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KHAWKHAH / WAM The UAE, represented by its humanitarian arm, the Emirates Red Crescent (ERC), inaugurated a new school in Khawkhah District, which will serve 800 students. The ERC will also launch eight other schools in the coming weeks, bringing the total number of academic establishments restored and furnished by the UAE in the Red Sea Coast to 36. The ...

Bloomberg At the height of the Danske Bank A/S dirty-money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, according to documents seen by Bloomberg. The bank’s Estonian branch, which was already wiring billions of client dollars to offshore accounts, told a select group of customers, mostly from Russia, that they could ...

Bloomberg Hong Kong regulators fined UBS Group AG 400 million Hong Kong dollars ($51 million) for overcharging global wealth management clients during almost a decade and flagged concerns about serious and systematic problems with the bank’s internal controls. The Hong Kong Securities and Futures Commission (SFC) found that UBS systematically overcharged private banking clients by manipulating the price on bond ...

Bloomberg Deutsche Bank AG told UK regulators that it’s facing persistent issues in processing high-value payments in the country, a further sign of the IT problems plaguing the lender. The German lender met with Bank of England officials two weeks ago to explain disruptions of payments going through the BoE’s high-value payments system CHAPS on several days in October, according ...

Bloomberg The African Development Bank (AfDB) will discuss 59 projects valued at $67 billion with dealmakers at its flagship investment conference. The deals, which span 29 countries, range from regional infrastructure development to investments in energy, financial services, urban housing and small business support, AfDB President Akinwumi Adesina said in an interview in Johannesburg. “The focus is really on the ...

Bloomberg Goldman Sachs Group Inc’s co-head for India business, Vijay Karnani, is retiring from the bank after 21 years with the company, according to a memo seen by Bloomberg News. Karnani joined Goldman Sachs in 1998 as an associate in equity capital markets and moved to the equity derivatives team in Hong Kong in 2000, the memo shows. He became ...

Bloomberg Credit Suisse Group AG’s investment bank chief stepped down, adding to months of turmoil at the top that started with the departure of its wealth management head and culminated in a spying scandal. Jim Amine decided to resign as chief executive officer of the investment banking and capital markets division and leave the executive board, taking the role as ...

Bloomberg Ten coal-fired power plants near India’s capital of New Delhi are poised to miss a December deadline to install pollution control devices that would have curbed premature deaths linked to toxic emissions. Eight of the plants, whose operators include Vedanta Ltd, Larsen & Toubro Ltd (l&T) and Uttar Pradesh Power Corp, have yet to order the required flue-gas desulfurisation ...

Bloomberg Shares of Chinese electric-car makers fell in the wake of a Bloomberg News report that said regulators may cut subsidies further on the embattled industry. BYD Co, China’s biggest maker of new energy vehicles, slid 2.8% in Hong Kong. BAIC BluePark New Energy Technology Co, the country’s biggest maker of pure electric cars, retreated 2.9% in Shanghai, while Contemporary ...

Bloomberg India’s Hindalco Industries Ltd posted a 33% decline in quarterly profit as a slide in metal prices and weak demand squeezed margins. Group net income fell to 9.74 billion rupees ($136 million) during the three months ended in September from 14.5 billion rupees a year earlier, the aluminum and copper producer run by billionaire Kumar Mangalam Birla said. Sales ...