July, 2018

• 31 July

  Majid Al Futtaim posts 13% rise in H1 revenue

  

  Bloomberg Majid Al Futtaim Holding LLC, the Dubai-based conglomerate which operates Carrefour SA stores in the Middle East, posted a 13 percent increase in revenue during the first half, as the company’s regional expansion helped weather the impact of value-added taxation at home. Sales climbed to AED17.8 billion ($4.85 billion) from a year earlier despite “adverse market conditions,” Chief Executive ...

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• 31 July

  DFM index reports biggest monthly rise in a year in July

  Bloomberg Dubai’s main equity gauge posted its biggest monthly gain in a year, powered by a revival in the banking sector as better-than-estimated earnings help UAE stocks escape this year’s doldrums. The DFM General Index has surged 4.8 percent in July. In Abu Dhabi, the ADX General Index posted its largest monthly gain in more than two years, advancing 6.6 ...

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• 31 July

  Sharjah looks to enhance trade ties with Belarus

  

  SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) and a delegation from Belarus examined areas of economic cooperation between Sharjah and Belarus, in addition to reviewing ways to enhance economic relations and mutual investment opportunities between the various economic sectors of both sides. Mohamed Ahmed Amin, Acting Director-General of the SCCI, and Igor Bondarev, Head of the ...

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• 31 July

  UAE banks’ ATMs increase to 5261 by end of June

  ABU DHABI / WAM In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines (ATM), operated by banks in the UAE hit a total of 5261 by end of June, an increase of 42 facilities from 5219 in the same month in 2017, according to CBUAE statistics. The continued rise in ...

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• 31 July

  SocGen says trader seeking $9mn cost $267mn in fines

  

  Bloomberg Societe Generale SA said a former trader who insists he was made a scapegoat for the bank’s role in a rate-rigging scandal should face up to criminal charges in the UK before a Paris court rules on his bid for more than $9 million in compensation. The French lender disputed Stephane Esper’s lawsuit at a hearing, saying that employment ...

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• 31 July

  Standard Chartered says US-China trade war impact ‘limited’

  

  Bloomberg Standard Chartered Plc, one of the biggest financiers of global trade, isn’t losing sleep over an increasingly fractious relationship between the world’s two largest economies. Standard Chartered is well-positioned to deal with the fallout of a lasting dispute between the two nations, the bank said as it reported first-half profit that beat analysts’ estimates. Despite the escalation of US ...

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• 31 July

  Former HSBC FX trader wins UK order blocking his extradition to US

  

  Bloomberg Stuart Scott, the former head of currency trading at HSBC Holdings Plc, won a last-ditch battle to block his extradition to the US, where he would face wire-fraud charges. Scott was charged, along with his ex-boss Mark Johnson, by the US Justice Department in July 2016 with front-running a $3.5 billion currency order from Cairn Energy Plc in 2011 ...

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• 31 July

  Jefferies banker Zhu joins I-Mab

  Bloomberg Jielun Zhu, the former head of Asia healthcare investment banking at Jefferies Financial Group Inc., is joining I-Mab Biopharma Co. as chief financial officer, people familiar with the matter said. In his new Hong Kong-based role, Zhu will focus on helping I-Mab with a planned initial public offering in the city, according to the people. The Chinese biotech firm ...

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• 31 July

  Credit Suisse CEO defends ‘markets unit’ after miss

  

  Bloomberg Credit Suisse Group AG global markets unit failed to keep pace with trading gains at Wall Street rivals, prompting CEO Tidjane Thiam to defend the underperforming business. Net revenue at global markets fell 6 percent in the second quarter from a year earlier after declines in fixed income sales and trading and equities. Overall trading revenue at Zurich-based Credit ...

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• 31 July

  Mizuho profit rises as banks get little respite from BOJ

  

  Bloomberg Mizuho Financial Group Inc.’s first-quarter profit rose, as gains from fee businesses and sales of its shareholdings helped the Japanese lender offset the effects of the central bank’s continuing monetary stimulus program. Net income climbed 36 percent to $1.4 billion in the three months ending June 30 from a year earlier, the Tokyo-based bank said in a statement. Shares ...

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