May, 2016

• 4 May

  F&B contracts awarded for Abu Dhabi Airports’ Midfield Terminal building

  

    Abu Dhabi / WAM Abu Dhabi Airports has announced that Emirates Leisure Retail, ELR, HMSHost International, Lagardere Capital, and SSP, four world-class food and beverage retailers, have been awarded the concessionaire contracts for Abu Dhabi Airports’ Midfield Terminal Building, MTB. Once operational, the MTB will constitute a number of world first exclusives in terms of its F&B offerings, including ...

  Read More »
• 4 May

  A380 makes India crucial part of Etihad’s growth strategy

  

      Emirates Business India continues to be a crucial part of Etihad Airways’ growth strategy contributing significantly to the airline’s global operations, to job creation and to connectivity for India. Addressing a media conference in Mumbai to mark the launch of Etihad Airways’ daily A380 service to India’s commercial capital, Etihad Airways Chief Commercial Officer, Peter Baumgartner, said that ...

  Read More »
• 4 May

  Societe Generale beats profit estimates, plans deeper cuts

  

    Bloomberg Societe Generale SA reported an unexpected increase in first-quarter profit, boosted by consumer banking, and announced plans to deepen cost cuts at its investment bank. The shares jumped. Net income rose to 924 million euros ($1.06 billion) from 868 million euros a year earlier, the Paris-based bank said on Wednesday. That beat the 765 million-euro average estimate of ...

  Read More »
• 4 May

  HDFC’s Jain is India’s highest paid money manager

    Bloomberg Prashant Jain, who oversees $27 billion at HDFC Asset Management Co., took home Rs.61.7 million ($931,000) in salary and Rs.163 million in stock options in the year ended on March 31, figures posted on the fund’s website for investors show. ICICI Prudential Asset Management Co., the second-largest fund, paid its Chief Investment Officer S. Naren Rs.48 million, while ...

  Read More »
• 4 May

  HSBC appeals $78mn fine imposed in Hong Kong

    Bloomberg HSBC Private Bank (Suisse) SA is appealing a HK$605 million ($78 million) fine imposed by Hong Kong’s securities regulator in connection with its sales of structured products including Lehman Brothers Holdings Inc.-related notes between 2003 and 2008. The appeal hearing began in the city on Wednesday after the Securities and Futures Commission previously alleged failures in internal controls ...

  Read More »
• 4 May

  BNP 1st Europe bank to better profits

  

    Paris / AFP France’s BNP Paribas has became the first European major bank to post a profit rise for the first quarter, delighting analysts and sending its shares sharply higher. Net profit grew by over 10 percent year-on-year to 1.8 billion euros ($2.1 billion) for the first three months of the year, thanks to one-off gains but also to ...

  Read More »
• 4 May

  Erste Q1 profit bucks estimate on lower cost

  

    New York / AFP Erste Group Bank AG, Austria’s biggest bank, beat analyst expectations for first-quarter profit as a sharp drop in bad debt provisions outweighed declining lending and fee revenue. Net income came in at 274.7 million euros ($316 million) in the three months through March compared with 226 million euros a year earlier, the Vienna-based bank said in ...

  Read More »
• 4 May

  Spanish banks launch wave of job cuts, closures

  

    Madrid / AFP Spanish banks, which slimmed down after a property boom went bust in 2008, are once again closing branches and slashing jobs as their profitability is hit by stiff competition. The country’s three biggest lenders — Santander, BBVA and CaixaBank — last week all posted lower first quarter net profits, especially in Spain, which is grappling with ...

  Read More »
• 4 May

  Soaring costs pinch USA’s realty nonbank lenders

  

    Bloomberg The mortgage upstarts that transformed the industry after the U.S. housing crash are now facing their own shakeout. Soaring expenses are squeezing profits for nonbank lenders, which have grown to almost half of the mortgage market, as new rules and stepped-up regulatory scrutiny slice into already-thin margins. The average cost to originate a home loan jumped by 18 ...

  Read More »
• 4 May

  China property portal SouFun seeks backdoor mainland listing

  

    Bloomberg SouFun Holdings Ltd. plans to switch its stock listing from the U.S. to China, joining companies including Dalian Wanda Commercial Properties Co. that are seeking higher valuations on mainland stock exchanges. SouFun, China’s biggest real estate web portal, is seeking to move its shares to the Shanghai stock exchange via an asset and share swap with storage-battery manufacturer ...

  Read More »