October, 2019

• 2 October

  ECB begins transition of benchmark ‘interest rate’

  

  Bloomberg The European Central Bank (ECB) began its official transition to a new benchmark short-term interest rate on Wednesday, as global regulators move away from tainted Libor gauges. The new rate, known as ESTR, which reflects overnight borrowing costs of banks in the monetary bloc, fixed at -0.549 percent for October 1, the central bank said on its website. The ...

  Read More »
• 2 October

  Sabadell prepares sale process for asset management unit

  

  Bloomberg Banco de Sabadell SA, the Spanish bank under pressure to bolster its capital, is making preparations for a potential sale of its asset management business, people familiar with the matter said. Sabadell, which has been conducting a strategic review of the business for the past few months, is now leaning towards a sale of part or all of the ...

  Read More »
• 2 October

  Credit Suisse CEO seeks to stem defections

  

  Bloomberg Credit Suisse Group AG Chief Executive Officer TidjaneThiam is devoting more face time to top private bankers and holding talks on boosting pay as he seeks to prevent defections after Iqbal Khan’s exit. Thiam has been reaching out to the best revenue generators at the international wealth business to discuss compensation and career prospects since Khan left in the ...

  Read More »
• 2 October

  Robots to cut 200,000 US bank jobs in next decade

  

  Bloomberg Technological efficiencies will result in the biggest reduction in headcount across the US banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co said in a report. The $150 billion annually that the country’s finance firms are spending on tech — more than any other industry — will lead to ...

  Read More »
• 2 October

  Latvia mulling four central bank candidates

  Bloomberg Latvia’s political parties are discussing four candidates to lead the central bank after IlmarsRimsevics’s term ends in December, Latvia’s LatvijasAvize newspaper reported. Under consideration are Roberts Zile, a member of the European Parliament, Martins Kazaks, a central bank board member, UldisCerps, a former director of the banking regulator, and KarlisBauze, who previously headed monetary policy at the central bank, ...

  Read More »
• 2 October

  Facebook Libra payments partners waver on cryptocurrency

  

  Bloomberg Four payments companies that have joined Facebook Inc as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project, according to people familiar with the matter. Visa Inc, Mastercard Inc, PayPal Holdings Inc and Stripe Inc are undecided about formally signing onto Libra’s organising charter because they’re concerned about maintaining positive ...

  Read More »
• 2 October

  Abdullah meets US senior officials in Washington

  WASHINGTON, DC / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, met US Secretary of State Mike Pompeo, US National Security Adviser Robert O’Brien in Washington DC, and other senior US officials. In separate meetings, Sheikh Abdullah and the officials discussed bilateral cooperation between the UAE and the US to ensure security ...

  Read More »
• 2 October

  Annual Investment Meeting in Dubai to host 150 countries

  

  DUBAI / WAM The 10th edition of the Annual Investment Meeting, AIM, is set to take place from March 24-26, 2020, at the Dubai World Trade Centre. The event will offer delegates from around 150 countries a platform to keep abreast of the latest trends and best practices in investments around the world. Themed ‘Investing for the Future: Shaping Global ...

  Read More »
• 2 October

  DLD promotes Dubai’s realty market in India

  

  Dubai / Emirates Business Dubai Land Department (DLD) participated as ‘City Partner’ in the International Real Estate Expo (IREX) 2019 hosted by the Indian capital New Delhi over two days. This comes as part of DLD’s keenness to register a distinguished presence in major international events to promote Dubai’s real estate market and highlight the unique opportunities this sector offers ...

  Read More »
• 2 October

  UAE, S Korea ink deal to harness AI in intellectual property

  

  GENEVA / WAM The UAE Ministry of Economy and the Korean Intellectual Property Office (KIPO), signed a Memorandum of Understanding (MoU) to utilise artificial intelligence (AI) technologies in intellectual property titles such as patents, trademarks, industrial designs, and copyright. The MoU was signed in Geneva on the sidelines of the 59th Series of Meetings of the Assemblies of the Member ...

  Read More »