October, 2018

• 15 October

  Wells Fargo posts surprise revenue rise

  

  Bloomberg Wells Fargo & Co. hasn’t yet fixed all of its problems, but at least it stopped its revenue slump. The bank posted a surprise increase in revenue, with the figure rising to $21.9 billion in the third quarter, after analysts expected a slight decline. The bank benefited from rising interest rates and saw growth in consumer-lending originations in areas ...

  Read More »
• 15 October

  BOE’s next 50-pound note to be made out of plastic

  Bloomberg The Bank of England’s next 50-pound note will be made out of plastic as the UK extends the production of polymer cash to its highest-denomination bill. The new note, worth about $66 at current exchange rates, will be Britain’s last denomination to make the shift from paper to plastic, with five- and 10-pound bills already made of the more ...

  Read More »
• 15 October

  A decade from crisis, banks face risks from Italy to trade wars

  

  Bloomberg The world is still full of risks for the banking industry, despite reforms put in place since the financial crisis 10 years ago. That was the main subject of discussions this weekend in Bali, where bankers gathered for the annual meeting of the Institute of International Finance. From market turmoil and trade tensions to rising leverage and the implications ...

  Read More »
• 15 October

  Sears goes bankrupt, deserted by shoppers and mired in debt

  

  Bloomberg Sears Holdings Corp, the 125-year-old retailer that became an icon for generations of American shoppers, filed for bankruptcy, saddled with billions of dollars of debt racked up as it struggled to adjust to the rapid shift towards online consumption. The company filed for Chapter 11 protection from creditors with the US Bankruptcy Court in White Plains, New York, early ...

  Read More »
• 15 October

  Emirates SkyCargo marks two years of Oslo freighter service

  

  Dubai / Emirates Business Emirates SkyCargo, the freight division of Emirates, has completed two years of operating its Boeing 777 freighter aircraft to Oslo. The air cargo carrier operates a weekly freighter service to the Norwegian capital offering close to 100 tonnes of cargo capacity per flight, facilitating international trade between Norway and the rest of the world. In addition ...

  Read More »
• 15 October

  Air India Express to operate from Abu Dhabi airport Terminal 1

  

  Abu Dhabi / Emirates Business Air India Express flights, wholly subsidiary of Air India, arriving to and from the UAE capital are now arriving and departing from Terminal 1 at Abu Dhabi International Airport (AUH). Originally the airline departed from Terminal 1, and arrived to Terminal 2. The transition from Terminal 2 to Terminal 1 for the arrivals occurred on ...

  Read More »
• 15 October

  Private-plane market turns the tables on buyers

  

  Bloomberg Buying a used business jet is getting harder — and that’s a sign of a long-awaited shift in the market for luxury planes. Only a dozen or so pre-owned Falcon 7X planes are on the market now, down from about 35 a year and a half ago, says Steve Varsano, an aircraft broker in London. When a client wanted ...

  Read More »
• 14 October

  Sheikh Khalifa issues federal law on netting

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decretal Law No.10 of 2018 on Netting, where its provisions shall apply to all qualified financial contracts, netting agreements specified under this law or collateral arrangement, which are entered into by any person in the state. This decretal law does not apply to the ...

  Read More »
• 14 October

  Global finance chiefs urge trade war solution

  

  Bloomberg Global finance chiefs used the closing sessions of talks in the tropical resort of Bali to hammer home the message that simmering trade tensions are already denting global growth and need to be resolved. Bank of Japan Governor Haruhiko Kuroda said it’s essential to have dialogue on trade; Brazil’s central bank President Ilan Goldfajn flagged the tensions as one ...

  Read More »
• 14 October

  Adnoc Distribution nods AED735mn dividends

  ABU DHABI / WAM Adnoc Distribution’s shareholders have approved the Board of Directors’ recommendation to pay an interim dividend of AED735 million, at the company’s General Assembly meeting. Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of the Adnoc Distribution Board of Directors, said: “Adnoc Distribution has maintained its com- mitment to a progressive and consistent ...

  Read More »