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Bloomberg The Internal Revenue Service (IRS) is seeking to force UBS Group AG to turn over records on an account in Singapore held by a US citizen, potentially opening a new front against offshore tax evasion beyond Switzerland. The IRS last month asked a federal judge in Miami to force UBS, the largest Swiss bank, to produce documents on Ching-Ye ...

BLOOMBERG Bank of America Corp. (BofA) has generated less revenue from its equity and fixed-income trading businesses so far this year than in the same period of 2015, according to people with knowledge of the matter. The second-largest US lender’s revenue from fixed-income trading, which includes credit, currencies and commodities, dropped about 10 percent from a year earlier, the people ...

Bloomberg Barclays Africa Group’s Kenyan unit reported full-year profit that was little changed as bad loans increased on rising credit costs. Net income was 8.4 billion shillings ($83 million) in the 12 months through December, compared with 8.39 billion shillings a year earlier, Barclays Bank of Kenya Ltd. Chief Financial Officer Yusuf Omari told reporters Friday in the capital, Nairobi. ...

RIGA / Bloomberg A Latvian lender linked to a string of money-laundering probes was closed by the European Central Bank (ECB). Trasta Komercbanka AS, the Baltic nation’s 13th-biggest lender by assets, had its license revoked after local regulators slapped restrictions on it in January. Latvia’s Financial and Capital Market Commission, which doesn’t deem the bank systemically important, said the move ...

SUnaina Rana / EMIRATES BUSINESS As Ralph Nader said — the function of leadership is to produce more leaders, not more followers — the same principle is followed by US-based Young Presidents Organisation (YPO). Founded in 1950, YPO today provides 23,000 peers and their families in more than 130 countries with access to unique educational and networking experiences designed to ...

Our Correspondent / EMIRATES BUSINESS Dulsco, a regional leader in human resource solutions and waste management services, has touched the 80 year milestone in 2015. Dulsco was set up in 1935 as a stevedoring company. During its initial years of operation, the company used to provide stevedoring services to ships at the anchorage and barges. By the 1970s, and with ...

Dubai / WAM The Dubai Financial Market (DFM) General Index increased by 8.1% to 3,240 points at the end of February compared to 2,998 points at the end of January. At the sectorial level, indices of seven sectors out of nine sectors represented on DFM ended the month in the green with the Real Estate and Construction sector index increasing ...

Dubai / WAM Dubai Electricity and Water Authority (DEWA) won three awards at the Smart Cities Summit and Awards 2016 during the World CSR Day activities in Mumbai, India. DEWA won in the Best Smart City Initiative category for their Green Charger Initiative, in addition to winning the Configuration and Deployment of Smart City Infrastructure 2016 category for its Dubai ...

Dubai / WAM Emirates Airline and Russian carrier S7 Airlines on Thursday announced an enhanced partnership which is set to improve connectivity and benefits for customers across Russia. Emirates and S7 Airlines have been in an interline partnership since 2003 which was further enhanced in 2008. The new codeshare deal further builds on this strong partnership and sees the Emirates ...

Abu Dhabi / WAM Arab Trade Financing Programme (ATFP), a specialised multi-Arab financial institution with a mission to promote Arab trade and to increase the competitive capabilities of the Arab producers and exporters, approved requests for financing eligible trade transactions of goods of Arab origin and associated services for member States at the value of US$246 million in the fourth ...