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Abu Dhabi / WAM The UAE’s Financial Intelligence Unit (FIU) has announced on Saturday the signing of a Memorandum of Understanding (MoU) with the Saudi Arabia Financial Intelligence Unit. The strategic partnership will further strengthen the cooperation between the two financial intelligence agencies. This will include the development of shared network platforms which will allow for enhanced knowledge sharing between ...

Bloomberg The Federal Reserve’s decision to stop shrinking its balance sheet means the era of quantitative tightening by major central banks is over less than a year after it started. Net bond purchases by the Fed, European Central Bank and Bank of Japan are now turning positive, according to an analysis of their balance sheets by Bloomberg Economics. That’s just ...

Bloomberg US-China trade tensions didn’t stop Standard Chartered Plc from delivering results that beat expectations. Adjusted pretax profit was $2.61 billion in the first half, the bank reported, higher than the company-compiled $2.50 billion estimate. Standard Chartered said it remains confident of a full-year return on tangible equity greater than 10 percent in 2021. “Trade protectionism is bad for the ...

Bloomberg Mark Carney won’t be able to play the saviour if the UK leaves the European Union with no deal at the end of October. The Bank of England (BOE) governor said that the institution can’t necessarily deliver a growth-boosting package in the event of Brexit without a transition. In a week when the pound capped its worst monthly performance ...

Bloomberg Banca Monte deiPaschi di Siena SpA had another tough quarter for earnings, showing how far the state-rescued Italian lender has to go before it can re-emerge as a private company. Second-quarter net income fell 35 percent to 65.3 million euros ($72 million) from a year earlier hurt by lower income from lending and fees, the Siena-based bank said. Monte ...

Bloomberg The building blocks for a sustained rally in emerging-market bonds are in place as their central banks embark on a rate-cutting cycle, according to Goldman Sachs Asset Management. Last month’s easing by South Korea, Indonesia and South Africa is a foretaste of things to come as policy makers step up efforts to bolster growth, said Angus Bell, a senior ...

Bloomberg Credit Agricole SA followed competitor SocieteGenerale SA in strengthening its capital buffers, even though slower investment banking activity weighed on second-quarter earnings. Profit at the large clients business that houses the securities unit fell 20 percent after the bank saw a continued drop in margins in a sluggish market. A decline in overall net income was in line with ...

Bloomberg Beijing pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s largest economies sent stocks tumbling across three continents. Trump announced that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set ...

Bloomberg South Korea’s Financial Services Commission said it will give “swift and sufficient” financial support to companies affected by Japan’s export restrictions in an effort to limit the impact on the economy. Financial institutions including the Korea Development Bank will immediately extend the debt maturity of companies affected by Japan’s export restrictions by a year, while commercial banks will voluntarily ...

Bloomberg India’s federal government is asking provinces that are renegotiating contracts to reconsider their decision, as states backtrack from existing renewable power purchase pacts. “We are mindful of the difficulties being faced by investors in some instances where the state government is trying to renegotiate some of the executed contracts,” India’s federal oil minister Dharmendra Pradhan said at a BloombergNEF ...