US Treasury Secretary Steven Mnuchin seeks to assure investors about banks' liquidity, and media reports suggest job cuts in Abu Dhabi. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
Category
🗞
NewsTranscript
00:00It looks like Santa's bringing nothing but coal to global markets this Christmas.
00:07European and Asian shares fell on Monday morning after US Treasury Secretary Steven Mnuchin
00:11called up executives from six banks to discuss their liquidity status.
00:15The dollar index also fell, but US stock futures rose.
00:18The call by Mnuchin sought to assure investors about the strong status of the banks' liquidity
00:23and sought to assure investors that Chairman Jerome Powell of the Federal Reserve will
00:27not be fired from his position after reports suggested that Trump was unhappy with Powell.
00:33In local news, the expected merger between Abu Dhabi Commercial Bank, Union National
00:36Bank and Al-Hilal Bank is likely to result in 1,000 job cuts, according to a Bloomberg
00:42report.
00:43Bloomberg cited anonymous sources familiar with the matter who said that the talks between
00:46the three banks are currently at an advanced level.
00:48If the merger does go through, it will be the latest in a series of consolidations in
00:53the UAE.
00:54No final agreement has been reached yet, however, and the talks may still fall through.
00:58This is all for today.
00:59Thank you so much for watching.
01:00For more news updates, please check us out at gulfnews.com.
01:03I'm Sarah Dia and this is the Daily Business Roundup.