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“It definitely presents a strong case for further consolidation. We believe banks with similar shareholders have a higher likelihood of merger,” Ghosh said. ADCB on Tuesday also reported annual profit of 4.84 billion dirhams, up from 4.28 billion a year earlier. After completion of the merger, ADIC will own 60.2 percent of the combined bank, other ADCB shareholders owning 28.0 percent and other UNB shareholders holding 11.8 percent. As reported by Reuters on Monday, Eissa Mohamed al Suwaidi, chairman of ADCB, will retain the same post at the new bank, as will ADCB CEO Ala’a Eraiqat.
LONDON (Reuters) - Britain would have “fully functional” rules to remain a top global financial center even if it left the European Union without a Brexit deal, its lawmakers said on Tuesday, They sought patek philippe cufflinks rose gold to reassure foreign financial firms that a no deal Brexit would not result in disarray for the City of London at a time when many banks, insurers and asset managers were already moving staff and operations to new EU hubs, Lawmakers vote on Tuesday in a bid to end a deadlock over Britain’s divorce settlement with the EU and prevent it leaving with no deal on March 29..
EU financial rules are being embedded into British law, but changes are needed to make them work properly as Britain falls outside the purview of EU regulators. Lawmakers are scrutinizing measures known as statutory instruments (SIs) to give ministers and financial regulators powers to largely bypass parliament to push through changes. Nicky Morgan, chair of parliament’s Treasury Select Committee, told Britain’s financial services minister John Glen that while the powers showed that finance would be prepared for all eventualities, full parliament should debate them.
“We can understand why the powers are needed but they are unprecedented, Having the SIs in place is an important message to the world,” Morgan said, Glen said Britain would be in uncharted territory if there is no deal, “The predominant message I have is that we need to secure a deal, Equally it would be imprudent and irresponsible not to have a fully functional regime in a no deal situation,” Glen said, “In the event of a no deal Brexit, we won’t patek philippe cufflinks rose gold have vast parts of the financial services sector saying ‘well, we didn’t know what was happening’,” Glen added..
(Reuters) - Xerox Corp beat analysts’ expectations for profit in the fourth quarter and forecast full-year profit above estimates, suggesting moves to refocus under new management were paying off and sending its shares up 6 percent. The company is streamlining its business and scaling up operations under a new regime installed by activist investors Carl Icahn and Darwin Deason last year. Xerox had agreed to merge with its long-standing joint-venture with Japan’s Fujifilm Holdings Corp as it struggled to deal with a long-running decline in demand for printing and photocopying equipment.
That deal was scrapped under pressure from Icahn and Deason, and control was handed over to new management under Chief Executive Officer John Visentin, an Icahn aide, “We remain focused on removing complexity in the way we work, organizing more effectively ., and we are seeing those efforts reflected in this quarter’s results,” Visentin said, “We are well positioned as we enter 2019.”, The Norwalk, Connecticut-based company said it expected to report 2019 profit of patek philippe cufflinks rose gold between $3.70 and $3.80 per share on an adjusted basis, well above analysts’ average expectation of $3.53, according to IBES data from Refinitiv..
Some analysts, however, pointed to a shortfall in Xerox’s fourth-quarter revenue, which was $2.53 billion compared to consensus forecasts of $2.56 billion, asking whether cost-cutting alone can deliver its promised profits. “The biggest question is how they will be able to mitigate revenue declines because the ability to reduce costs is finite and then to continue to grow EPS, they need to actually grow revenue,” Cross Research analyst Shannon Cross said. Net income attributable to Xerox was $137 million, or 56 cents per share, compared to a loss of $190 million, or 76 cents per share, a year earlier.
WASHINGTON/HONG KONG (Reuters) - Huawei’s CFO “should not be a hostage” in Sino-U.S, relations, her lawyer patek philippe cufflinks rose gold said on Tuesday, after the United States announced criminal charges against herself and the Chinese firm just days before crunch trade talks with Beijing, The Justice Department charged Huawei Technologies Co Ltd and its chief financial officer with conspiring to violate U.S, sanctions on Iran by doing business through a subsidiary it tried to hide and that was reported on by Reuters in 2012 reut.rs/2sRL7Ve and 2013 reut.rs/2sUq8RT..