Bloomberg The Reserve Bank of Australia (RBA) could turn to unconventional monetary policy as soon as February following the decision by lenders to only pass on part of the latest interest-rate cut, according to Citigroup Inc. The central bank is likely to cut again in February, and with lenders’ ability to pass on such reductions now constrained “this date is ...

Bloomberg Swedbank AB faces an increased risk of fines amid allegations its Baltic operations may have handled more than $100 billion in potentially suspicious funds, the lender’s regulator said. Sweden’s financial watchdog gave its strongest indication yet that there’s evidence of serious wrongdoing at Sweden’s oldest bank and biggest mortgage lender. Its findings to date show there could be grounds ...

Bloomberg Thousands of 50-pence coins minted to commemorate Brexit on October 31 will be melted down after Prime Minister Boris Johnson accepted an extension from the European Union, two people familiar with the matter said. UK Chancellor of the Exchequer Sajid Javid had announced plans for millions of coins engraved with the date Johnson pledged to leave the bloc, but ...

Bloomberg Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva. “He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. The Opec minister said ...

Abu Dhabi / WAM The investment portfolio of UAE-based banks amounted to AED64 billion ($17.42b) in the first nine months of 2019, hitting a total record of AED397.3 billion by the end of September, according to figures revealed by the central bank of the UAE. The growth trajectory is driven by a 19.4 percent jump in banks’ investments in securities ...

DUBAI / WAM Dubai mutual trade with Brazil in 2018 made around AED5.6 billion, with AED5.2 billion in imports, AED136 million in exports and AED234 million in re-exports. According to statistics released by Dubai Customs in conjunction with the visit of the Brazilian President, Jair Bolsonaro to the UAE, trade with Brazil touched AED3.6 billion in the first half of ...

AL KHOBAR / WAM First Abu Dhabi Bank (FAB), has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins one already operating in Riyadh. Abdulhamid Saeed, Group CEO of FAB, said, “It gives me great pleasure to open our second branch in Saudi Arabia. We look forward to providing the ...

Bloomberg Airbus SE landed one of its biggest-ever deals with the sale of 300 narrow-body planes to Indian budget carrier IndiGo that’s worth more than $33 billion at sticker prices. The contract for A320neo-series jets includes the latest XLR long-range variant and takes IndiGo’s orders for the re-engined aircraft to 730, the companies said in a statement on Tuesday. That’s ...

Abu Dhabi / WAM Abu Dhabi National Insurance Company (Adnic) reported AED194.4 million in net profit in Q3-2019, a 11.1 percent growth on the comparable period last year. The shareholders’ equity increased by 5.1 percent to AED 2.21 billion as of September 30, compared to AED2.10 billion as of December 31, 2018. For the nine-month period ended September 30, Adnic’s ...

Abu Dhabi / WAM Under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of The Abu Dhabi Agriculture & Food Safety Authority (Adafsa), the tenth edition of Sial Middle East, the exclusive regional food, beverage and hospitality trade event, will run from December 9-11 at the Abu Dhabi ...