September, 2018

• 9 September

  Europe’s dirty money defenses not up to the task, says Nordea

  

  Bloomberg Next month, the euro zone will get its eighth global systemically important bank, Nordea Bank AB. Its management is now asking authorities in the bloc to consolidate anti-money laundering defenses after a spate of scandals rocked confidence in the finance industry and its regulators. Julie Galbo, chief risk officer at Nordea and a former regulator at the Danish Financial ...

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• 9 September

  Bank fines surge in China as watchdog battles rising bad loans

  

  Bloomberg China’s banking regulator is handing out fines at a record pace, as it battles a build-up of financial risk. The China Banking and Insurance Regulatory Commission, along with its predecessor agency, has issued fines worth about $585 million since Chairman Guo Shuqing took charge of the watchdog in early 2017, compared with a total of some 1 billion yuan ...

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• 9 September

  Wells Fargo faces DOJ probe of wholesale-banking unit

  

  Bloomberg Wells Fargo & Co. is facing a Department of Justice (DOJ) investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory deadline, the Wall Street Journal reported earlier Thursday. “This particular situation involved a new process and a new required document ...

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• 9 September

  BA hack leaves airline open to fines under ‘data rules’

  

  Bloomberg British Airways may become the first high-profile company to run afoul of Europe’s far-reaching data privacy rules — and face potentially hefty fines — after a computer hack compromised credit card data from some 380,000 customers. The European Union’s General Data Protection Regulation, or GDPR, which took effect in May, mandates that companies have to take technical precautions such ...

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• 9 September

  EasyJet targets more long-haul feeder ties after Singapore deal

  

  Bloomberg EasyJet Plc Chief Executive Officer Johan Lundgren is in talks for further deals allowing passengers to connect with flights operated by long-haul carriers after announcing an accord with Singapore Airlines Ltd. Europe’s second-biggest discount carrier aims to seal more tie-ups before the year’s end, Lundgren said in an interview in London. Potential allies include more Asian operators as well ...

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• 9 September

  Brooklyn shopkeepers test a service to fill in Amazon’s gaps

  

  Bloomberg With Amazon.com Inc. hitting a trillion-dollar valuation earlier this week, the company’s shadow looms over the entire retail industry. But there are still sizable gaps that Amazon and other online giants don’t address, and that’s where Peter Price looks to build a business. The 78-year-old entrepreneur is seeking out mom-and-pop shops — like the local butcher, toy store or ...

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• 9 September

  Delta Air Lines jet-engine failure at 18,000 feet draws US safety probe

  

  Bloomberg US safety regulators are investigating an engine failure on a Delta Air Lines Inc. jet that forced pilots to shut down the turbine and return to Atlanta shortly after takeoff. The accident occurred last week on a Boeing Co. 757-200 bound for Orlando, Florida, the National Transportation Safety Board said. Delta Flight 1418, which had 121 passengers and six ...

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• 8 September

  ADGM signs pact with Beijing Financial Street Services Bureau

  

  Abu Dhabi / Emirates Business­­­­­ Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Beijing Financial Street Services Bureau concluded a Memorandum of Understanding (MoU) in Beijing, capital of the People’s Republic of China. The MoU was signed by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM, and Li ...

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• 8 September

  ADFD, Senegal discuss collaboration prospects

  

  Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, hosted a high-level parliamentary delegation from Senegal at its headquarters in Abu Dhabi to discuss sustained cooperation in achieving the development priorities of the Senegalese government. Mohammed Saif Al Suwaidi, Director General of ADFD, His Excellency Moustapha Niasse, President of the National ...

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• 8 September

  Chinese pharma delegation tours ICAD

  

  Abu Dhabi / Emirates Business In a bid to encourage Chinese drug manufacturers and exporters to explore investment opportunities within the burgeoning pharmaceutical sector in the UAE, Abu Dhabi Investment Office (ADIO) organised a field visit for a delegation from China Chamber of Commerce for Import & Export of Medicines & Health Products (CCCMHPIE) to the Industrial City of Abu ...

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