July, 2022

• 27 July

  Deutsche Bank warns of costs as inflation headwinds build

  

    Bloomberg Deutsche Bank AG scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach, as the economy weakens and the war in Ukraine, surging inflation and litigation drive up expenses. The muted outlook, published on Wednesday along with second-quarter results, overshadowed a strong performance at the corporate bank, which benefited from ...

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• 27 July

  Credit Suisse sees $1.6b loss in blow to recovery

  

    Bloomberg Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at ...

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• 27 July

  S Korea probes $3.4b of crypto-linked FX deals

  

    Bloomberg South Korea’s Financial Supervisory Service (FSS) is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities. Unusual transactions totalling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9 this year, the regulator said ...

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• 27 July

  UniCredit Q2 net profit climbs

    Bloomberg UniCredit SpA posted second-quarter profit that almost doubled analyst expectations, prompting the lender to lift its full-year target in anticipation of further gains from rising interest rates in Europe. Net income was 2 billion euros ($2 billion), compared with the 1.02 billion euros estimated by analysts. Above-expectation revenues, the absence of fresh loan-loss provisions, and the performance of ...

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• 27 July

  Westpac plans to slash lending to oil, gas firms

    Bloomberg Westpac Banking Corp will slash oil and gas as well as cement industry lending by 2030 as it joins an initiative to reduce emissions. The lender will aim for a 23% reduction in scope one, two and three emissions by 2030 from firms involved in oil and gas exploration, extraction or drilling, Westpac told investors. It will also ...

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• 27 July

  Alibaba primary listing may lure $16 billion from China

  

  Bloomberg Alibaba Group Holding Ltd may attract at least $16 billion of Chinese money by shifting to a primary listing in Hong Kong, strategists say, getting a much-needed boost as its stock struggles to bottom out. The move paves the way for the e-commerce giant to be included in the city’s trading links with mainland bourses, allowing an influx of ...

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• 27 July

  US futures advance on earnings amid countdown to Fed

  

    Bloomberg Stocks and US equity futures rallied on Wednesday as a batch of resilient company earnings helped alleviate some of the wider caution in markets ahead of a pivotal Federal Reserve monetary-policy meeting. Contracts on the tech-heavy Nasdaq 100 were up about 1.7%, while major technology and internet stocks advanced in premarket trading after reassuring reports from Alphabet Inc, ...

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• 27 July

  UAE researchers develop 3D atomic force microscopy probes

    ABU DHABI / WAM A team of researchers from NYU Abu Dhabi’s Advanced Microfluidics and Microdevices Laboratory (AMMLab) have developed a new kind of Atomic Force Microscopy (AFM) probes in true three-dimensional shapes they call 3DTIPs. AFM technology allows scientists to observe, measure, and manipulate samples and micro and nanoscale entities with unprecedented precision. The new 3DTIPs, manufactured using ...

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• 27 July

  Hub71, Clara to digitise legal needs of startups

  

    Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, has announced a partnership with Clara, a LegalTech startup that offers automated legal services for startups. The partnership will support Hub71-based startups and provide them with access to Clara’s innovative digital platform, facilitating the complex legal processes involved in setting up, growing and exiting a startup. Under the agreement, ...

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• 27 July

  IFZA-CBD deal to provide exclusive banking solutions

  

  Dubai / WAM IFZA Dubai has entered into a partnership agreement with the Commercial Bank of Dubai (CBD) to provide IFZA free zone companies with quick and convenient access to banking services and financial solutions. Through this partnership, the free zone companies will be able to conveniently and efficiently open special corporate bank accounts as well as obtain personalised services ...

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