October, 2022

• 12 October

  Vietnam lender facing bank run now ‘stable,’ says official

    Bloomberg The operations of Saigon Commercial Bank, which faced days of panicked customers pulling out their savings, are ‘stable’ and some clients are now returning to deposit money, according to Vo Minh Tuan, head of the central bank’s Ho Chi Minh City branch. “SCB’s situation has become more stable now as the number of people coming in to withdraw ...

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• 12 October

  Credit Suisse’s wild ride starts to spook some clients

  

    Bloomberg On the face of it, it was almost a good week for Credit Suisse Group AG, the stock recording its biggest gain in two years. But that glosses over a rollercoaster ride that saw the cost to insure its debt against default surge to a record, amid speculation about how the bank might finance its long-awaited restructuring. The ...

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• 12 October

  Carlyle-backed Yes Bank on stressed assets hunt

    Bloomberg Yes Bank Ltd., the Indian bank that almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders. A new partnership with US private-equity firm JC Flowers & Co. LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said ...

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• 12 October

  RBC counts on tech for wealth growth in UK

    Bloomberg Royal Bank of Canada (RBC) expects to gain more market share in UK wealth-management business in the years ahead, with its technological capabilities key to attracting clients. Canada’s largest bank has completed its $1.8 billion acquisition of Brewin Dolphin, vaulting its wealth-management operation to the No. 3 spot in the UK and Ireland. Still, the industry in the ...

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• 12 October

  UK bonds tumble as confusion reigns over nation’s policies

  

    Bloomberg UK bonds tumbled while the pound rose as investors digested a deeply uncertain policy outlook from both the Bank of England (BOE) and Liz Truss’s government. The yield on 30-year gilts — favoured by the pension funds at the heart of recent market stress — rose as much as 22 basis points to 5.02% after a BOE spokesperson ...

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• 12 October

  ByteDance offering to buy back employees’ shares for $155 apiece

  

    Bloomberg ByteDance Ltd. is offering to buy back shares from its employees, ramping up efforts to boost staff morale after plans for an initial public offering stalled. The Beijing-based company, parent of the hit TikTok video app, informed employees on Wednesday that it will repurchase shares at a price of $155 per restricted stock unit to help those who ...

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• 12 October

  Oil falls as slowdown concerns weigh on Opec-driven gains

  

  Bloomberg Oil slumped as concerns over a global slowdown and weaker demand vied with a tightening supply outlook after Opec+ cut output. West Texas Intermediate traded near $90 a barrel, after earlier falling as much as 2.9%. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the US and global economies are likely to sink into recession next year, ...

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• 11 October

  etisalat by e& to hire 500 Emiratis in next five years

  

    Dubai / Gulf Time Etisalat UAE, branded as etisalat by e&, on Tuesday announced a memorandum of understanding (MoU) with Emirati Talent Competitiveness Council (ETCC) to participate in the Nafis initiative that will involve the hiring and empowering of more than 500 Emirati professionals in its retail, customer service, technology and IT space in a span of five years. ...

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• 11 October

  FTA to launch new digital platform for taxpayers

  

    Dubai / WAM The UAE Federal Tax Authority (FTA) on Tuesday announced the launch of the new “EmaraTax” integrated platform later this year following an extensive period of assessment, consultation and development. EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refunds. The new platform also greatly enhances the ability ...

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• 11 October

  Etihad launches inaugural flight to Guangzhou

    Abu Dhabi / WAM Etihad Airways has launched its first-ever scheduled flights linking Abu Dhabi and Guangzhou, China. The inaugural flight, EY868, departed Abu Dhabi after a ribbon-cutting ceremony attended by representatives from the Chinese embassy to the UAE, Abu Dhabi Airports Company, Miral Asset Management and Etihad Aviation group. The flight touched down at Guangzhou Baiyun International Airport ...

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