June, 2018

• 30 June

  Fed stress test slaps Wall Street titans, unleashes record payout

  

  Bloomberg Federal Reserve stress tests forced some of Wall Street’s top banks to rein in ambitious plans for pumping out cash to shareholders. But even those diminished returns spell a record payout to investors. As the central bank’s annual stress tests ended, the nation’s four largest lenders — JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. ...

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• 30 June

  Draghi warns risks from trade war may be understated

  

  Bloomberg European Central Bank President Mario Draghi warned European Union leaders that an escalating trade war between the US and the world’s biggest economies may have a larger impact than policy makers and investors currently expect. Rising tensions could erode confidence to an extent that is difficult to gauge, Draghi told the 27 heads of government from the bloc at ...

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• 30 June

  Employees at dozens of leading banks face German probe

  

  Bloomberg Prosecutors in Cologne are preparing their first indictments in a tax-evasion probe involving some of the biggest names in finance that cost the German treasury billions of euros, according to people familiar with the matter. Investigators are looking at the role of dozens of banks, brokerages, accounting companies, and law firms in the deals, and the cases involve hundreds ...

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• 30 June

  Kenya bank says Ethiopia ready for ‘take-off’

  

  Bloomberg Kenya’s biggest bank is waiting eagerly for Ethiopia to open its closely guarded financial services sector as new Prime Minister Abiy Ahmed warms up to foreign investment in ongoing market reforms. KCB Group Ltd. set up a representative office in Addis Ababa, the Ethiopian capital, in 2015 to position itself for when Africa’s fastest-growing economy finally relaxes its policy ...

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• 30 June

  Credit Suisse cuts senior jobs in hedge fund unit

  

  Bloomberg Credit Suisse Group AG has been reorganising its prime brokerage unit, cutting some jobs while hiring selectively. This week, the Swiss bank pruned another seven positions from the New York desk that caters to hedge funds, according to a person familiar with the matter who requested anonymity. Tony Bertoldo and Justin Carey are among the senior bankers who are ...

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• 27 June

  DED inks deals to support e-traders

  DUBAI / WAM The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED) in Dubai, signed two separate agreements with the Abu Dhabi Commercial Bank (ADCB), and Mashreq Bank to ensure the provision of banking services to e-traders. The agreements will ensure stronger banking support and smooth transactions for holders of e-Trader licenses, laun-ched by DED ...

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• 27 June

  Oil surges to 3-year high as US stockpiles plunge

  

  Bloomberg Oil rose to a level last seen in late 2014 after US crude stockpiles tumbled by the most since September 2016. Domestic crude inventories declined by 9.89 million barrels last week, while refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said. Oil stored at the key pipeline hub in Cushing, Oklahoma, shrank ...

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• 27 June

  EGA’s Guinea bauxite project 50% complete

  ABU DHABI / WAM Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside oil and gas, announced that its project to develop a bauxite mine and associated export facilities in the Republic of Guinea, West Africa, has reached 50 percent construction completion. Over 4,000 Guineans, 90 percent from the Boké region, are currently working to construct the ...

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• 27 June

  UAE, France keen to improve competitiveness of SMEs

  

  PARIS / WAM The Ministry of Economy (MoE), represented by the International Centre for Patent Registration, and the French Ministry of Economy, represented by the National Industrial Property Institute (INPI), signed a memorandum of understanding (MoU) to improve the competitiveness of small and media-sized enterprises (SMEs), and promote intellectual property awareness in both countries. The MoU aims to promote cooperation ...

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• 27 June

  Abu Dhabi to issue economic licences through ‘Tamm’ system

  ABU DHABI / WAM Abu Dhabi’s Department of Economic Development (ADDED) and Abu Dhabi’s Smart Solutions and Services Authority (ADS-SSA), have implemented the ‘Tamm’ system, which will shor-ten the process of obtaining an economic licence from eight steps to only one, without need to visit any government entity. This is in line with the recent social and economic initiatives of ...

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