Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


UAE Central Bank to provide liquidity to Sharjah’s troubled Invest Bank


The Central Bank also stated that it was closely monitoring financial developments at Invest Bank after the government said that it was taking a majority stake

The state intervention came after Invest Bank was hit by high levels of bad loans linked in part to exposure to the troubled real estate and construction market, according to Reuters. Invest Bank also stated that its board of directors would recommend a capital injection by the Sharjah government, which would make the emirate its majority strategic investor.

The size and value of the stake was not disclosed.

Following the announcement, the UAE Central Bank said it had been working with the bank and Sharjah government for some time to strengthen its capital base.

“In this regard, the Government of Sharjah, is firmly committed to support the bank via a direct equity investment and this plan will be presented at the bank’s AGM scheduled for the 29th December 2018 for approval,” according to the statement.

“In the meantime, the CBUAE will support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.”

In September, Reuters reported that the Sharjah government was considering a potential merger between Invest Bank, Bank of Sharjah and United Arab Bank to create a bank with about $18bn of assets.

However, the three lenders denied talks were taking place.

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