Abu Dhabi / WAM AED 2 billion worth of transactions were conducted over NBAD’s share through 30 sessions since the merger of the First Gulf Bank and National Bank of Abu Dhabi that created the Middle East region’s largest banking entity under the name First Abu Dhabi Bank (FAB). With 1.3 million shares owned by foreigners, the increased trading over ...

Dubai / WAM Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, launched ‘Enatni’, an app designed to boost the exposure of Emirati-owned businesses. The app is the 27th commercial project launched under the Tejar Dubai entrepreneurship development programme, while it supports Dubai’s transformation to a global smart city. A launch ceremony at Dubai Design District was ...

Dubai / Reuters The naming of a new boss at Etihad Airways presents the Gulf carrier with an opportunity to rethink its expansion strategy after the failure of minority-owned Alitalia underlined the big barriers to global growth. Ray Gammell was appointed interim CEO this week, days after Alitalia sought bankruptcy protection with $3.3 billion (£2.5 billion) of debt. He replaces ...

Bloomberg Aimia Inc., operator of loyalty programme Aeroplan, plunged as much as 65 percent after Air Canada said it will cut ties with the company in 2020 and launch its own rewards plan. The shares dropped 57 percent to C$3.88 in Toronto after earlier falling to C$3.13 in the biggest intraday decline since they started trading in 2005. Air Canada ...

Bloomberg Welcome to the club, J.C. Penney Co. The company joined department-store rivals such as Macy’s Inc. and Kohl’s Corp. in reporting disappointing sales for the first quarter, sending its shares down as much as 11 percent. The results confirm that weak sales were a universal phenomenon for US department stores last quarter, even among upscale players like Nordstrom Inc. ...

Bloomberg Barclays revealed on Sunday its latest tactical investment recommendations in its Q2 2017 ‘Compass’ report, published by Barclays’ Private Bank. The latest edition of the Compass research report, which examines major asset classes globally, maintained its overweight allocation to Developed Markets Equities stating that the US and Europe stock markets (excluding the UK) are likely to offer best growth ...

Bloomberg Wells Fargo & Co. may have opened as many as 3.5 million fraudulent accounts in the last 15 years, according to consumers who are trying to beef up a settlement with the bank over abusive sales practices. The bank reached a $110 million deal in late March to resolve a national class-action lawsuit over claims that employees may have ...

Bloomberg The numbers circulating about bad loans at Italian banks are too high, Finance Minister Pier Carlo Padoan said. “The numbers that have been floating around” amount to several hundred billion euros — this “grossly overestimates the impact, I would say that now we are talking about tens of billions,” Padoan said in a Bloomberg Television interview in Bari, Italy, ...

Bloomberg Singapore’s big three banks have invested heavily in their wealth-management businesses over the past year and the results are starting to show. Higher income from servicing Asia’s more well-heeled individuals helped DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. (OCBC) and United Overseas Bank Ltd. (UOB)offset bad-loan provisions and weaker loan margins to post better-than-expected first-quarter profits. OCBC’s wealth-management revenue ...

Bloomberg North Korea fired a ballistic missile early Sunday, its seventh such test this year, just days after South Korea elected a president who vowed to engage with Kim Jong Un’s regime to defuse tensions over its nuclear weapons program. The missile was launched at 5:27 a.m from the city of Kusong, northwest of the capital Pyongyang, and flew about ...