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.
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