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Bloomberg UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker said. While the Zurich-based bank continued to dominate the regional top spot by a wide margin, with assets totaling $357 billion last year, Credit Suisse Group AG slightly …

Bloomberg JPMorgan Chase & Co and Barclays became the latest financial institutions to lower their estimates for Brazil’s economic growth this year, on the back of weak activity data and increased political uncertainty. They joined Itau Unibanco SA, Latin America’s largest bank by market value, which remains the most pessimistic of the three after cutting its 2019 growth forecast for …

Bloomberg China’s central bank shifted its tone on the economy, emphasising that it will control excessive money supply amid signs of a recovery. The People’s Bank of China (PBOC) said it’ll keep good control of the money supply “floodgate” and not “flood” the economy with excessive liquidity, according to a statement. That wording had been dropped from the previous quarter’s …

Bloomberg New-home price growth in China snapped a four-month weakening streak, one of the first official signs there may be a widespread recovery in the nation’s housing market. The value of new homes, excluding government-subsidised housing, gained 0.61 percent on average in March from February in 70 major cities tracked by the nation’s statistics bureau, official data released showed. That …

Bloomberg In naming Corie Barry chief executive officer, Best Buy Co hands the reins to the architect of its current growth strategy, widely considered to be one of the retail industry’s most remarkable turnarounds. Barry, chief financial and strategic transformation officer, will replace Hubert Joly in June after almost seven years at the helm. In her outgoing role, she oversaw …

Bloomberg Deutsche Lufthansa AG shares dropped as Europe’s largest airline reported a first-quarter loss that was 80 percent higher than the average analyst estimate. The stock fell as much as 5 percent after Lufthansa posted an adjusted loss before interest and tax of 336 million euros ($380 million). The figure was worse than any of 12 earnings estimates and came …

Bloomberg President Donald Trump gave Boeing Co a little advice on Twitter. The company should fix its troubled 737 Max and choose a new name following the Ethiopian Air Lines and Lion Air Crashes. “What do I know about branding, maybe nothing (but I did become President!), but if I were Boeing, I would FIX the Boeing 737 Max, add …

Bloomberg On a recent weekday at the newly opened Champion store in Philadelphia’s Center City, the brand’s oversize red, white and blue “C” is everywhere: across the chest of thick cotton sweatshirts, down the sides of track pants and on the front of baseball caps. A couple of 20-somethings sift the clothing racks during the lunch hour. They drift through …

DUBAI / WAM Expo 2020 Dubai and its legacy are expected to contribute AED122.6 billion ($33.4 billion) of gross value added (GVA) to the UAE’s economy from 2013 to 2031, according to the EY report, ‘The economic impact of Expo 2020 Dubai’. The report states that Expo 2020 is also expected to support up to 905,200 full-time equivalent, FTE, job-years …

RED SEA COAST / WAM The UAE on Monday commissioned a new fishing slipway in Al Heima area, in Yemen’s Red Sea Coast, bringing to 22 the number of fishing facilities revamped by country to ease the suffering of the Yemeni people. The solar-powered facility caters to needs of over 10,000 people in Al Heima area and its adjacent districts. …