February, 2017

• 14 February

  Credit Suisse narrows Q4 loss ahead of US settlement

  

    AP / Bloomberg Credit Suisse more than halved its fourth-quarter loss compared with a year earlier, the bank said on Tuesday, amid a “challenging” global market and continued cost cuts, after striking a multibillion-dollar settlement with U.S. regulators. The Zurich-based bank said it had set aside about $2 billion in the quarter to help pay for what became a ...

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• 14 February

  Best rupee rally in a year sees RBI boost reserves war chest

  

    Bloomberg The rupee’s sharpest rally in almost a year is giving India’s central bank scope to take out an insurance policy for what could be a tumultuous 2017. A resumption of stock and bond inflows and a budget viewed as fiscally prudent and pro-growth spurred a 1.9 percent gain against the dollar in the last three weeks, the best ...

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• 14 February

  StanChat to review Sudan links post sanctions

  

    Reuters Standard Chartered will consider whether it can restart correspondent banking relationships with Sudan following the proposed lifting of U.S. sanctions, a senior executive said. Anurag Bajaj, who oversees the British-based lender’s correspondent banking business, where it provides services for other banks, said the bank was reviewing the implications of last month’s move by the outgoing Obama administration to ...

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• 14 February

  Bank of France warns voters on cost of Euro exit

    Bloomberg Bank of France Governor Francois Villeroy de Galhau cautioned French voters about the costs of withdrawing from the euro, noting that local interest rates are already rising on concerns about this year’s presidential election. National Front leader Marine Le Pen, who wants to take France out of the single European currency, is on track to place first in ...

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• 14 February

  OCBC falls most in 6 months after profit misses estimates

      Bloomberg Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, fell the most in six months in Singapore trading after its quarterly profit missed estimates amid a surge in bad-loan provisions. Net income fell 18 percent to S$789 million ($554 million) in the three months to December from a year earlier, the Singaporean bank said on Tuesday in an exchange ...

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• 14 February

  Making world a bit more colourful!

  

    Domsuehl / DPA “Colours are trendy. ” So goes the succinct explanation of Michael Gronwald, a 47-year-old light-show artist in the northeastern German state of Brandenburg. With about 30 other “bright guys,” his company are – literally – in charge of the visual highlights at events, rock festivals and city festivities all around Germany. In Parchim, 150 kilometres northwest ...

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• 14 February

  Shaping nation’s view of Afro-American history

  

    DURHAM, NC / AP The National Museum of African American History and Culture was a long time coming, but for architect Phil Freelon it was right on time. “It seems like I was preparing for that my whole life,” Freelon said in an interview at his office in Durham. “It came along at a time when I was prepared. ...

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• 14 February

  DAMAC Properties records AED3.69bn net profit in 2016

  

    Dubai / Emirates Business DAMAC Properties Dubai, a leading property developer in the Middle East, on Tuesday announced the financial results for the full year 2016. During 2016, DAMAC recorded revenues of AED7.16 billion, with gross profit margins at 56%. Net profit for the reporting period stood at AED3.69 billion, achieving net margins of 52%. Total assets increased 5% ...

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• 14 February

  ADNH posts AED244mn net profit in 2016

  

    Abu Dhabi / Emirates Business Abu Dhabi National Hotels PJSC (ADNH), one of the leading diversified UAE based Hospitality Company with interests in hotels, catering, transport and retail announced its preliminary financial results for the year ended December 31, 2016. During the year 2016, the company posted AED 1.3 billion in Operating revenues against AED1.38 billion in 2015. ADNH ...

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• 14 February

  Mashreq Cardless Cash feature reports 126% growth

    Dubai / Emirates Business Mashreq, UAE’s leading financial institution has recorded significant growth in the usage of Cardless Cash via its Mobile Banking application – Mashreq Snapp. Mashreq introduced Cardless Cash in 2015 and since then, the feature recorded 126% growth in 2016 with 77% of requests initiated via Snapp. Mashreq Cardless Cash feature allows customers to withdraw cash ...

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