October, 2022

• 5 October

  Soccer stampede pressures Jokowi to revamp police

  

  Bloomberg A deadly stampede at an Indonesian soccer match triggered by police firing tear gas has added pressure on President Joko Widodo to overhaul a security force often criticized for brutality and corruption. The tragedy over the weekend left 125 people dead and is one of the world’s worst stadium disasters. It was also the first time Indonesian police used ...

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• 5 October

  Japan defends appointing PM’s son as senior aide

    Bloomberg Prime Minister Fumio Kishida appointed his son as a senior political aide, sparking speculation that the 31-year-old was being groomed as an eventual successor and prompting criticism of nepotism. Shotaro, the oldest of Kishida’s three sons, was named executive secretary to the prime minister, government spokesman Hirokazu Matsuno said Tuesday, adding that the appointment was appropriate. “Appointments are ...

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• 5 October

  China tells banks to provide $85bn in property funding

  

    Bloomberg China’s financial regulators told the nation’s biggest state-owned banks to extend at least 600 billion yuan ($85 billion) of net financing to the embattled property sector in the final four months of this year, according to people familiar with the matter, in their latest attempt to address a deepening liquidity crisis. The People’s Bank of China (PBOC) and ...

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• 5 October

  Kwarteng signs off on $113b of bond buying by Bank of England

  

    Bloomberg Kwasi Kwarteng signed off on £100 billion ($113 billion) of bond buying by the Bank of England (BOE) as the market fall into turmoil last week, higher than the size of the plan announced by the central bank and an indication of the level of concern among officials about volatility in the gilt markets. The BOE took emergency ...

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• 5 October

  HSBC exploring possible sale of Canadian unit for latest disposal

  

  Bloomberg HSBC Holdings Plc is exploring a sale of its operations in Canada, the latest move to streamline the lender that is seeking to head off a call by its largest shareholder to split up. A potential sale of HSBC’s 100% equity stake in HSBC Bank Canada is among the options being explored, the lender said in a statement. The ...

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• 5 October

  Five more private bankers leave Credit Suisse in HK

  

    Bloomberg Credit Suisse Group AG is struggling to halt departures from its private bank in Hong Kong, with more recent resignations amid the turmoil at the Swiss lender. Luke Chiu, a managing director and China market leader has resigned from the bank. Nelson Hui, a director and team leader for China has also resigned, along with two relationship managers. ...

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• 5 October

  StanChart offers apology over pay report

    Bloomberg Standard Chartered Plc has told shareholders it should have given them a better explanation of how it cut the pay of staff after it was hit with a fine from UK regulators over an error that led to the bank overestimating its access to US dollar funding. Responding to a backlash at a May shareholder meeting where a ...

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• 5 October

  Barclays bankers face pay cuts for paperwork blunder

  

    Bloomberg Barclays Plc said some of its bankers may face disciplinary action and pay cuts after the firm agreed to a $361 million penalty to settle US allegations that it failed to register billions of dollars-worth of securities offerings. The bank didn’t put in place a mechanism to track the sales as required by the Securities and Exchange Commission ...

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• 5 October

  Fed pivot trade sparks again as bonds rally, dollar weakens

  

    Bloomberg Global bonds and stocks are rallying on hopes that the latest signs of weakness in the US economy will push the Federal Reserve to rethink the aggressive monetary policy tightening that some fear will trigger a recession. While the so-called Fed pivot has long been hoped for, it got another jolt this week with the release of weaker-than-expected ...

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• 5 October

  Adani stock surge at risk of reversal

  

  Bloomberg The stock rallies of Gautam Adani’s companies, which expanded his fortune at a pace that outran all other billionaires globally, is set for a reversal, according to a technical indicator that predicted previous slumps for more than a decade. TD Sequential, a widely followed DeMark technical indicator that forecast drops in Adani Enterprises Ltd. three times since 2009, suggests ...

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