BLOOMBERG BYD Co plans to produce electric vehicles (EVs) in Vietnam and expects support from the country’s government to do so, the Southeast Asian nation said following a meeting between Deputy Premier Tran Hong Ha and the automaker’s chairman and founder, Wang Chuanfu. Wang expects Vietnam to create “favourable conditions” for BYD to complete investment procedures so it can quickly start ...

BLOOMBERG Asia remains in the grip of a blistering heat wave, chiming with predictions from climate scientists that 2023 could be the world’s hottest year. In an ominous sign ahead of the northern hemisphere summer, an emerging El Nino weather pattern is pushing the mercury to unprecedented levels in southern parts of the continent. Vietnam reported its highest ever temperature ...

BLOOMBERG The International Monetary Fund (IMF) flagged risks to the Bangladesh economy such as inflation, growth and foreign reserves as it concluded its mission under the $4.7 billion loan programme. “Persistent inflationary pressures, elevated volatility of global financial conditions, and slowdown in major advanced trading partners continue to weigh on growth, foreign currency reserves, and the Taka,” according to a ...

BLOOMBERG European stocks struggled to build on the strong rebound as traders assessed hawkish comments from policy makers and disappointing data from the region’s biggest economy. Bond yields across Europe rose. The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With UK markets closed for a a holiday in honour of King Charles III, ...

BLOOMBERG Chinese banking stocks are surfing a tide of optimism not seen since the nation’s 2015 equity bubble, as traders look to state lenders to galvanise a long-awaited market rally. The CSI 300 Financials Index jumped for a fifth session to reach its highest level since April 2022, adding $166 billion in market value in the process. The gains were ...

ABU DHABI / WAM An evacuation plane carrying 178 nationals from seven countries arrived in the UAE this afternoon from Sudan, which has experienced clashes since mid-April. The plane carried the most vulnerable groups of the sick, children, the elderly, and women, as the UAE has placed them at the top of its priorities. Among those evacuated onboard the flight ...

BLOOMBERG British households and businesses pulled almost £11 billion ($13.8 billion) out from banks in March as panic spread from the collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse Group AG. Households took out almost $6.32 billion (£5 billion) from bank accounts in the first decline in deposits in almost five years, Bank of England (BOE) ...

BLOOMBERG At least three nationwide Chinese banks lowered deposit rates, following a similar move by their smaller rivals in April as lenders battle shrinking margins. Mid-sized national banks including China Zheshang Bank Co, Hengfeng Bank Co and China Bohai Bank Co said they lowered deposit rates as much as 30 basis points on some tenors. After the adjustment, these lenders ...

BLOOMBERG Toronto-Dominion Bank (TD Bank) and First Horizon Corp have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement that they “entered into a mutual agreement” to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 ...

BLOOMBERG Australian bank margins have hit the peak and earnings are going to become harder to eke out, National Australia Bank Ltd (NAB) Chief Executive Officer (CEO) Ross McEwan warned. Speaking to Bloomberg Television after a record half-year profit failed to ease investor nerves about the bank’s outlook, McEwan said a decline in the share price was “somewhat expected.” “The ...