October, 2022

• 10 October

  Truss faces new perils as restless MPs return to Westminster

  

  Bloomberg The return of Parliament this week is fraught with danger for UK Prime Minister Liz Truss. In her first month in office, the 47-year-old premier managed to roil the financial markets, alienate a swath of her lawmakers and sink the Conservative Party in the polls with the biggest set of unfunded tax cuts in half a century. Since the ...

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• 9 October

  India plans phased central bank digital rupee launch

  

    Bloomberg India’s central bank is working towards a phased introduction of a digital currency and will put forth a final design after it has conducted large scale pilot projects. The Reserve Bank of India (RBI) is exploring the option of implementation of an account-based central bank digital currency or CBDC for the wholesale segment and token-based currency for the retail ...

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• 9 October

  UBS dropped from $3.4bn Texas muni deal in latest blow

  

  Bloomberg UBS Group AG’s underwriting arm has been left out of the group that is poised to handle the biggest-ever municipal-bond transaction from Texas after the state listed the bank as one of the firms it considers to “boycott” the fossil-fuel industry. Board members of the issuer, the Texas Natural Gas Securitisation Finance Corp., announced a newly configured underwriting syndicate ...

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• 9 October

  ECB steps up pressure on some banks to exercise bonus caution

  

  Bloomberg The European Central Bank (ECB) is ratcheting up pressure on some banks to keep 2022 bonuses in check amid fears about the darkening economic outlook, according to people with knowledge of the matter. The euro area’s top banking supervisor has told individual lenders recently that it expects restraint in variable pay and dividends as it’s concerned the energy crunch ...

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• 9 October

  ‘Philippine central bank very active in FX market’

  

    Bloomberg The Philippine central bank has been “very active” in the foreign exchange market to curb excessive volatility and stem the peso’s depreciation, Governor Felipe Medalla said. The monetary authority, which has raised the policy rate by a total of 2.25 percentage points, makes its decisions in relation to inflation, Medalla told reporters in Manila. It considers the exchange ...

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• 9 October

  India to sell majority stake in IDBI Bank

    Bloomberg India has invited bids to sell 60.72% in state-backed IDBI Bank Ltd, according to an expression of interest floated by the finance ministry, as it seeks to ramp up its privatisation drive. The federal government and the state-owned Life Insurance Corp. of India together own about 95% in the lender. The government will sell 30.48% of its stake ...

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• 9 October

  Investors fleeing to cash like it’s 2020: BofA

    Bloomberg Investors poured the most money into cash since April 2020 on fears of a looming recession, but stocks could see further declines as they don’t fully reflect that risk, say Bank of America Corp (BofA). strategists. Even as major benchmarks bounced off last month’s lows, the bank’s report citing EPFR Global data showed cash funds received nearly $89 ...

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• 9 October

  Amazon scraps home delivery robot tests

  

  Bloomberg Amazon.com Inc. is shutting down tests of its home delivery robot, the latest sign that the e-commerce giant is starting to wind down experimental projects amid slowing sales growth. Work on Scout, an autonomous machine launched about three years ago, has already been halted, according to a person familiar with the situation. Amazon spokesperson Alisa Carroll said the Scout ...

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• 9 October

  Samsung’s earnings slump on rapid drop-off in chip demand

  

    Bloomberg Samsung Electronics Co reported its first profit drop since 2019, underscoring the depth of a global PC and memory chip downturn. Operating profit falls by 32% to 10.8 trillion won ($7.7 billion) for the three months ended September, South Korea’s largest company said in a statement. Analysts had estimated 12.1 trillion won on average. Sales also missed estimates, ...

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• 9 October

  Rivian recalls 13,000 vehicles to fix structural defect

  

  Bloomberg Electric vehicle maker Rivian Automotive will recall about 13,000 vehicles it delivered to customers after discovering a minor structural defect. Irvine, California-based Rivian is making the recall because a fastener “may not have been sufficiently torqued,” Chief Executive Officer RJ Scaringe said in a letter to customers that was seen by Bloomberg News. The nut could loosen fully in ...

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