion on January 2. The country began the week with reserves of $7.47 billion on December 30, according to central bank data. The level of $6.63 billion is the lowest since July 1989, when reserves were at $6.68 billion. “The fall ...

Bloomberg Christine Lagarde has a plan for rebutting German criticism of the bond-buying programme she inherited as European Central Bank (ECB) president: Put a German in charge of it. Lagarde has handed one of the ECB’s highest-profile roles to a German who has taken a stand against undue sniping at the institution’s policies. Isabel Schnabel, a University of Bonn economics ...

Bloomberg China’s financial regulator said it will implement a series of measures to shore up the nation’s troubled smaller banks and insurers while continuing a clampdown on shadow financing and property speculation. The regulator will introduce measures to eliminate bad loans and promote mergers, capital injections and the restructuring of high risk institutions, the China Banking and Insurance Regulatory Commission ...

Emirates Business His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has been voted the most prominent Arab leader 2019 in a readers’ poll conducted by Russia Today TV (RT). According to the Russian state TV, 9.74 million out of total 14 million respondents chose Sheikh Mohamed ...

Bloomberg A trade deal between the US and Japan that cuts tariffs on some agricultural products and industrial goods took effect on Wednesday, with little indication the two sides would meet a pledge to soon start a new round of talks broadening the pact. Under the deal, Japan reduced tariffs on beef and additional US agricultural products to the same ...

MUKALLA / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC), provided 35,144 food parcels weighing 2,840 tonnes to the residents of Hadramaut Governorate during the Year of Tolerance 2019, benefitting 175,720 people who are members of vulnerable Yemeni families. At the end of Year of Tolerance, ERC distributed 100 food parcels weighing eight tonnes, which targeted ...

Dubai / WAM The UAE Nation Brand hit a record of 10.6 million votes from 185 countries as the campaign drew to a close to announce the logo that will represent the UAE and lead the country’s inspiring story towards the next 50 years. Voters have contributed to planting 10 million trees to empower communities in areas affected by climate ...

Bloomberg Oil in New York capped its biggest annual increase since 2016, as Opec’s production cuts tempered supplies while a trade pact between the US and China buoyed the outlook for demand. West Texas Intermediate futures fell 1% yet climbed 34% this year as Opec and its allies cut production and a trade deal between Washington and Beijing neared. With ...