Fimbank is about to make the first step into introducing Islamic banking to Malta. Provided that Middle Eastern institutional investors take a controlling interest in the near future, the bank will be able to expand into new markets and target larger clients. Fimbank has a commitment for additional equity of $160 million. According to the bank’s president Margrith Lütschg-Emmenegger, it has the potential to triple or even quadruple its balance sheet over the next five years. She further stressed on the bank’s striving towards a major strategic turning point. This will be possible if shareholders allow the joint offer by Kuwait-licensed Burgan Bank SAK and Bahrain-licensed United Gulf Bank BSC at the extraordinary general meeting on January 31st.
- : Not Beyond Petroleum after all — BP says it’s increasing investment in oil and gas as much as it’s boosting renewable spendingBP on Tuesday said it was boosting spending on oil and gas as much as it will on what it calls "transition growth engines," a sign of both the pushback energy giants have received for their moves into the renewable energy space as well as the need for energy security and affordability.
- Dow Jones Newswires: Nintendo lowers earnings forecasts as it expects to sell fewer Switch consolesNintendo said it sold 14.9 million Switch consoles in the nine-month period ended Dec. 31, down from 18.95 million units during the same period a year earlier
- Dow Jones Newswires: German industrial production falls 3.1% in December, much more than forecastIndustrial output, comprising manufacturing production, energy and construction, fell 3.1% on month in December on a price-, seasonally- and calendar-adjusted basis, against expectations for a 0.6% rise.
- Dow Jones Newswires: BP underlying replacement cost profit of $4.8 billion falls short of forecasts.BP's full-year replacement cost profit was $27.7 billion, compared with almost $13 billion for 2021 when BP swung back from early Covid-19 pandemic losses.
- Dow Jones Newswires: Siemens Energy net loss more than doubled due to renewable unit troublesThe German energy company registered a quarterly net loss of 598 million euros ($643.4 million) for the quarter ended Dec. 31
- Dow Jones Newswires: BNP Paribas reports disappointing quarter, but announces €5 billion in buybacks, lifts targets for 2022 to 2025While profit and revenue disappointed, BNP added that it would return EUR5 billion to shareholders via two tranches of share buybacks in 2023,
- Dow Jones Newswires: Baidu surges after confirming plan to launch AI chatbot in MarchShares of Baidu Inc. surged in Hong Kong on Tuesday as investors welcomed the Chinese internet giant's plan to launch an artificial-intelligence chatbot next month amid an intensifying AI race in the technology industry.
- Dow Jones Newswires: Reserve Bank of Australia delivers 9th straight rate hike, stays hawkishThe Reserve Bank of Australia delivered a record ninth consecutive interest rate rise at its first policy meeting for this year, citing the stubbornness of inflation pressures and increased potential for a big jump in wages.
- : Bed Bath & Beyond reportedly raises $1 billion in stock deal to get out of loan defaultAfter the extended trading session ended, the Wall Street Journal reported that the company had received investor commitments to raise $225 million of equity capital initially, with the rest of the more than $1 billion offering coming later.
- The Wall Street Journal: FedEx, Southwest planes came within 100 feet of crashing into each other at Austin airportA FedEx Corp. flight landing at the Austin, Texas, airport last weekend appeared to come within 100 feet of a Southwest Airlines flight taking off, according to the head of the safety agency leading the investigation into the incident, the second such close call in three weeks.