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Bloomberg The Bank of England is holding off from forcing most European banks operating in the UK to become subsidiaries, but says it’s ready to get tougher if progress towards a Brexit deal breaks down. Governor Mark Carney told lawmakers in London that making lenders and insurers go through the process of setting up subsidiaries, only to then reverse course …

Bloomberg ANZ Bank New Zealand said the country’s Overseas Investment Office has declined the application of China’s HNA Group to acquire UDC Finance. “While the sale agreement between the parties remains in place, unless HNA successfully overturns the OIO decision, the sale will not proceed,” ANZ New Zealand Chief Executive David Hisco said in a statement. “We don’t know if …

Bloomberg Bank of America Corp. Chief Executive Officer Brian Moynihan said the lender is pushing to deepen some of the busin-ess it conducts in China as the world’s No. 2 economy opens further to foreign investment. The US bank is working towards “local incorporation” in China so that it can more easily help firms there sell debt, Moynihan said in …

Bloomberg Bombardier Inc. is scaling back plans to begin a new aircraft programme, preferring instead to focus on generating cash flow and whittling down about $9 billion in debt, said Chief Executive Officer Alain Bellemare. “Over the past few years there was an overinvestment in aerospace,’’ Bellemare said in an interview. “We don’t want to jump and launch an investment …

Bloomberg China is set to become the world’s biggest aviation market in five years thanks to hefty subsidies from local governments beseeching airlines to fly mainland tourists overseas. Local governments, especially those outside mega cities like Beijing, Shanghai and Guangzhou, spent at least $1.3 billion subsidising airlines in 2016, mostly for them to start direct services to far-flung places such …

Bloomberg Tencent Holdings Ltd. and JD.com Inc. will buy a slice of one of China’s largest online retailers for $863 million, forging an alliance to take on Alibaba in e-commerce and digital payments. The pair agreed to buy shares in US-listed Vipshop Holdings Ltd. at a premium of 55 percent to their previous close. The deal comes with a business …

Bloomberg FedEx Corp. raised its annual profit forecast, citing “solid demand trends” and a rebound from a June cyberattack at its TNT Express unit in Europe. The operator of the world’s largest cargo airline is on track for a record season of holiday deliveries, Chief Executive Officer Fred Smith said in a statement. Shipments to homes are increasing as more …

DUBAI / Emirates business Mega malls are boosting the GCC’s retail market to nearly $300 billion by 2018, driving investment in aluminum ceilings to enhance the customer experience, mall safety and sustainability, industry experts said on Wednesday. Thanks to new mega-malls from Mall of the World in Dubai, to Al Maryah Central in Abu Dhabi and Mall of Saudi in …

ABU DHABI / WAM Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, has comp- leted the acquisition of International Tower, a high-quality office tower located in Capital Gate district of Abu Dhabi for AED658 million. International Tower comprises 39,000 sqm NLA of Grade A commercial space and will immediately contribute to Aldar’s net operating income supported …

DUBAI / WAM Middle East passenger numbers are forecast to grow 7% in 2018 according to the International Air Transport Association. Aviation will feature heavily in the programme at Arabian Travel Market (ATM) 2018, which is being held between April 22-25 at the Dubai World Trade Centre. Alan Peaford, current president of the UK’s Institute of Internal Communications, said, “Aviation …