Bloomberg Societe Generale SA is making a last-ditch effort to boost its performance after a trading slump threatened Chief Executive Officer Frederic Oudea’s targets. The French bank — recovering from regulatory probes that cost it billions of euros and a management reshuffle — plans to cut jobs in less profitable investment banking businesses to save at least 100 million euros ...

Bloomberg The head of Swedbank’s Estonian unit Robert Kitt is among three nominees who are in the running to replace central bank chief Ardo Hansson as the Baltic nation’s voting member on the European Central Bank’s Governing Council. The nominees, listed by the central bank’s eight-member supervisory board, also include deputy Governor Madis Muller and senior Finance Ministry official Marten ...

Bloomberg Metro Bank Plc fell the most since going public after applying an incorrectly low risk weighting to parts of its loan book, with the British lender’s chief saying he doesn’t know how long the mortgages in question had been wrongly classified. The shares plunged as much as 39 percent and the bank’s bonds also fell on concern it will ...

Bloomberg Don’t be fooled by the Bank of England’s (BOE) recent unanimity — the debate will become more heated. While Brexit has split Britain down the middle, policy makers have voted 9-0 on interest rates for the past four meetings and generally stayed quiet on the outlook as the UK’s impeding divorce from the European Union becomes more fraught. Governor ...

Bloomberg It may take a few years for blockchain’s impact to be felt meaningfully, but it will provide some advancements in certain areas even as cryptocurrencies falter, according to JPMorgan Chase & Co. “Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements,” JPMorgan’s chair of global research, Joyce Chang, said in an interview. “The ...

ABU DHABI / WAM The Department of Health Abu Dhabi (DoH), launched its Artificial Intelligence (AI), Lab at Arab Health 2019. The AI Lab is a first-of-its-kind initiative in region, dedicated to developing healthcare solutions through emerging technologies including AI, Blockchain, genomics, predictive analytics and Internet of Medical Things, among others. Bringing together individuals, industry experts and service providers, the ...

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, received on Tuesday, Sheikh Nasser bin Sabah Al-Ahmad Al-Sabah, First Deputy Prime Minister and Minister of Defence of Kuwait. His Highness welcomed Sheikh Nasser Al-Sabah, and held discussions on the brotherly relations between the ...

ABU DHABI / WAM Abu Dhabi Commercial Bank PJSC on Tuesday reported net profit of AED4.840 billion for the fiscal year 2018, up 13% on year. The robust performance is supported by record operating income, optimal management of cost of funds and lower impairment charges, ADCB said in a press release on Tuesday. As a result of the Bank’s strong ...

DUBAI / Emirates Business Breakbulk Middle East, the GCC’s leading breakbulk and project cargo sector event, held a press conference on Tuesday in anticipation of the event’s fast approaching 4th annual edition. This year’s two-day conference and exhibition will be held under the patronage of HE Dr Abdullah Belhaif Al Nuaimi, the UAE Minister of Infrastructure Development and the Chairman ...

SHARJAH / WAM GE and Japan’s Sumitomo Corporation have reached a public-private partnership milestone by signing a 25 year Power Purchase Agreement (PPA) with the Sharjah Electricity and Water Authority (Sewa), to develop, build and operate a 1.8 gigawatt (GW), combined cycle power plant in Hamriyah. Equipped with GE’s HA technology, including the world’s largest and most efficient heavy-duty gas ...