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Bloomberg Oversea-Chinese Banking Corp. (OCBC) is in talks with companies including Singapore Telecommunications Ltd. about seeking one of the city-state’s planned virtual bank licenses, according to people familiar with the matter. Singapore’s second-largest bank would take a minority stake in any virtual-banking joint venture and sees it as a way to tap new customers and markets. For example, Singtel might ...

Bloomberg The global hunt for yield is a boon for Chinese banks raising capital via perpetual bonds. Agricultural Bank of China Ltd. sold 85 billion yuan ($12 billion) of perpetual bonds last week at a coupon of 4.39%, the lowest level since lenders first started selling the debt instruments in January. Total sales of the bonds, which lack a maturity ...

Bloomberg Guaranty Trust Bank Plc will consider acquisitions outside its home market as Nigeria’s biggest lender by market value seeks to expand on the rest of the continent. The Nigerian multinational financial institution, which already has offices in 10 countries outside Nigeria, is looking to East Africa for growth, Chief Executive Officer Segun Agbaje said on a call with investors ...

Bloomberg An expert panel reviewing how the Boeing Co 737 Max was certified is expected to cite a breakdown in communication following revelations that aviation regulators didn’t understand key design elements until the first of two deadly crashes of the plane. The Joint Authorities Technical Review (JATR) hasn’t found evidence that regulations weren’t followed when the jetliner was approved in ...

Bloomberg Amazon.com Inc opened its largest campus building globally in the south Indian city of Hyderabad as it prepares for a furious expansion and battle with nemesis Walmart Inc in one of the world’s fastest-growing retail markets. The Seattle-headquartered company is making an ambitious push in India, the last major retail frontier still primarily reliant on small-scale neighbourhood and mom-and-pop ...

Bloomberg Cathay Pacific Airways Ltd expects “significant impact” on its revenue from August and beyond as travel demand gets affected by the months-long protests in Hong Kong. Both business and leisure travel into Hong Kong has “weakened substantially” and traffic from Hong Kong has started to soften, especially on short-haul routes to such countries as China and South Korea, Cathay ...

Bloomberg TJX Companies Inc, the owner of the Marshalls and TJ Maxx chains, reported sales growth that missed analysts’ projections, even as foot traffic into its stores continued to grow. The shares slipped. Comparable sales rose 2 percent in the second quarter, below the average estimate for 3 percent growth, according to Consensus Metrix, and down from last year’s speedier ...

Bloomberg Shoprite Holdings Ltd will look to cut costs outside its home market as Africa’s largest food retailer battles currency shortages and stricter regulation in several countries. The owner of supermarket chains such as Checkers and U-Save has been growing in 14 territories outside South Africa to become a continent-wide superpower, but factors such as inflation — particularly in Angola ...

RIYADH / WAM The joint forces of the Arab Coalition supporting the legitimate government in Yemen launched a military operation on Houthi military targets, including caves used by the militia to store ballistic missiles, drones and weapons, reported the Saudi Press Agency (SPA). Colonel Turki Al Maliki, the Coalition’s official spokesman said the forces carried out 2,256 hours of military ...

Dubai / WAM Medical tourism sales in the UAE increased 5.5 percent year-over-year to reach AED12.1 billion in 2018, with growth supported by several government-led initiatives and the rising number of medical tourists in the country, new analysis released by Dubai Chamber of Commerce and Industry revealed. The analysis, based on recent data from Euromonitor International and Fitch Solutions, found ...