Bloomberg The Philippine central bank will begin selling its own securities next week, a new instrument that it said will become its main tool to control liquidity in the financial system. Bangko Sentral ng Pilipinas (BSP) will offer 20 billion pesos ($411 million) of 28-day bills on September 18, Governor Benjamin Diokno said on Twitter on Wednesday. “The BSP securities, …

Bloomberg India’s anti-money laundering agency fined Standard Chartered Plc $13.6 million for breaking foreign exchange rules when it worked on the takeover of a local bank, marking one of the country’s biggest penalties imposed on an overseas lender. An eight-year probe found that Standard Chartered violated the so-called foreign exchange management act — which monitors offshore financial transactions — when …

Bloomberg Chinese bank stocks: never this cheap, rarely so unloved. Weakened by the government’s call to sacrifice profitability, stung by ultra-low interest rates and the threat of souring loans, the country’s Hong Kong-listed banks have seen their market value contract by $194 billion in 2020 as of Wednesday. Their share of the MSCI China Index has shrunk to a measly …

Bloomberg European stocks rise with US equity futures as optimism crept into markets that Tuesday’s tumble drew a line under the recent selloff. Shares climbed broadly in Europe while AstraZeneca Plc slipped on news it paused trials of a leading experimental Covid-19 vaccine when a participant got sick. S&P 500 and Nasdaq 100 contracts advanced in the wake of large …

MUKALLA / WAM The Emirates Red Crescent (ERC) delegation has inspected life conditions of several families of martyrs in the Governorate of Hadramaut, Yemen. The gesture reflects the brotherhood and solidarity feelings and supporting families of martyrs as well as alleviating their sufferings and burdens. During the visit, the ERC team presented humanitarian assistance including food baskets, school bags and …

Dubai / WAM The Halal economy is estimated to be worth $3.2 trillion by 2024, according to the newly launched second edition of the Halal Guidebook titled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.’ The Guidebook unveils key trends that will have a lasting impact on the regional economy and assists in providing a clear picture …

Bloomberg Egypt has begun talks over plans to sell electricity to Europe and Africa, pressing its advantage as a producer of cheap renewable energy in a bid to become a regional export hub, the head of its sovereign wealth fund said. The nation, which has a surplus of electricity, sees unspecified “power-hungry” countries to the north as possible customers, according …

Bloomberg London-based private-equity firm Actis is looking at African energy projects to add to the $1 billion it has already invested in the sector on the continent. “We’re seeing some new opportunities that we’ve not yet approved,” Neil Brown, a partner and head of the Investor Development Group at Actis, said in an interview. Investments will probably be spread across …

Bloomberg The Mekong is one of Asia’s most important rivers, supporting 60 million people in Southeast Asia. But for the second consecutive year, the lower Mekong basin has hit a record low water flow, affecting irrigation, rice production and fisheries, all vital to the region’s food security. The drought has also damaged habitats for turtles, reptiles and other critically endangered …

Bloomberg British pilots already fearing for their jobs as the coronavirus crisis hammers air travel face a new risk as a potential no-deal Brexit threatens to deprive them of the right to fly EU-registered planes. With the UK’s split from the EU set to be completed on December 31, there’s no agreement in place that would allow aviators holding UK …