Bloomberg Deutsche Bank AG has almost finished restructuring its Asian investment-banking business and plans to add bankers in the coming months, said regional head James McMurdo. “Yes we did trim, but we trimmed where we thought we were less competitive, or where we thought the opportunity was not that significant and that has largely been completed,” McMurdo, who leads corporate ...

Bloomberg The internationalisation of the yuan has happened “earlier than expected,” but China should be keeping a low profile and not push it aggressively, former central bank Governor Zhou Xiaochuan said. The loss of trust in the dollar after the global financial crisis and other external events were factors increasing the use of the currency internationally, and China cannot force ...

ABU DHABI / WAM Adnoc Distribution has reported that net profit for the six months ended June 30, increased by 18 percent to AED1,124 million compared with the same period last year. According to a press statement, EBITDA grew by 30 percent to AED1,443 million, and gross profit rose by 24 percent to AED2,609 million. Free cash-flow generation was up ...

Abu Dhabi / Emirates Business Eshraq Properties, the Abu Dhabi based real estate company listed on Abu Dhabi Securities Exchange (ADX), reports a net profit of AED14.8 million for the first half of 2018 versus a net loss of AED0.32 million for the same period last year. The results are the best half-yearly results for the company since the first ...

Dubai / Emirates Business Amanat Holdings, the GCC’s largest healthcare and education investment company, reported a net profit of AED27.9 million in H1 2018, delivering double-digit gro-wth of 12% over the same period last year. The strong half-yearly performance is underpinned by the firm’s active deployment of capital. Total revenue generated in the first half of 2018 reached AED51.9 million, ...

Ras Al Khaimah / WAM The Federal Tax Authority (FTA) has officially launched phase one of its “Tax Clinic” initiative, which seeks to maintain direct and constant communication with taxable businesses. For three months, the campaign will cover all seven emirates to raise tax awareness across the country, urging taxable businesses to register with the Authority and promoting compliance with ...

Munich / Emirates Business The BMW Group invested substantially in the mobility of the future during the first half of the year, while at the same time firmly continuing on its course of profitable growth. Rigorous implementation of the Group’s Strategy. The BMW Group has also set a decisive course for its future in China, the company’s largest growth market. ...

Bloomberg Europe’s equity market may finally be getting a hand from the force that has supercharged the US stock rally since the global financial crisis: share buybacks. European companies have unveiled blockbuster repurchase programmes this earnings season as their cash piles swell amid a continued recovery in profits. In non-UK Europe, net equity issuance has turned negative for the first ...

Bloomberg UK house prices fell for a fifth month in a row in July, the longest stretch of declines since the financial crisis. Values fell 0.2 percent from June, bringing the average price for a home to $386,000, Acadata said in a report. London remains a “mixed picture,” with the number of sales in the second quarter falling by 7 ...

Bloomberg Suspended Audi Chief Executive Officer Rupert Stadler lost a bid to end his detention in jail, with a German court saying that there is strong evidence that he turned a blind eye to the corporate shenanigans at the heart of the car company’s global diesel scandal. Stadler’s bid to be released from jail after more than seven weeks was ...