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Bloomberg UBS Group AG is cutting about 40 jobs in the Asia-Pacific region as part of a global push to trim costs and combine its trading units, according to a person familiar with the matter. The staff reductions are roughly split between UBS’s markets and investment-banking teams, with a majority at the level of vice president or below, the person ...

Bloomberg JPMorgan Chase & Co says the money-market stress that sent short-term borrowing rates surging last month is likely to get much worse despite the Federal Reserve’s attempts to inject billions of dollars into the financial system. The Fed has offered overnight loans and started buying up to $60 billion of US Treasury bills a month in an effort to ...

Bloomberg The head of Facebook Inc’s Libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed, Reuters reported. David Marcus, who oversees the Libra initiative for Facebook, told a banking seminar hosted by the Group of 30 in Washington that Facebook is open to looking at alternative ...

Bloomberg Oversea-Chinese Banking Corp (OCBC) aims to expand its lending to environmentally-friendly projects after this year building the biggest exposure to green loans among its Southeast Asian peers. The bank has built a team of five to focus on sustainable financing after foraying into green loans last year and is looking to add bankers, said Mike Ng, the Singapore bank’s ...

Bloomberg European Central Bank (ECB) officials must bear in mind their previous premature interest-rate hikes and the market turmoil around the US Federal Reserve’s tapering of bond purchases when they eventually start to tighten monetary policy, Bank of Finland Governor Olli Rehn warned. “The core inflation rate remains low and clearly below the ECB’s price-stability target,” Rehn wrote in a ...

Matera (Italy) / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, said that the significance of the UAE’s hosting of Expo 2020 Dubai is in that it is the first event of its kind, “not only in the Middle East or the Arab world, but the first in Africa and South Asia ...

MARRAKESH / WAM The UAE Government participated in the 19th Annual Conference of the Arab Organisation for Administrative Development (Arado), in Marrakesh, Morocco. This year’s conference theme was entitled, ‘Requirements for Smart Infrastructure Localisation in Arab Countries to Achieve the 2030 Agenda for Sustainable Development. The conference, held under the patronage of King Mohammed VI of Morocco, discussed the future ...

Emirates Business Abu Dhabi Ports has started work on the city’s dynamic new waterfront space, Marsa Mina, bringing new life to the city’s historic port area at Mina Zayed. To mark the start of construction, the first container to be used for the project was unloaded in the presence of number of Abu Dhabi Ports’ officials. Marsa Mina is scheduled ...

Abu Dhabi / WAM Abu Dhabi General Services Company (Musanada), in collaboration with the Abu Dhabi Department of Education and Knowledge (ADEK), commenced construction of two kindergartens at Zakher and Al Maqam areas in Al Ain. Affirming observation of environmental sustainability requirements and preserving multiple energy resources, Musanada said that the AED85.5 million two kindergartens will have a total built-up area ...

Dubai / WAM The United Arab Bank (UAB), announced a contribution of AED50,000 to support Ajman Club for Disabled. The donation will help People of Determination (people with disabilities) to unlock their potential, prove themselves and overcome their disability. Sheikh Mohamed Al Nuaimi, Deputy Chief Executive Officer of UAB, presented the donation cheque to Dr Marwan Abdul Majeed Ibrahim, Executive ...