Abu Dhabi / WAM Louvre Abu Dhabi on Saturday announced that it has welcomed more than one million visitors in its first year, establishing itself as one of the leading cultural institutions on the global stage. Commenting on the first anniversary of Louvre Abu Dhabi, Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi, ...

Bloomberg French President Emmanuel Macron moved to smooth over ruffled relations with Donald Trump after the US president took offense at his proposal Europe create its own continental military force. Macron received Trump at the Elysee Palace on Saturday in Paris ahead of a weekend of commemorations with world leaders to mark the 100th anniversary of the end of World ...

Bloomberg The guardian of the punch bowl is at risk of becoming the punching bag. The Federal Reserve continued to signal at its meeting that “further gradual increases” in interest rates are coming for the “strong” US economy. It’s a message that could be increasingly unpopular as Democrats and Republicans seek more spending next year while gearing up for the ...

Bloomberg More than 40 percent of major US lenders are failing to satisfy the Federal Reserve’s expectations in key areas of risk management, the central bank said in a report that reveals the regulator’s overall assessment of the industry. The Fed’s inaugural Supervision and Regulation Report highlights a number of positives — including high capital and liquidity reserves — but ...

Bloomberg The major US investment banks are planning to shift assets to Frankfurt because of Brexit, a move that would see their balance sheets in Germany grow to about 250 billion euros ($283 billion), several people briefed on the matter said. Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. have presented plans to increase the ...

Bloomberg UBS Group AG’s two biggest legal cases in years are entering the final stretch in a test of Chief Executive Officer Sergio Ermotti’s strategy of taking on French and US authorities. The Swiss bank was hit with a long-expected US fraud lawsuit that accused it of fuelling the 2008 financial crisis by deceiving investors who bought billions of dollars ...

Bloomberg China’s central bank (PBOC) said the global outlook is worsening and that it’ll tweak its policy in a sign that trade tensions with the US are hurting the world’s second-largest economy. “External conditions are undergoing profound changes, downward pressures are increasing, some companies are seeing more difficulties in their operations, risks accumulated over the long term are being exposed,” ...

Bloomberg Russia’s oil industry is feeling the pressure of a possible return of production caps. In fact, by sacrificing a fraction of output, the companies could see their stocks rise. Fresh output curbs may push crude prices up, benefiting Russian producers just as they did during the cuts that began last year. The Moscow Oil & Gas Index has gained ...

Bloomberg Wartsila Oyj’s East African unit won two engineering, procurement and construction contracts to develop grid-connected solar firms in Kenya, each with a capacity of 40 megawatts. Construction is expected to begin next year, according to George Oywer, a business development ma-nager at Wartsila Eas- tern Africa Ltd. The East African nation, which has an electricity supply deficit, is boosting ...

Bloomberg BlackRock Inc and CleanCapital LLC bought a 46.9-megawatt portfolio of US solar power from a unit of ATN International Inc. The 60 projects are in California, Massachusetts and New Jersey, CleanCapital said in a statement. ATN’s Chief Financial Officer Justin Benincasa said in an email that the purchase price was $64.3 million. Including assumed debt of $55.5 million and ...