Bloomberg The European Union will push back the completion of collateral rules for the multi-trillion-dollar swap market to the end of the year, breaking with US authorities who have set a September deadline for the biggest banks to comply. The European Commission, the EU’s executive arm, won’t be able to meet the deadline adopted by the US — and ...

  Bloomberg Peru kept borrowing costs unchanged after four increases in the past year as slowing inflation and a stronger sol give policy makers room to bolster growth. The central bank board, led by bank President Julio Velarde, held the key rate at 4.25 percent for a fourth consecutive month, matching the forecast of 11 of 12 economists surveyed. One ...

  Bloomberg Deutsche Bank AG and Credit Suisse Group AG may have to raise more capital because of the need to resolve US claims over the sale of mortgage-backed securities before the financial crisis, Barclays said as it downgraded the two banks. Deutsche Bank may face settlement payments of as much as US$4.5 billion, while Credit Suisse may have to ...

  Bloomberg Even in Asia’s cutthroat world of wealth management, the news of a mass defection at RBS Coutts, venerable bankers to the British royals, came as a shock. Lenders battered by the financial crisis were fighting for Asia veterans who could bring the lucrative accounts of the region’s growing ranks of millionaires, and Coutts rainmaker, Hanspeter Brunner, had jumped ...

  Our Correspondent / Emirates Business 2XL Furniture & Home Decor is a retailer of luxury home furnishings in the UAE since 2000. The retailer currently has 6 showrooms across Abu Dhabi, Dubai, Sharjah and Al Ain, with plans of opening two more stores in the near future (one in the Mushrif residential area in Abu Dhabi, and the other ...

  Our Correspondent EMIRATES BUSINESS With over 60 years of High Street fashion retailing experience, River Island is renowned for stylish and affordable fashion. River Island brand manifesto is to be fun, fresh, confident, stylish and distinctive, and the unique touches the brand brings collections that allow it to stand out from the rest of the British High Street. With ...

  Beijing / Bloomberg The International Monetary Fund’s No. 2 official urged China to take immediate steps to tackle rising corporate debt or risk “dangerous detours” during the country’s transition to a consumption-oriented economy. “Corporate debt remains a serious — and growing — problem that must be addressed immediately and with a commitment to serious reforms,” David Lipton, the IMF’s ...

  New Delhi / Bloomberg India’s Home Ministry has rejected Google’s plan to include photography of the country’s roads, tourist attractions, rivers and mountains in its free Street View mapping service. A panel consisting of security agencies and defense forces concluded Alphabet Inc.’s Google could not offer the 360-degree imagery to users due to security concerns, said a government official ...

  New Delhi / Tribune News Service Dr. Reddy’s Laboratories Ltd, India’s second-largest drug maker, on Saturday said that it will acquire a portfolio of eight abbreviated new drug applications (ANDA) in the US from Teva Pharmaceutical Industries Ltd and an affiliate of Allergan plc for $350 million. The company said it will buy this portfolio on a cash free, ...

  Karachi / AFP Pakistan awarded a $395 million 4G licence to Norwegian telecom giant Telenor, as it seeks to capitalise on a booming domestic mobile market some two years since broadband Internet arrived in the country. In 2014, Pakistan auctioned its first 4G broadband licence to China’s Zong for $210 million, along with 3G licenses to Zong, the UAE’s ...