November, 2022

• 4 November

  Byju’s finalising IPO valuing tutoring unit at up to $4 billion

  

  India’s most valuable startup, online-education giant Byju’s, is finalising plans for a $1 billion initial public offering (IPO) of its tutoring business Aakash Educational Services. The company is in talks with at least four foreign banks — JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley — as well as Indian banks including Kotak Mahindra Bank. ...

  Read More »
• 4 November

  Boeing rises on plan to reach $10b cash flow by mid-2020s

  

  Boeing Co. shares jumped after Chief Executive Officer (CEO) Dave Calhoun said the planemaker could generate $10 billion in cash annually by mid-decade, once it turns around its operations after years of setbacks and miscues. The company’s stock posted the largest gain in the 30-member Dow Jones Industrial Average as executives laid out plans to speed jetliner output and return ...

  Read More »
• 4 November

  Hugo Boss raises its sales, profit outlook

  

  Hugo Boss AG raised its sales and profit outlook for the year after a strategy shift kindled demand, but analysts called the upgrade disappointing after a bumper quarter. The stock falls as much as 2.3% in Frankfurt trading as the new forecast matched what many were already estimating. Chief Executive Officer Daniel Grieder is leading efforts to target younger shoppers. ...

  Read More »
• 4 November

  HSBC, StanChart raise HK prime rates as borrowing costs surge

  

  HSBC Holdings Plc and Standard Chartered Plc raised their main lending rates in Hong Kong again on Thursday, a move that will push borrowing costs higher for property owners as the economy continues to face massive strain. HSBC, the city’s biggest lender, said it is raising its prime rate by 25 basis points to 5.375% after the Hong Kong Monetary ...

  Read More »
• 3 November

  Norges Bank slows pace of interest rate increases

  

  Norway’s central bank slowed the pace of interest-rate increases amid signs the economy is cooling, delivering a move forecast by just half the economists surveyed. Norges Bank lifted its key deposit rate on Thursday by 25 basis points to 2.5%, the smallest increase in its benchmark rate since June. The hike brings the rate to its highest level since 2009, ...

  Read More »
• 3 November

  SNB’s $143 billion loss in nine months casts doubt on government payout

  

  The Swiss National Bank (SNB) reported a loss of 142.4 billion francs ($143 billion) for the first nine months as turmoil in global currency markets took a toll on the value of its foreign-exchange portfolio. The central bank’s foreign-currency positions resulted in a loss of 141 billion francs, and it also saw a valuation loss on its gold holdings and ...

  Read More »
• 3 November

  US banks spent $1bn on ransomware payments

  

  US financial institutions reported nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department. The payments more than doubled from 2020, underscoring the pernicious damage that ransomware continues to wreak on the private sector. The Financial Crimes Enforcement Network, or FinCEN, said its analysis “indicates ...

  Read More »
• 3 November

  Currency redesign deadline sparks rush to buy dollars in Nigeria

  

  The naira slumped to a record low against the dollar on the widely used illegal market as Nigerians rushed to buy greenbacks a week after the central bank said it would redesign higher-value notes. Currency traders in the unauthorised parallel market offered as much as 830 naira per dollar in Lagos, said Umar Salisu, a bureau de change operator who ...

  Read More »
• 3 November

  European gas prices gain with focus on weather, tight supply

  

  European natural gas advanced again with traders focusing on weather forecasts, while outages at key facilities highlight the risk of potential winter shortages. Benchmark futures jumped as much as 10%, extending their rebound from losses earlier in the week, with temperatures dropping closer to seasonal levels after an unusually mild October. Some forecasts also point to colder-than-normal conditions in northwest ...

  Read More »
• 3 November

  Profit at Adani’s flagship up 117% on rapid expansion

  

  Adani Enterprises Ltd., the flagship firm for billionaire Gautam Adani’s conglomerate, posted an almost 117% rise in quarterly profit, giving it more firepower to boost investments in numerous new businesses it’s nurturing. The Ahmedabad-based company reported a net income of 4.6 billion rupees ($55.5 million) for the quarter ended Septmeber 30, it said in a filing on Thursday, compared to ...

  Read More »