December, 2022

• 20 December

  Anwar cements Malaysia power with confidence vote win

  

  Bloomberg Malaysian Prime Minister Anwar Ibrahim won a confidence vote in parliament, as he looks to prove the coalition he put together after last month’s election can govern effectively following years of political instability. Anwar won the support of the majority of lawmakers in a voice vote, according to Speaker Johari Abdul. The prime minister’s choice for parliamentary speaker earlier ...

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• 20 December

  Ramaphosa wins ANC leadership vote

  

    Bloomberg Cyril Ramaphosa comfortably won re-election as head of South Africa’s governing party just weeks after a scandal threatened to derail his political career, and now faces an uphill battle to rebuild its flagging support heading into a national vote in 2024. Rampahosa allies also won most of the African National Congress’s (ANC) other six top party positions, giving ...

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• 20 December

  UK’s Rwanda asylum seeker policy is lawful, judges rule

  

    Bloomberg The UK government’s flagship immigration policy plan to deport asylum seekers to Rwanda is lawful, London judges ruled. The plan, which involves flying asylum seekers arriving in Britain some 4,000 miles (6,437.4 kilometres) to the African nation to be processed according to Rwandan laws, spurred several legal challenges from human rights campaigners. The government has consistently backed the ...

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• 20 December

  HDFC sets target to issue one million credit cards a month

  

    Bloomberg India’s largest private bank HDFC Bank Ltd is seeking to issue a million credit cards a month, a remarkable bounce-back for the lender after the country’s regulator banned it from taking on new card clients two years ago. The bank wants to double the current pace of half a million new credit card issuances every month, according to ...

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• 20 December

  Bonus curbs led to higher pay for top bankers: BOE

  

  Bloomberg Limits on banker bonuses led to pay rising for top British financiers, according to a study by the Bank of England (BOE) released as part of the UK’s plans to abolish the rules. The restrictions, designed to curb risky behaviour following the 2008 financial crisis, have meant fixed salaries increased to offset the curbs — particularly the delay in ...

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• 20 December

  ECB’s Guindos says rate hikes to persist at ‘similar pace’

  

  Bloomberg European Central Bank (ECB) Vice President Luis de Guindos said increases in borrowing costs will continue at a pace similar to the latest half-point move as officials try to tame soaring prices. The ECB will raise interest rates until projections show that unprecedented euro-area price gains are headed back to the 2% target, Guindos told an event in Madrid. ...

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• 20 December

  Morgan Stanley’s Wilson says US profit drop may rival 2008 era

    Bloomberg US equities are set for their worst year since the global financial crisis, and, according to Morgan Stanley strategist Michael Wilson, corporate profits are about to meet the same fate. A looming earnings recession “by itself could be similar to what transpired in 2008/2009,” said Wilson. That could spark a new stock-market low that’s “much worse than what ...

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• 20 December

  Stocks make recovery bid from policy-induced losses

  

    Bloomberg Global stocks attempted to recover after two weeks of losses sparked by the concern that continued policy tightening by the US Fed and other central banks would trigger economic recession and hit companies’ profits. While the S&P 500 and the tech-heavy Nasdaq 100 are on track to end the month lower, futures on both ticked higher. In Europe, ...

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• 20 December

  Australia’s $130bn wealth fund bets inflation to persist

  

  Bloomberg Australia’s sovereign wealth fund is positioning for inflationary pressures to persist around the world, betting that gold and other commodities will offset crimped returns across asset classes. Future Fund Chief Executive Officer Raphael Arndt said “a few percent” of the firm’s A$193 billion ($130 billion) of assets is now invested in gold, after making its first foray into the ...

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• 19 December

  EU strikes landmark deal to bolster carbon market

  

    Bloomberg The European Union (EU) reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century. Under a provisional deal announced by representatives of EU member states and the European Parliament, emissions trading will be extended to heating and road transport, and ...

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