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Bloomberg Bank of America Corp. was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the US regulators called a $102 million Ponzi scheme. The class-action suit filed on behalf of people who lost money follows a complaint last week by the Securities and Exchange Commission alleging that five men and three companies defrauded more ...

Bloomberg The Bank of England (BOE) stepped up pressure on the European Union to remove threat that Brexit poses to trillions of pounds of derivative contracts. Unless the EU follows the UK government in putting in place temporary workarounds, there could be havoc in financial markets when Britain leaves the bloc next March. Firms could find themselves unable to service trillions ...

Bloomberg Deutsche Bank AG may still face more years of restructuring, but at least the belief of its staff has stopped fading. The Frankfurt-based bank’s annual internal survey showed that 57 percent of employees are committed to the lender, unchanged from last year and arresting years of declines, according to a person with knowledge of the results. The share of ...

DUBAI / WAM The UAE is the biggest trade partner of Hong Kong in the Middle East, as the value of the non-oil trade exchange between the two countries accounted for $8.9 billion in 2017, with 5.1 percent annual growth compared to 2016, Juma Al Keet, Assistant Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy (MoE) said ...

ABU DHABI / WAM Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence, on Tuesday received Lt General Sir John Lorimer, UK’s Defence Senior Adviser on the Middle East, and his accompanying delegation. Al Dhaheri welcomed Lt General Lorimer and praised the relations between the UAE and UK which he said are witnessing great development across various sectors. ...

DUBAI / Emirates Business From facial recognition and iris scans, to crypto currency, the UAE’s banking and finance security innovation is driving the GCC’s cybersecurity market to $8 billion in 2018, industry experts said. UAE banks are rapidly deploying multi-factor authentication to confirm a person’s identity, with several factors, such as a smartphone, a password, and a facial scan. The ...

LONDON / WAM UAE-linked Petrofac, a leading international service provider to the oil and gas production and processing industry, has secured new orders worth $1.8 billion in the first half of 2018, according to an update released to the London Stock Exchange on Tuesday. “We are trading in line with expectations, delivering best-in-class project execution, continued momentum in new orders ...

DUBAI / WAM It is estimated that Small and Medium Enterprises (SMEs) contribute 40 percent to Dubai’s GDP and employ 42 percent of the total workforce, said Fahad Al Gergawi, CEO of Dubai Investment Development Agency (Dubai FDI). In a statement released on the occasion of ‘Micro, Small and Medium-sized Enterprises Day’, which is observed on June 27, Al Gergawi, ...

Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Hong Kong Monetary Authority (HKMA) signed a cooperation agreement on Tuesday to jointly promote and enable financial services innovation, and accelerate cross-border FinTech business opportunities in Hong Kong and the UAE. With this agreement, ADGM has established strategic FinTech collaborations with eleven leading ...

KATHMANDU / WAM The UAE is the third largest exporter to Nepal as the trade exchange between the two countries amounted to $425.2 million in 2017, a 14.4 percent annual growth compared to 2016, Abdullah Salih Al Salih, Under-Secretary of the UAE Ministry of Economy for Foreign Trade Affairs, said. Speaking on Monday at the opening ceremony of the UAE-Nepal ...