October, 2022

• 8 October

  Biden: Putin threats real, could spark nuclear ‘Armageddon’

  

  Bloomberg President Joe Biden said the US is trying to find an “off-ramp” for Russian President Vladimir Putin and worries his threats to use tactical nuclear weapons are real and could lead to “Armageddon.” “We’re trying to figure out what is Putin’s off-ramp? Where does he get off? Where does he find a way out?” Biden said Thursday at a ...

  Read More »
• 8 October

  Belarus, Russia and Ukraine rights activists get Nobel Peace prize

  

  Bloomberg Human rights advocates in the former Soviet neighbors of Belarus, Ukraine and Russia won the Nobel Peace Prize for their efforts to fight authoritarian regimes as Europe’s worst military confrontation since World War II is roiling the region. Ales Bialiatski from Belarus, Memorial of Russia and Ukraine’s Center for Civil Liberties were awarded the 10-million Swedish kronor ($900,000) prize ...

  Read More »
• 8 October

  Erdogan: Greece should take warnings seriously

  

  Bloomberg President Recep Tayyip Erdogan on Thursday said Greece should take his warnings seriously about Turkey’s response to any threats, resorting to the menacing rhetoric he’s used in recent months that’s prompted the US to urge the two Nato allies to negotiate. Ties between Turkey and Greece have been strained for years over territorial conflicts in the east Mediterranean, but ...

  Read More »
• 8 October

  France mulls new uranium plant to cut reliance on Russia

    Bloomberg French state-controlled uranium producer Orano SA is considering growing its capacity to enrich the radioactive ore into nuclear fuel by almost 50% as Western governments and utilities seek to reduce their reliance on Russia since its attack on Ukraine. The war is “reviving the urgency” to raise Western uranium-enrichment capacity to avoid potential shortages, Orano said, according to ...

  Read More »
• 8 October

  Kim Jong-un’s silence as missiles fly shows strategy shift

  

  Bloomberg North Korea’s latest barrage of missiles may look like another attempt to ratchet up hostilities in return for some sort of leverage at the bargaining table. But the launches over the past two weeks seem different. Unlike previous provocations, his regime has mostly refrained from trumpeting the missiles along with the usual creative vitriol directed at the US and ...

  Read More »
• 8 October

  World currency reserves fall by $1trn in record drawdown

  

    Bloomberg Global foreign-currency reserves are falling at the fastest pace on record, as central banks from India to the Czech Republic intervene to support their currencies. Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003. Part of the decline — more than ...

  Read More »
• 8 October

  Australia’s RBA sees rising financial stability risks on higher rates, CPI

  

  Bloomberg Australia’s financial stability risks have increased over recent months and some households and businesses are already facing “more challenging conditions” as interest rates rise and inflation accelerates, the Reserve Bank said. “Household income growth has not kept pace with inflation,” the RBA said in its semi-annual Financial Stability Review released in Sydney on Friday. “This has left households with ...

  Read More »
• 8 October

  Citi to offer 7-day sweeps as clients seek faster services

  

  Bloomberg Citigroup Inc. plans to offer automatic-sweep products seven days a week as banks respond to clients’ demands for higher interest rates on deposits and faster access to their cash. Starting with the US and South Korea, the New York-based bank will now allow customers to automatically move funds into one central cash-management account every day, according to a statement. ...

  Read More »
• 8 October

  BofA consumers get more access to wealth advisers

  

  Bloomberg Bank of America Corp.’s wealth unit rolled out a digital program that matches consumers with an adviser to meet rising demand for financial guidance. The firm’s Merrill Wealth Management business launched Merrill Advisor Match to capture new consumers looking for help investing and managing their money. “We want to make it easier and simpler for individuals who are seeking ...

  Read More »
• 8 October

  Mongolian banks curb FX flows to fight cash crunch

  

  Bloomberg Mongolia is facing a worsening foreign currency crunch following Russia’s war with Ukraine and a slump in China’s economy, forcing local banks to restrict the amount of dollars customers can buy. Khan Bank, the country’s largest bank measured by total assets, limited the daily amount of cash that can be converted into foreign currencies to 1 million tugrik ($300) ...

  Read More »