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  Bloomberg Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd for an undisclosed amount as early as the fourth quarter, according to CEO Luu Trung Thai. The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said. MB, which targets profit growth ...

  Bloomberg JPMorgan Chase & Co was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half. The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing. JPMorgan is still a sponsor of the ...

  Bloomberg ICICI Bank Ltd posted a 59% rise in profit in the March quarter, helped by a drop in bad loans and growth in income from lending. Net income stood at 70.2 billion rupees ($918 million) for the three months ended March, compared with 44 billion rupees a year ago, according to an exchange filing. That beat the average ...

  Bloomberg Credit Suisse Group AG said it expects to post a first-quarter loss due to a $210 million hit to revenues from Russia’s invasion of Ukraine, and a previously-indicated increase in legal provisions. The Zurich-based lender said that its results, due next week, would be negatively affected by its exposure to the war both with respect to counterparty and ...

Bloomberg Fears about the economic toll of China’s strict Covid Zero policy intensified on Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. The benchmark CSI 300 Index closed nearly 5% down to the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. ...

  Bloomberg India’s decision to go ahead with a much-reduced target for its vaunted life insurer’s initial public offering, as skittish investors continue to pull money from the South Asian nation, is adding to the risks threatening the nation’s fiscal deficit target. Life Insurance Corporation of India’s (LIC) board approved selling a 3.5% stake for about 210 billion rupees ($2.8 ...

Bloomberg Billionaire Mukesh Ambani abandoned a plan to buy a teetering Indian retailer amid protracted legal challenges from Amazon.com Inc., potentially ending one episode of the broader clash between the two titans to control the country’s billion-people-plus market. In a filing, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s ...

  DUBAI / WAM Hessa bint Essa Buhumaid, Minister of Community Development, has announced the completion of the disbursement of AED340 million ordered by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the recipients of social assistance across the country, on the occasion of the ...

  Abu Dhabi / WAM UAE youths are set to play key roles as Abu Dhabi National Oil Company (Adnoc) future-proofs its business to build long-term resilience and remain a catalyst for the nation’s growth and diversification. Speaking at Adnoc’s Youth Ramadan Forum, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group ...

PAKISTAN / WAM The UAE Pakistan Assistance Programme (UAE PAP) has announced the start of commercial production at Dates Processing Factory Punjgur in Pakistan, which was built in Panjgur district, Balochistan province by UAE PAP and funded by the Abu Dhabi Fund for Development (ADFD) at a cost of $6.36 million. The project was carried out under the directives of ...