Abu Dhabi to create 2 banks in three-way merger

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Transcript

00:00Good afternoon and welcome to the Golf News Business Wrap. I'm Ed Clouds and our top story

00:04today is the report of a merger in Abu Dhabi between Abu Dhabi Commercial Bank and Union

00:09National Bank. The pair will merge to form a mega bank and will spin off their Islamic

00:15finance department to take over Al Hilal forming another large Islamic bank. Elsewhere, Do

00:21reported a 7.4% drop in net profits for the third quarter. They saw their profit drop

00:27from $471 million in 2017 to $441 million this year. However, their revenues were up

00:36so it wasn't all bad news for the telecoms company. Now to the international news. Google

00:42is suffering a walkout of women staff protesting over alleged sexual misconduct of senior executives.

00:49They are saying that Google has not done enough to stamp out the behavior and they are protesting.

00:55So far there have been walkouts in Singapore, London and San Francisco. Nothing yet from

01:00Dubai but we'll keep an eye on that story as it develops. Also in the UK, there are

01:05unconfirmed reports in the Times of London newspaper this morning that the EU and the

01:10UK have moved closer to securing a financial services deal post Brexit. That would essentially

01:15allow UK companies based in the City of London to do business with their European counterparts

01:21under a sort of passporting system. It's the first step towards a fully comprehensive

01:26Brexit deal that some say we might see as soon as December. Those are the head stories

01:31for this evening. I'm Ed Clouse and thanks for watching.