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Bloomberg Barclays Plc was sued for $326 million for its alleged involvement in a derivatives debacle that nearly put a Dutch affordable-housing provider out of business. Stichting Vestia came close to collapse in 2012, after racking up more than 2 billion euros in losses after derivatives that were supposed to be part of a hedging strategy were found to be ...

Bloomberg The Bank of England (BOE) could raise interest rates twice by May to curb a surge in inflation, but that largely depends on how high unemployment rises after the end of the government’s furlough program, according to Bank of America Merrill Lynch. “Furlough-end remains key,” BofA economist Robert Wood said. “If it goes well, or the BOE feels pressured ...

Bloomberg Two of the world’s largest Bitcoin exchanges have halted new registrations for Chinese users and one will retire current accounts, taking actions to comply with Beijing’s latest crypto ban. Exchange operators Huobi and Binance have stopped letting traders use mainland China mobile numbers to register new accounts, after the People’s Bank of China (PBOC) said all crypto-related transactions will ...

Bloomberg Prudential Plc plans to raise as much as $2.4 billion from its Hong Kong share offering after pricing the stock at a slight discount to its last close in Hong Kong. The London-based insurer is selling up to 130.8 million shares at HK$143.80 apiece, it said in a statement. Prudential plans to use proceeds from the offering to redeem ...

Bloomberg Oil rises for the fifth straight week with the global energy crunch set to boost demand for crude as stockpiles decline from the US to China. Futures in New York gained 2.8% this week. The global benchmark Brent settled at the highest in nearly three for the second day in a row. Global onshore crude supplies sank by almost ...

Bloomberg The record spike in energy prices could hardly have come at a worse time for Europe’s ambitious new climate plan, with politicians just beginning to talk about how they’re going to implement the world’s most sweeping emissions-cutting strategy. The energy crisis is threatening double-digit increases in consumer electricity bills months before the winter freeze and it’s also squeezing industrial ...

Abu Dhabi / Emirates Business The Emirates Development Bank (EDB), a key financial enabler of country’s economic diversification and industrial transformation agenda, signed a Memoradum of Understanding (MoU) with Emirates NBD, a leading banking group in the Menat (Middle East, North Africa and Turkey) region, to offer a credit guarantee scheme for SMEs in the UAE. The MoU with Emirates ...

Dubai / WAM The 2021 edition of the International Government Communication Forum (IGCF) launches on Sunday at Expo Centre Sharjah, under the patronage of His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. The milestone 10th edition of the prestigious two-day forum promises to be rich and diverse, bringing together a host of ...

Sharjah / Emirates Business With less than ­­­­­­­­­­­­­ 8 days to go for the globally anticipated unveiling of Expo 2020 Dubai, Invest in Sharjah, has confirmed participation at the world’s biggest fair, which is taking place from October 1 to March 31, 2022. With a presence at the Business Connect Center on the Expo grounds, Invest in Sharjah will be ...

Dubai / WAM With the launch of the long-awaited largest international event in the Middle East, Africa and South Asia, Dubai Culture and Arts Authority (Dubai Culture), as the Official Culture Supporter of Expo 2020, announced its readiness to welcome the exhibition’s visitors at all its facilities and assets across the emirate. The authority has prepared various cultural projects and ...