06262016Sun
Last update: Sun, 26 Jun 2016 11pm

Business & Finance - Industries & Sectors

Intel considers sale of cyber security business NEW YORK: Chipmaker Intel Corp is considering the sale of its cyber security business, the Financial Times reported on Sunday. According to the report, the company has been talking to its bankers about options for the Intel Security unit, which was previously known as McAfee. Intel bought McAfee for $7.7 billion in 2011. A spokesperson for Intel could not be immediately reached for comment.The company said in April that it planned to cut up to 12,000 jobs globally as it refocuses its business toward making microchips that power data centers and Internet-connected devices and away from the declining personal computer industry it helped found. Copyright Reuters, 2016


Business & Finance - Industries & Sectors

China's Baosteel, Wuhan Steel announce plan to restructure BEIJING: China's Baosteel Group and Wuhan Iron and Steel Group, two of the country's largest steelmakers, are together planning to restructure, their listed units said in separate stock exchange filings on Sunday. Baosteel Group is China's second-largest steelmaker, and Wuhan Iron and Steel Group is the country's fourth-largest. The companies did not specify what the restructuring would entail.Beijing has said that mergers would be a key way to consolidate the steel sector, aiming to cut ...

Business & Finance - Banking & Finance

Dubai Islamic Bank says 3.2bn dirham rights issue oversubscribed DUBAI: Dubai Islamic Bank has completed its 3.2 billion dirhams ($871.3 million) rights issue aimed at bolstering its capital, with the issue roughly three times oversubscribed, it said on Sunday. The rights issue will increase the share capital of the bank from 3.95 billion dirhams to 4.94 billion dirhams, through the issuance of 988.4 million new shares, it said in the statement. Copyright Reuters, 2016

Business & Finance - Banking & Finance

Deutsche Bank CEO says London financial centre will weaken but won't die BERLIN: The chief executive of Deutsche Bank says London will not die as a financial centre but it will become weaker after Britain voted to leave the European Union. John Cryan, a Briton who divides his time between Frankfurt and London, told Germany's Handelsblatt business daily that he expects higher volatility than usual on the financial markets in the coming weeks. "The financial centre won't die but it will get weaker," Cryan said of London. ...

Business & Finance - Banking & Finance

China, Russia sign MOU on yuan clearing in Russia BEIJING: The central banks of China and Russia on Saturday signed a memorandum of understanding on setting up a yuan clearing mechanism in Russia, the People's Bank of China said.The PBOC gave no details in the statement on its website, but said the establishment of such arrangements would be beneficial to cross-border trade and investment.Copyright Reuters, 2016

Business & Finance - Banking & Finance

China central bank chief sees 'dynamic' monetary policy adjustments WASHINGTON: A more flexible yuan currency is important for China's development and reforms and monetary policy will be adjusted "in a dynamic way" to meet those goals, People's Bank of China (PBOC) Governor Zhou Xiaochuan said.Zhou, in a lecture at the International Monetary Fund on Friday, said the PBOC was listening to advice from foreign finance officials, but noted the central bank was pulled in many directions with multiple objectives, creating "tensions.""We are paying close ...

Business & Finance - Banking & Finance

China-backed AIIB seeks cooperation, looks to add new members BEIJING: The China-led Asian Infrastructure Investment Bank (AIIB) stressed its plan to cooperate with other development banks at its first annual meeting in Beijing on Saturday, and said it was taking applications for new members. The bank's board approved its first four deals worth $509 million on Friday, with three projects co-financed with the World Bank, the Asian Development Bank, the United Kingdom Department for International Development and the European Bank for Reconstruction and Development.The ...