May, 2016

• 11 May

  European stocks retreat as banks slip; pound falls

  

    BLOOMBERG U.S. stocks slipped after the biggest gain in two months, as global equities continued to churn just below multiyear highs amid corporate results and persistent signs that worldwide growth remains lackluster. Metals advanced as the dollar slipped. The S&P 500 Index retreated for the first time in four days, while European equities slid from a one-week high. Industrial ...

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• 11 May

  Emirates Securities Market down by -0.46 percent

  

    ABU DHABI / EMIRATES BUSINESS The Emirates Securities Market Index has decreased by -0.46% to close at 4430.61 points. Accordingly the Market Capitalization has lost AED 3.3 billion attaining AED 720.89 billion. A total of 446.83 million Shares were traded with a total value of AED 0.58 billion during the trading session of 11-05-2016 through 6172 transactions. The number of companies ...

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• 11 May

  ABN Amro’s first-quarter profit plunges on fragile fee income

  

    Bloomberg ABN Amro Group NV reported a 13 percent decline in profit after its first full quarter as a listed company coincided with a market rout, crimping revenue from fees and commissions, and said it is considering additional cost cuts. Net income fell to €475 million ($541 million) from €543 million a year ago, the state-controlled Dutch lender said ...

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• 11 May

  China revamps credit expansion as PBOC balance sheet shrinks

  Bloomberg While central bankers in Japan, Europe and US have struggled in recent years to stoke credit growth even as they grew their balance sheets to unprecedented size, the People’s Bank of China (PBOC) is succeeding, with a very different approach. For all the Communist Party’s rhetoric about giving a decisive role to markets, China’s financial system remains dominated by ...

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• 11 May

  Gol bondholders to hire bankers and oppose debt plan

    Bloomberg A group of Gol Linhas Aereas SA’s bondholders views the Brazilian airline’s debt restructuring proposal as unfair and has hired US investment bank Houlihan Lokey Inc. to negotiate with the company, according to two people with direct knowledge of the matter. The investor group, representing owners of more than 20 percent of Gol’s dollar notes, sees the plan ...

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• 11 May

  Profit at Italy’s biggest bank UniCredit tumbles by fifth

  

    Milan / BLOOMBERG Unicredit, Italy’s biggest bank by assets, said that net profit fell around a fifth at the start of the year due to restructuring costs in Italy and Austria. The charges — to the tune of some 230 million euros – weighed on the bank’s net profit in the first quarter, which came to 406 million euros ...

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• 11 May

  ING gains dip on regulatory costs

  

    Bloomberg ING Groep NV, the biggest Dutch lender, said first-quarter profit declined 29 percent on growing regulatory expenses and a loss at its financial-markets division. Net income dropped to 1.26 billion euros ($1.43 billion) from 1.77 billion euros a year earlier, the Amsterdam-based bank said in a statement. That compares with 1.24 billion euros, the average of seven analyst ...

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• 11 May

  BIS calls for new global monetary order

  

    Bloomberg The world’s dollar-dominated monetary order has serious instabilities that can best be fixed by central banks explicitly coordinating policy, Claudio Borio, the chief economist of the Bank for International Settlements (BIS), argued in a new paper. “The Achilles heel of the international monetary and financial system is that it amplifies the key weakness of domestic monetary and financial ...

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• 11 May

  Caixa gauges growth where Itau sees risk

  Bloomberg Caixa Economica Federal, the state-controlled bank poised to become Brazil’s biggest lender, is boosting its credit portfolio while competitors not owned by the government pull back in response to the worst recession in a century. First-quarter lending at Caixa rose 9.2 percent to 684.2 billion reais ($194 billion) from a year earlier, the Brasilia-based bank said in an e-mailed ...

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• 11 May

  New London Mayor OKs city airport expansion

    Bloomberg Newly elected Mayor Sadiq Khan has dropped the Greater London Authority’s objection to London City Airport’s plan to purchase land it will need if its expansion plans are approved by the U.K. government later this year. The Labour mayor, who was elected last week, is withdrawing a key obstacle used by his Tory predecessor, Boris Johnson, to oppose ...

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