Lisbon / AFP Chinese conglomerate Fosun will become the biggest shareholder in the ailing BCP, Portugal’s biggest private bank, by agreeing to buy a 16.7 percent stake, the two sides said Sunday. Fosun is paying nearly 175 million euros ($185 million) via a capital increase after an agreement reached on Friday. Portugal’s banking sector is saddled with debt and ...

  Bloomberg Ghana’s central bank cut its benchmark interest rate for the first time in more than five years after inflation slowed to the lowest rate since 2014. The Bank of Ghana cut the rate by 50 basis points to 25.5 percent, Governor Abdul Nashiru Issahaku told reporters on Monday in the capital, Accra. Five of the six economists in ...

  Bloomberg Shares of India’s big state-owned banks fell on the risk that the government’s recall of high-value currency notes will dent their profits. State Bank of India, the nation’s biggest by assets, declined by as much as 4.8 percent on Monday, its biggest intraday fall since Nov. 9 and the worst performance on the benchmark S&P BSE Sensex. Bank ...

  Bloomberg Iranian banks are trying to catch up with the rest of the world. After years of isolation left them with outdated practices, they’re attempting to fall in line with international standards of transparency so they can better attract business and integrate with the global industry. The central bank has instructed local lenders to set up compliance departments and ...

  DUBAI / Reuters Saudi Arabia’s biggest commercial bank cut its quote for three-month money in the interbank market in a signal that rates could fall further as a liquidity crunch in the banking system eases. Saudi interbank offered rates soared this year, pressuring companies and banks seeking to raise funds, as low oil prices slashed flows of petrodollars into ...

  SAN FRANCISCO / AP It sounds like a great idea: Forget passwords, and instead lock your phone or computer with your fingerprint. It’s a convenient form of security — though it’s also perhaps not as safe as you’d think. In their rush to do away with problematic passwords, Apple, Microsoft and other tech companies are nudging consumers to use ...

  Bloomberg Chinese mobile developer Meitu Inc. started testing demand for a proposed Hong Kong initial public offering of about $750 million, which could become the city’s biggest technology listing in nearly a decade. The Xiamen-based company, which makes apps used to touch up selfie photos, will gauge interest from potential investors from Monday through Dec. 2, according to terms ...

  Dubai / Emirates Business Qualcomm Incorporated (NASDAQ: QCOM) has announced that its subsidiary, Qualcomm Technologies, Inc. (QTI), and Samsung Electronics Co., Ltd., have extended their decade-long strategic foundry collaboration to manufacture Qualcomm Technologies’ latest Snapdragon premium processor, Qualcomm® Snapdragonâ„¢ 835, with Samsung’s 10-nanometer (nm) FinFET process technology. The decision to use Samsung’s cutting edge process in the next generation ...

  Bloomberg Apple Inc. has disbanded its division that develops wireless routers, another move to try to sharpen the company’s focus on consumer products that generate the bulk of its revenue, according to people familiar with the matter. Apple began shutting down the wireless router team over the past year, dispersing engineers to other product development groups, including the one ...

  Dubai /Emirates Business Nikon Middle East FZE announced the Nikon D5600, a camera designed for photography hobbyists and content creators to explore different creative and artistic expressions. With convenient connectivity features, this latest entry-level DX-format DSLR, is designed for sharing and storytelling. “Instinctively, we enjoy sharing how we see the world in our creative means and experiences. The Nikon ...