October, 2022

• 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 ...

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• 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 ...

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• 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 ...

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• 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. ...

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• 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 ...

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• 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) ...

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• 8 October

  Peru raises its key interest rate to 7%

    Bloomberg Peru raised interest rates for a 15th straight month in a bid to get inflation back under control and limit the risk of capital flight as the US Federal Reserve withdraws stimulus. The central bank raised its benchmark rate by a quarter of a percentage point to a two-decade high of 7%, in line with expectations. That’s up ...

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• 8 October

  US futures waver as jobs data awaited for Fed cues

  

    Bloomberg US equity-index futures wobbled between gains and losses as investors awaited the latest payrolls report for clues on the monetary-policy path after a raft of Federal Reserve officials doused expectations for a quick halt to rate hikes. December contracts on the Nasdaq 100 Index fall 0.3%, trimming deeper losses, amid premarket declines for semiconductor stocks. Advanced Micro Devices ...

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• 8 October

  Nomura is teaching Japan high school kids how to invest

  

  Bloomberg In the world’s third biggest economy, public skepticism toward financial investing has become so entrenched that investment bank Nomura Holdings Inc. is teaching economic basics in high schools to win over the next generation. About eight in 10 Japanese have never invested in securities, according to a lobby group for the nation’s brokers. Securities and investments account for only ...

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• 7 October

  WAM-AYC partnership empowers youth to ensure success of GMC

  

    Abu Dhabi / WAM Shamma bint Suhail Al Mazrouei, Minister of State for Youth Affairs and Vice President of the Arab Youth Centre (AYC), highlighted the great attention that UAE’s wise leadership, headed by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, shows towards youth and empowering them with the skills required to take charge in the media ...

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