October, 2022

• 12 October

  Biden calls Putin a ‘rational actor’ who ‘miscalculated’

  

  Bloomberg President Joe Biden said the US has gamed out responses if Russian President Vladimir Putin uses a nuclear weapon in Ukraine. “The Pentagon didn’t have to be asked,” Biden said in an interview Tuesday with CNN, in response to a question about whether he’d directed the Defense Department to come up with contingencies. The president declined to elaborate on ...

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• 12 October

  Taiwan plans to build new warships to counter China’s growing pressure

  

  Bloomberg Taiwan’s navy plans to update its aging fleet of warships, a move intended to counter ramped up military pressure from China. Taiwan intends to build a new anti-submarine frigate and a similar vessel with anti-aircraft capabilities, officials from the Defense Ministry told lawmakers in Taipei on Wednesday, adding the vessels were expected to be ready by 2025 and 2026. ...

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• 12 October

  Trudeau trails Tory leader as most trusted inflation fighter

  

  Bloomberg Conservative Leader Pierre Poilievre is beating Prime Minster Justin Trudeau on Canada’s top economic issue, just over a month after taking the reins of the main opposition party. Polling by Nanos Research Group for Bloomberg News shows 30% of Canadians rank Poilievre as the leader most trusted to reduce inflation, compared with 22% for Trudeau and 10% for Jagmeet ...

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• 12 October

  Suu Kyi jailed for 3 more years on corruption charges

  

  Bloomberg A military-controlled court in Myanmar has sentenced ousted leader Aung San Suu Kyi to 3 more years in prison after she was found guilty of accepting bribes from a local businessman, according to a person familiar with the matter. The 77-year-old Nobel peace laureate was convicted of two corruption charges by the court in Naypyidaw on Wednesday. The court ...

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• 12 October

  Bailey risks BOE credibility in vow to end gilt purchases

  

    Bloomberg Governor Andrew Bailey put the Bank of England’s BOE) credibility on the line with a pledge to end emergency gilt purchases as scheduled on Friday, in the face of mounting market pressure to extend the program. Investors dumped UK assets after Bailey told pension funds they have just “three days left” to sort out their liquidity positions before ...

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• 12 October

  RBI to stay hawkish even as inflation likely peaked: DBS

  

    Bloomberg India’s inflation likely peaked in September but that’s unlikely to convince the central bank at this point to halt its tightening cycle, according to DBS Bank Ltd. “A bump up is expected in September numbers,” DBS Bank Senior Economist Radhika Rao said in an interview with Bloomberg Television’s Juliette Saly and Rishaad Salamat on Wednesday. “But the good ...

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• 12 October

  Monte Paschi to proceed with $2.4bn share sale as planned

  

    Bloomberg Banca Monte dei Paschi di Siena SpA is clearing the final hurdles for its crucial €2.5 billion ($2.4 billion) share sale, with Chief Executive Officer Luigi Lovaglio close to having enough backing from investors to convince banks underwriting the deal. Parties are fine-tuning the details in order to start the share sale next week, people familiar with the ...

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• 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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