October, 2022

• 17 October

  China’s Xi vows victory in tech battle after US chip curbs

  

  Bloomberg Chinese President Xi Jinping pledged his nation will prevail in its fight to develop strategically important tech, underscoring Beijing’s concern over a US campaign to separate it from cutting-edge chip capabilities. “We will focus on national strategic needs, gather strength to carry out indigenous and leading scientific and technological research, and resolutely win the battle in key core technologies,” ...

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• 17 October

  Imran Khan faces test at polls in bid to gain Pakistan momentum

  

  Bloomberg Pakistan’s former premier Imran Khan faces a crucial popularity test as he contests in seven of the eight by-elections on Sunday, looking to build momentum for his campaign to pressure the six-month-old government into calling an early national vote. The seats fell vacant after all 131 lawmakers from Khan’s Pakistan Tehreek-e-Insaf party resigned from parliament’s lower house in April ...

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• 17 October

  Obama jumps in to campaign for Democrats

  

    Bloomberg Former President Barack Obama will travel to Georgia, Michigan and Wisconsin at the end of October to rally voters in key battleground states to support Democrats in the Nov. 8 midterm elections that will decide the balance of power in Washington for the next two years. Obama will be in Atlanta on Oct. 28 to campaign with candidates ...

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• 17 October

  Biden warns of Trump’s influence in US midterms

    Bloomberg President Joe Biden cast Donald Trump as a factor in state-level contests across the country, telling Democrats those were crucial battlegrounds to defend their agenda in November’s elections. “As long as Trump controls the Republican Party, he’s going to have an incredible impact on state legislative bodies,” said Biden at an event in Portland, Oregon, for Tina Kotek, ...

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• 17 October

  India’s rupee will endure dollar strengthening, says Sitharaman

  

    Bloomberg The Indian currency will withstand the recent strengthening of the dollar, Finance Minister Nirmala Sitharaman said, reiterating a central bank forecast that the South Asian economy will grow at 7% in the year to March, 2023. “The Indian rupee has performed much better than many other emerging market currencies,” Sitharaman said at a media briefing in Washington DC. ...

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• 17 October

  Wells Fargo earnings marred by $2 billion regulatory charge

  

    Bloomberg Wells Fargo & Co. set aside an additional $2 billion to resolve a variety of legacy regulatory and legal woes as Chief Executive Officer Charlie Scharf continues wrestling with the costly fallout from scandals he was hired to resolve. The charge hampered a third quarter that was better than expected on some metrics. Net interest income, for example, ...

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• 17 October

  JPMorgan posts record net interest income

  

    Bloomberg JPMorgan Chase & Co. reported its highest quarterly net interest income ever and raised its guidance for the year as the biggest US bank reaps rewards from the Federal Reserve’s interest-rate hikes. The firm generated $17.6 billion in third-quarter NII, the money it earns on loans minus what it pays out for deposits. Expenses also came in lower ...

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• 17 October

  Credit Suisse facing $8b capital shortfall

  

    Bloomberg Credit Suisse Group AG faces a capital shortfall of as much as 8 billion Swiss francs ($8 billion) in 2024, analysts at Goldman Sachs Group Inc. estimate, underscoring the challenges for the troubled lender as it nears what’s likely to be a deep restructuring. At the very least, the Zurich-based firm is facing a hole of 4 billion ...

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• 17 October

  As Citi’s traders struggle, consumers prop up bank’s profit

  

  Bloomberg While Citigroup Inc.’s Wall Street operations wrestle with tough markets, the bank is getting a boost from the little guy: consumers leaning on credit cards during the worst inflation in a generation. The bank’s third-quarter profit beat analysts’ estimates even as revenue falls short in trading and deal-making, which had thrived during the pandemic. Salvation this time came from ...

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• 17 October

  HDFC’s quarterly profit rises by 20%

    Bloomberg HDFC Bank Ltd.’s quarterly profit rises 20%, almost in line with analyst estimates as higher interest income boosted India’s biggest lender by market valuation, setting the tone for the nation’s bank earnings. Net income for the quarter ended September stood at 106.1 billion rupees ($1.3 billion), compared to 88.3 billion rupees a year ago, according to an exchange ...

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