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ABU DHABI / WAM Abu Dhabi Commercial Bank (ADCB) has merged with Union National Bank (UNB) and the combined entity has acquired Al Hilal Bank, legally completing a landmark transaction in the UAE, forming the ADCB Group with effect from on Wednesday. The ADCB Group, serving more than one million customers, has AED423 billion in assets, is the third-largest financial …

Dubai / Emirates Business Amazon and Souq announced the launch of Amazon.ae, a new local shopping experience for customers in the UAE. Amazon.ae features over 30 million products from local and international businesses, including products previously available on Souq and five million products from Amazon US. Customers shopping on Amazon.ae will enjoy the same commitment to great prices as on …

Bloomberg The White House is ramping up pressure to reach a trade deal with China in the next two weeks, warning that the US is prepared to walk away from the negotiations. “It won’t go on forever,” Mick Mulvaney, President Donald Trump’s acting chief of staff, said at an event in Los Angeles. “At some point in any negotiation you …

Bloomberg US stocks edged higher as Apple Inc’s upbeat sales projection boosted technology shares, while Treasuries climbed before the Federal Reserve’s decision. The S&P 500 Index looked for a fourth day of gains and a fresh record and tech-heavy Nasdaq indexes outperformed as the iPhone maker again closed in on a $1 trillion market valuation. Advanced Micro Devices Inc’s outlook …

Bloomberg Even with Asia’s top performance, foreign investors are still not convinced to buy Philippine bonds. Local-currency notes in the Philippines have yielded almost 10 percent this year through April, compared with less than 2 percent for China and India, data compiled by Bloomberg show. High taxes, a less liquid market, and tedious documentary requirements are some of the gripes …

Bloomberg BP Plc boosted cash flow and hit the target on profit estimates in the first quarter as rising oil and gas production and strong trading results offset the effect of lower prices. The company’s performance brightens a mixed picture for Big Oil earnings. While the industry has moved beyond the worst downturn in a generation it’s still enduring volatile …

Bloomberg Mexican President Andres Manuel Lopez Obrador said that oil output from private companies hasn’t risen to a level that would justify restarting auctions that his administration put on hold. Lopez Obrador said private companies are only producing 4,000 barrels of crude per day, based on the information he has from state-owned oil company Petroleos Mexicanos. As of two weeks …

Bloomberg Sinopec said its first-quarter profit declined 20 percent amid lower crude prices and shrinking refining earnings. Net income dropped to 15.47 billion yuan ($2.3 billion) from 19.31 billion a year ago, the company said in a statement to the Hong Kong stock exchange, using international accounting standards. A drop in oil prices typically drags down the value of the …

Bloomberg Singapore’s office market is running hot — so much so that debt-laden Oxley Holdings Ltd just sold a building for S$365 million ($268 million) more than it paid less than 18 months ago. Oxley agreed to sell Chevron House, a 32-story tower in the central business district, to Golden Compass (BVI) Ltd for S$1.025 billion in cash and assumed …

Bloomberg European Central Bank policy makers who sounded the alarm about the region’s slowdown last month can now relax a bit as the stimulus they prepped becomes less urgent. It was during the first quarter that officials, led by President Mario Draghi, reactivated plans to aid growth in a moment of embarrassment so soon after concluding bond purchases last year. …