Bloomberg Thailand’s central bank held its benchmark rate unchanged, signalling a need to preserve policy space as the country grapples with its biggest wave of Covid cases and a weakening outlook for the tourism-reliant economy. The Bank of Thailand’s rate setting committee unanimously decided to hold rates at a record low of 0.5% for a ninth straight meeting, as expected ...

Bloomberg The European Central Bank (ECB) said it will start overseeing “systemic” investment firms as a long-planned legal change adds to responsibilities that have steadily expanded in recent years. Firms with more than 30 billion euros ($35.8 billion) of assets that underwrite or trade financial instruments on their own account will now have to apply for banking licenses under new ...

Bloomberg The Irish government plans to sell part of its 676 million euro ($807 million) stake in Bank of Ireland group over the next six months or so, the latest stage in its bid to recoup the bank bailout that almost bankrupted the nation. Part of Ireland’s 13.9% shareholding in the bank will be sold through a pre-arranged trading plan ...

Bloomberg Several large Chinese banks are restricting credit to China Evergrande group amid mounting concerns about the developer’s financial health, according to people familiar with the matter. Three banks with a combined $7.1 billion of credit exposure to Evergrande as of June 2020 have decided in recent months not to renew loans to the company when they mature this year. ...

Bloomberg Honda Motor Co has become the first of Japan’s automakers to state publicly it will phase out sales of gasoline-powered cars completely, setting 2040 as the goal and giving newly minted Chief Executive Officer Toshihiro Mibe a once-in-a-career chance to put his stamp on a firm that can trace its lineage back 84 years. “It’s a very bold target,” ...

Bloomberg Apple Inc is raising fears about letting users install applications outside the company’s App Store, an issue being targeted by lawmakers and regulators that also played a prominent role in its recent trial against Epic Games Inc. The company said on its website that requiring apps to be downloaded from the App Store protects consumers against scams, keeps their ...

Bloomberg Facebook Inc’s Instagram is adding new shopping tools, like letting people search for products using an image, as it expands e-commerce offerings across its family of apps. When users click on the images they see on Instagram, Facebook will direct them to similar-looking products for sale. A user could click on a floral dress on the social media network ...

Bloomberg Tesla Inc plans to recall more than 285,000 electric vehicles sold in China to address risks associated with its autopilot feature after an investigation conducted by the country’s market regulator. The electric car maker will recall 211,256 locally-produced Model 3 vehicles and 35,665 imported ones, as well as 38,599 China-made Model Ys because their autopilot systems are too easily-activated ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has announced the countdown for Expo 2020 Dubai, the world’s largest cultural event to convene the global community towards creating solutions for a better future. In 100 days, the UAE will be the first country in the ...

Dubai / WAM The UAE retail e-commerce market reached a record $3.9 billion in 2020, a 53 percent year-over-year increase driven by the Covid-19-led digital shift, while e-commerce accounted for 8 percent share of the retail market during the same year, new analysis from Dubai Chamber of Commerce and Industry has revealed. The study projected the value of the market ...