July, 2018

• 24 July

  Large Russian businesses are turning inward

  

  The planned delisting of Megafon PJSC, Russia’s second-biggest mobile operator, from the London Stock Exchange is no ordinary event. The company is one of the most liquid Russian stocks trading overseas, and its exit is further evidence that the country’s businesses are turning inward as exposure to the West becomes increasingly problematic. In 2011, almost 70 Russian companies’ depositary receipts ...

  Read More »
• 24 July

  UBS bucks trend by keeping $2 million bar for rich clients

  

  Bloomberg UBS Group AG has no plans to follow other banks and raise the $2 million threshold for access to its private banking services, the Swiss bank’s China head of global wealth management said. “This is not under discussion,” said Marina Lui in an interview in Hong Kong, asked about moves by other banks to raise the minimums required from ...

  Read More »
• 24 July

  Nordea may challenge $580000 fine imposed by EU’s top regulator

  

  Bloomberg The biggest Nordic bank is considering taking on the European Union’s (EU) top markets regulator after being handed a fine for providing credit ratings without a license. Nordea Bank AB, together with four other major Nordic banks, was called out by the European Securities and Markets Authority for selling so-called shadow ratings to corporate clients without permission. Each firm ...

  Read More »
• 24 July

  TD planning to add 200 advisers to help wealth unit reach profit goal

  

  Bloomberg Toronto-Dominion Bank (TD), building on its deal for money manager Greystone Capital Management Inc. earlier this month, plans to hire 200 advisers in Canada this year to boost profit at its wealth-management division as much as 10 percent. The additions are part of Toronto-Dominion’s push to expand in a division that includes online investing, advice and asset management to ...

  Read More »
• 24 July

  BOJ offers unlimited bond buying

  

  Bloomberg Japan’s debt market saw yields surge on media reports of possible changes to the nation’s ultra-loose monetary policy, spurring the central bank to offer to buy an unlimited amount of bonds. The yield on 10-year government securities soared as much as six basis points to 0.09 percent, its biggest increase in almost two years, pulling the yen higher and ...

  Read More »
• 24 July

  Analysts downgrading China’s small banks at record pace

  

  Bloomberg Analysts are taking note of the struggles in China’s banking industry, which is being battered by an official deleveraging drive. At least five smaller lenders have been downgraded by credit-rating companies this year, a record pace for the sector. Spikes in the volume of non-performing loans and an increase in loans overdue are among the reasons. One of the ...

  Read More »
• 23 July

  Emirates rules out investing in South African Airways

  Bloomberg The UAE’s carrier Emirates ruled out investing in South Af-rican Airways (SAA) narrowing number of potential saviours of the loss-making state airline. While Emirates and SAA are working closely to enhance their code-sharing agreement, there are no plans to invest, an Emirates spokesperson said in an emailed statement on Monday. The Dubai-based company commented after Joha- nnesburg-based newspaper City ...

  Read More »
• 23 July

  Oil rises as US-Iran tensions escalate

  

  Bloomberg Brent crude rose as tensions between the US and OPEC member Iran escalated, stoking concern that the spat will lead to supply disruptions. The global benchmark climbed as much as 2 percent as US President Donald Trump said there will be unspecified “consequences” if the Islamic Republic threatens the US, after President Hassan Rouhani warned Trump not to block ...

  Read More »
• 23 July

  Qatar denied ‘provisional measures’ by ICJ

  ABU DHABI / WAM The United Arab Emirates (UAE) welcomes the decision of the International Court of Justice (ICJ) on July 23 in regards to Qatar’s request for Provisional Measures under the International Convention on the Elimination of all Forms of Racial Discrimination. The ICJ refused to grant any of the Provisional Measures specifically requested by Qatar. By a very ...

  Read More »
• 23 July

  Dubai DED, Emirates Islamic ink pact to support e-Traders

  DUBAI / WAM The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED), Dubai, has signed an agreement with Emirates Islamic to support holders of the e-Trader licences being issued by DED to facilitate and regulate business activity through social media and ensure transparency across such business activity. The agreement was signed by Omar Bushahab, CEO ...

  Read More »