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London / Bloomberg Three UK banks, led by HSBC Holdings Plc, will have $77 billion of new loss-absorbing debt to meet requirements of the European Union and the Bank of England, Moody’s Investors Service said. Barclays Plc, Royal Bank of Scotland Group Plc and HSBC will have to issue new debt to comply with the EU’s ‘minimum requirement for own ...

BLOOMBERG Citigroup Inc. joined US rivals in signalling another dismal start to the trading year, spurring a slide in Wall Street bank stocks. First-quarter revenue from fixed-income and equity trading will probably drop 15 percent, Chief Financial Officer John Gerspach said during an investor presentation. That would make 2016 the fourth straight year that the company’s revenues from those operations ...

Bloomberg Europe’s biggest banks will need billions of dollars to meet collateral requirements for derivatives starting this year under the latest version of a key rule that seeks to reduce risk. The standards, which will be phased in from September, may require EU buyers and sellers of swaps to set aside between 200 billion euros ($220.5 billion) and 420 billion ...

BLOOMBERG Ghana’s Agricultural Development Bank Ltd. extended its initial public offering (IPO) by a month to attract more retail investors and may sell as much as 100 million cedis ($26 million) more of stock than it initially planned. Demand for shares from individual investors surged during the final week of the original proposed sales period, Solomon Adu Atefoe, a spokesman ...

Frankfurt / AP European Central Bank head Mario Draghi has all but promised more monetary stimulus for the 19-country eurozone economy at Thursday’s meeting of the bank’s governing council. Now the question is, exactly how much will he deliver — and how much effect will it have? Expectations at a minimum are that the ECB’s governing council will cut the ...

Beirut / EMIRATES BUSINESS Real estate developers in Lebanon are making a high return on their investments, dismissing the need to reduce prices, said an industry expert. “Developers are making around 10 percent to 15 percent yearly profits on their projects which is higher than the interest rate offered by banks on deposits in Lebanese pounds,” Raja Makarem, founding and ...

Bloomberg Jonathan Baker is the first to admit he shouldn’t be complaining about foreign investors driving up prices in Vancouver’s red-hot housing market. They helped the retired lawyer pocket millions. Baker and his wife sold their five-bedroom home for C$3 million ($2.2 million) in December, a 100-fold gain from their purchase price in 1970. The house went for C$300,000 over ...

RITIKA SHARMA / EMIRATES BUSINESS The two-day Global Aerospace Summit in Abu Dhabi brought together experts from the aviation field on a common platform, which hosted discussions on the future of the industry. During the event — held as part of Abu Dhabi Aviation Week 2016 — panel discussions and strategy sessions were organsied in line with the theme of ...

Emirates Business Live Science — the joint initiative of the Abu Dhabi Education Council (ADEC) and Mubadala Development Company (Mubadala) — came to a successful close this week at Mushrif Central Park in Abu Dhabi. Over the course of its five-week run, Live Science attracted over 31,000 visitors who experienced the transformative innovations on display and a series of educational ...

Our Correspondent / EMIRATES BUSINESS With over 6,000 restaurants in Dubai, the residents here are overwhelmed with plethora of choices when it comes to cuisines, services and cool ambiences of any eating joint. This industry is clearly bubbling with countless innovations in services, ranging from home-grown brands and international chains, which have raisied the bar of restaurants in the emirates. ...