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Bloomberg UniCredit SpA is selling as much as a 10 percent stake in online bank FinecoBank SpA and launching a review of its strategy as incoming Chief Executive Officer Jean Pierre Mustier seeks to boost capital. The bank will take “a more proactive approach†to its non-core loans, and the review will focus on further cost cuts and improving ...
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July, 2016
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12 July
DNB shares plunge as Norway’s largest bank misses profit
Bloomberg DNB ASA’s shares slumped after Norway’s largest bank missed profit estimates amid a jump in loan losses. Net income for the three months ended June 30 declined 10 percent to 4.45 billion kroner (US$525 million), missing the 4.85 billion-krone estimate in an analyst survey. Loan losses more than tripled to 2.32 billion kroner. Low interest rates drove net ...
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12 July
IMF urges action on Italy’s retail investors’ bank bail-in
BLOOMBERG The International Monetary Fund called for action over concerns relating to the bail-in of retail investors in Italy, noting that “very high†amounts of non-performing loans and slow judicial processes were straining bank balance sheets. Financial industry reforms “are critical to entrench financial stability and support the recovery,†the IMF said in a statement following its regular review ...
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12 July
Standard Chartered starts brokerage in Japan
Bloomberg Standard Chartered Plc started its first brokerage business in Japan with 100 employees as institutional investors in the country seek products from emerging markets in Asia, the Middle East and Africa for better returns. The UK bank will deploy 20 salesmen to meet with Japanese life insurers, brokerages, banks and asset managers to sell products that invest in ...
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11 July
High ‘consumer index’ reflects Abu Dhabi’s economic potential
Abu Dhabi / WAM The General Index for Consumer Confidence in Abu Dhabi’s economic performance during Q1 of 2016 recorded about 115 points on average, reflecting continuous optimism among the consumers of different demographic and social segments towards the economic conditions in Abu Dhabi. This further reflects consumers’ confidence in Abu Dhabi’s economic capabilities to accommodate the current economic challenges ...
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11 July
Emirates Islamic wins Excellence in Practice Citation award
Dubai / Emirates Business Emirates Islamic, one of the leading Islamic financial institutions in the UAE, was honoured with the prestigious Excellence in Practice Citation Award by the Association for Talent Development (ATD). The bank won in the Organisational Learning & Development and Learning Technologies categories for its ‘CX Learning Initiative’ that aims at inculcating the customer-centric philosophy of ...
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11 July
Dubai business conditions strengthen in June
Dubai /Â WAM The Emirates NBD Dubai Economy Tracker said that business conditions strengthened in June amid the fastest rise in new work since March 2015. June data pointed to a sustained recovery in growth momentum across the Dubai private sector, led by improving business conditions in the travel and tourism and wholesale and retail sectors. At 54.6, up slightly ...
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11 July
Aldar unveils Al Raha Beach’s 1st mural artwork
Abu Dhabi / WAM In the presence of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, on Monday unveiled the first mural artwork in Al Raha Beach, Abu Dhabi. Visible from the roads leading into Abu Dhabi, the artwork is an expression of the ...
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11 July
Kuwait’s KAMCO opens first international office at DIFC
Dubai / Emirates Business Kuwait’s KAMCO Investment Company, a leading investment company with one of the largest private sector Assets under Management (AUMs) in the region, on Monday announced the opening of its first international office in DIFC. A subsidiary of United Gulf Bank BSC (UGB) Bahrain, KAMCO obtained a Category 4 license from the Dubai Financial Services Authority (DFSA). ...
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11 July
Is anemic growth the new normal?
ST. LOUIS America’s economy has now slouched into the eighth year of a recovery that demonstrates how much we have defined recovery down. The idea that essentially zero interest rates are, after seven and a half years, stimulating the economy “strains credulity,†says James Bullard, president of the Federal Reserve Bank of St. Louis. But last month he and ...
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