June, 2018

• 30 June

  Fed stress test slaps Wall Street titans, unleashes record payout

  

  Bloomberg Federal Reserve stress tests forced some of Wall Street’s top banks to rein in ambitious plans for pumping out cash to shareholders. But even those diminished returns spell a record payout to investors. As the central bank’s annual stress tests ended, the nation’s four largest lenders — JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. …

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• 30 June

  Draghi warns risks from trade war may be understated

  

  Bloomberg European Central Bank President Mario Draghi warned European Union leaders that an escalating trade war between the US and the world’s biggest economies may have a larger impact than policy makers and investors currently expect. Rising tensions could erode confidence to an extent that is difficult to gauge, Draghi told the 27 heads of government from the bloc at …

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• 30 June

  Employees at dozens of leading banks face German probe

  

  Bloomberg Prosecutors in Cologne are preparing their first indictments in a tax-evasion probe involving some of the biggest names in finance that cost the German treasury billions of euros, according to people familiar with the matter. Investigators are looking at the role of dozens of banks, brokerages, accounting companies, and law firms in the deals, and the cases involve hundreds …

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• 30 June

  Kenya bank says Ethiopia ready for ‘take-off’

  

  Bloomberg Kenya’s biggest bank is waiting eagerly for Ethiopia to open its closely guarded financial services sector as new Prime Minister Abiy Ahmed warms up to foreign investment in ongoing market reforms. KCB Group Ltd. set up a representative office in Addis Ababa, the Ethiopian capital, in 2015 to position itself for when Africa’s fastest-growing economy finally relaxes its policy …

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• 30 June

  Credit Suisse cuts senior jobs in hedge fund unit

  

  Bloomberg Credit Suisse Group AG has been reorganising its prime brokerage unit, cutting some jobs while hiring selectively. This week, the Swiss bank pruned another seven positions from the New York desk that caters to hedge funds, according to a person familiar with the matter who requested anonymity. Tony Bertoldo and Justin Carey are among the senior bankers who are …

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• 27 June

  Oil surges to 3-year high as US stockpiles plunge

  

  Bloomberg Oil rose to a level last seen in late 2014 after US crude stockpiles tumbled by the most since September 2016. Domestic crude inventories declined by 9.89 million barrels last week, while refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said. Oil stored at the key pipeline hub in Cushing, Oklahoma, shrank …

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• 27 June

  UAE, France keen to improve competitiveness of SMEs

  

  PARIS / WAM The Ministry of Economy (MoE), represented by the International Centre for Patent Registration, and the French Ministry of Economy, represented by the National Industrial Property Institute (INPI), signed a memorandum of understanding (MoU) to improve the competitiveness of small and media-sized enterprises (SMEs), and promote intellectual property awareness in both countries. The MoU aims to promote cooperation …

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• 27 June

  UAE-Hong Kong trade grows to $10.9bn in 2017

  

  HONG KONG / WAM The total trade between the UAE and Hong Kong increased to $ 10.87 billion in 2017 from $10.59 billion in 2016, according to Hong Kong government statistics, obtained by Emirates News Agency (WAM). The UAE is participating in the Third Belt and Road (BnR) Summit, being held in Hong Kong. Abdullah Al Saleh, Under-Secretary for Foreign …

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• 27 June

  Trump trade threats turn Exxon, Chevron from backers to critics

  

  Bloomberg Big oil is losing faith in President Donald Trump’s pledges to build the US into a self-reliant energy superpower. Top executives from Exxon Mobil Corp, Chevron Corp and Total SA all took shots at Trump’s trade plans at the World Gas Conference in Washington, expressing concern that US tariffs are a risk to oil and gas demand, and that …

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• 27 June

  Baker Hughes to go it alone as GE seeks exit from oil sector

  

  Bloomberg Baker Hughes will emerge from the shadow of parent General Electric Co amid unprecedented turmoil and dislocation in the global oil business. GE’s plan to unload its 62.5 percent stake in the oilfield-services company over the next two to three years will leave Baker Hughes in much the same place it was before the industrial conglomerate absorbed it last …

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