May, 2017

• 9 May

  Saudi gets boost from Jarir’s strong Q1 results

  

    DUBAI / Reuters Shares of companies that beat quarterly earnings estimates outperformed on Tuesday with electronics and bookstore retailer Jarir helping lift the mood on the Saudi Arabian exchange. Markets across the region rose modestly in thin trade. Shares of Jarir surged 6 percent to 141.0 riyals in the heaviest volumes in two weeks after it reported a 26.5 ...

  Read More »
• 9 May

  India’s record jet fuel exports set to fall as air travel soars

  

    SINGAPORE/NEW DELHI / Reuters India’s record jet fuel exports may fall this year as an expanding middle class and cheaper air travel boost local consumption, refinery executives and analysts said, potentially raising ailing profit margins for the fuel. Prime Minister Narendra Modi last month launched the first flight under the Regional Connectivity Scheme that is designed to spur air ...

  Read More »
• 9 May

  ‘United Airlines made terrible mistake with passenger clash’

  

    Bloomberg Warren Buffett, the top investor in United Continental Holdings Inc., faulted the airline for a confrontation last month with a passenger who was ripped out of his seat and dragged off a plane after refusing to give up his spot for a crew member. “Obviously, it was a terrible mistake,” Buffett said on Monday in a televised interview ...

  Read More »
• 9 May

  GMEP launches online auctions, unveils construction, earthmoving equipment sale

  

    Dubai / Emirates Business In a bid to offer Mideast customers direct access to commercial equipment on sale by contractors from world over; Grays Mideast Plant (GMEP) announced the launch of its full end-to-end online auctions on www.graysmideastplant.com. The strategic announcement included both the launch of its unparalleled website for online auctions as well its first construction and earthmoving ...

  Read More »
• 9 May

  Commerzbank beats estimates as earnings from trading surge

  

    Bloomberg Commerzbank AG benefited from a rise in income from trading securities six months after it rolled out a strategy to scale back the business. The Frankfurt-based lender posted net income of 217 million euros ($237 million) in the first quarter, compared with 169 million euros a year earlier. That beat the 74 million-euro average of four estimates compiled ...

  Read More »
• 9 May

  DIB wins Global Islamic Business Award

  

    Dubai / Emirates Business Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been awarded the Global Islamic Business Award in the first ever edition in the region. The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai to Dr Adnan Chilwan, Group Chief Executive Officer, Dubai ...

  Read More »
• 9 May

  Wells Fargo explores sale of insurance brokerage unit

    Bloomberg Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said. The San Francisco-based lender has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., said the people, who asked not to be identified because the ...

  Read More »
• 9 May

  UBS chief sees ECB announcing a taper around September

    Bloomberg UBS Group AG Chairman Axel Weber said he expects the European Central Bank to move toward tapering its quantitative easing program around September. The comments by the former Bundesbank president come as ECB President Mario Draghi is under pressure to map out a path toward the end of the central bank’s massive stimulus. As the euro-area economy has ...

  Read More »
• 9 May

  Credit Suisse to slash 35 Asia equities jobs

  

    Bloomberg Credit Suisse Group AG is cutting as many as 35 positions at its equities business in Asia after the unit’s revenue slumped, a person with knowledge of the matter said. The firm is mainly culling trading, sales, prime brokerage and research positions in the region, according to the person, who asked not to be identified discussing private information. ...

  Read More »
• 9 May

  New head at ‘Indian Bank’ plans strategy change

  

    Bloomberg The new head of state-owned Indian Bank wants to change a strategy that helped it become Asia’s top-performing bank stock over the past year. After shunning corporate lending under its previous chief executive officer, Indian Bank’s new CEO Kishor Kharat says he wants to dive back in, albeit only to the best companies. “We are going to approach ...

  Read More »