December, 2022

• 12 December

  Crunch time for Ramaphosa as vote looms

  

  Bloomberg South African lawmakers will decide whether to institute impeachment proceedings against President Cyril Ramaphosa, three days before the governing party meets to consider re-electing him as its leader. Ramaphosa’s political future was cast into doubt on November 30, when an independent panel found he may have violated the constitution because of the way he handled the theft of at ...

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• 12 December

  China, US diplomats discuss Taiwan during talks

    Bloomberg China described its meeting with US envoys that included talks on Taiwan as “in-depth and constructive,” a sign Beijing and Washington are taking steps to cool tensions. Vice Foreign Minister Xie Feng met Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink and National Security Council Senior Director for China and Taiwan Laura Rosenberger, Foreign ...

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• 12 December

  Credit Suisse loses top officials in Asia, Europe departures

  

  Bloomberg Credit Suisse Group AG lost two senior executives in China and Italy, adding to a string of departures as the troubled Swiss lender embarks on a comprehensive restructuring. Carsten Stoehr, chief executive officer of Greater China, is leaving Credit Suisse effective from December 15, according to an internal memo that was confirmed by a Hong Kong-based spokeswoman. He had ...

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• 12 December

  HSBC sees ‘credit’ to drive growth for India M&A deals

  

    Bloomberg Availability of credit as central banks hike interest rates along with the ability of Indian corporates to tap capital markets to raise funds will be key to driving growth in the local deal market, Amitabh Malhotra, head of global banking for HSBC India, said. “Indian companies are very robust in terms of their balance sheets, so I feel ...

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• 12 December

  Best days of Philippine peso rally look over as negatives mount

  

  Bloomberg The Philippine peso is heading for its best quarter in 15 years but the bulk of its rally may already be over. Growing headwinds facing the currency include accelerating inflation, rising oil import costs and a worsening trade balance. Technical signals also indicate the peso is approaching a level of resistance that may prove a barrier to further gains. ...

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• 12 December

  US inflation will be much lower by 2023-end: Yellen

  

    Bloomberg US Treasury Secretary Janet Yellen says inflation will be much lower by the end of next year, as long as there are no unanticipated shocks to the economy. “I believe inflation will be lower,” Yellen said during an interview on CBS’ “60 Minutes.” “I am very hopeful that the labour market will remain quite healthy so that people ...

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• 12 December

  Berenberg takes US job cuts to 50% in one year

  

    Bloomberg Berenberg has laid off about 10 employees in New York, cutting the German investment bank’s headcount in the country by half over the past 12 months in a dramatic reversal of its previous growth plans. The staff worked for Berenberg’s US unit and they left in recent days, a spokesperson said in an emailed statement. Most of them ...

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• 12 December

  China’s credit stays subdued despite PBOC’s lending push

  

    Bloomberg China’s credit expanded at a slightly slower pace than expected in November after plunging in the previous month, despite efforts by the central bank to boost lending and ease restrictions on property loans. Aggregate financing, a broad measure of credit, was 2 trillion yuan ($287 billion) last month, the People’s Bank of China (PBOC) said, marginally below the ...

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• 12 December

  Star Southeast Asia unicorns see $51bn gone since listings

  

  Bloomberg Global investors who put their faith in three of Southeast Asia’s high-profile tech startups are facing a grim reality that’s seen the firms lose $51 billion in value in the past year-and-a-half since their equity debuts. Singapore-based ride-hailing firm Grab Holdings Ltd., which listed in New York about a year ago, has shed over 70% of its market value. ...

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• 12 December

  Morgan Stanley, Goldman Sachs say earnings are biggest risk for stocks

  

  Bloomberg This week’s US inflation print and Federal Reserve decision might be at the forefront of most investors’ minds, but for some of Wall Street’s most prominent strategists it’s the prospect of future profit downgrades that’s the biggest worry for stocks. According to notes from Morgan Stanley’s Michael Wilson and Goldman Sachs Group’s David Kostin, earnings could contract more than ...

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