October, 2022

• 4 October

  Cartier plans US store expansion

    Bloomberg Cartier, the French maker of upscale watches and jewelry, plans to open as many as 10 stores in the US in the coming years — another sign that European luxury brands are betting American demand will remain robust. The company, owned by luxury conglomerate Richemont, is likely to turn a temporary shop in Palm Beach, Florida, into a ...

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• 4 October

  Russia says annexed zones’ borders not set as Ukraine gains

    Bloomberg Its forces losing ground by the day to Kyiv’s counteroffensive, Russia said it still hasn’t finalized the borders of two of the four regions of Ukraine that President Vladimir Putin last week claimed as his own. “As for Kherson and Zaporizhzhia, we will continue to consult with the people who live in those regions,” Kremlin spokesman Dmitry Peskov ...

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• 4 October

  Credit Suisse CEO seeks to calm as default swaps near 2009 level

  

    Bloomberg Credit Suisse Group AG’s new chief has asked investors for less than 100 days to deliver a new turnaround strategy. Turbulent markets are making that feel like a long time. The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low. ...

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• 4 October

  Philippine peso may fall to an all-time low

  

  Bloomberg The Philippine peso may extend its record-setting slump against the greenback as billions of dollars of trade deficits weigh on the currency, increasing pressure on the central bank to intervene to slow its descent. The peso may slide to an all-time low of about 62 against the dollar as early as this year, about 4.8% weaker than Monday’s close, ...

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• 4 October

  RBI delivers half-point hike to rein in inflation

  

    Bloomberg India’s central bank delivered a hat-trick of half-point interest-rate hikes, sustaining its battle to rein in inflation while flagging “calibrated action” to shield the economy amid fears of a global recession. The benchmark repurchase rate was raised by 50 basis points to 5.90%, Reserve Bank of India (RBI) Governor Shaktikanta Das said after the six-member monetary policy committee’s ...

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• 4 October

  SNB’s balance sheet to stay big for a long time

  

    Bloomberg The Swiss National Bank (SNB) isn’t in a rush to reduce its balance sheet, which is likely to stay high for a long time, the central bank’s president told Neue Zürcher Zeitung. “We will not reduce our balance sheet simply because of its sheer size,” Thomas Jordan told the newspaper, stressing that the SNB will use its portfolio ...

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• 4 October

  China’s $5 trillion rout creates historic gap with Indian stocks

  

    Bloomberg The relentless plunge in China’s stocks has burnished the appeal of their biggest emerging-market rival India, spurring a divergence that’s rarely been seen before. The MSCI India Index rallied almost 10% in the just-ended quarter, compared with a 23% slump for the MSCI China Index. The 33-percentage point outperformance by the India gauge is the biggest since March ...

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• 4 October

  Stocks drop, US futures wobble on economic jitters

  

    Bloomberg Global stocks fall to a two-year low, while US index futures struggled for direction, amid concern hawkish policies by global central banks will spark a recession and earnings contraction. December contracts on the S&P 500 Index were little changed, while similar futures on the Nasdaq 100 slid 0.3%. Carmaker Tesla tumbled 4% in premarket New York trading after ...

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• 3 October

  Opec+ to consider output cut of over 1 million barrels per day

  

    Bloomberg The Opec+ group of oil producers will consider cutting output by more than 1 million barrels a day when it meets in Vienna on Wednesday, according to delegates. A larger-than-expected reduction would reflect the scale of concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. A stronger dollar has also weighed ...

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• 3 October

  Dubai Customs, Italy to boost trade cooperation

  

    Dubai / WAM Ahmed Mahboob Musabih, Director General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation (PCFC), discussed with an Italian diplomatic and economic delegation headed by Giuseppe Finocchiaro, Consul-General of Italy in Dubai, opportunities for furthering economic cooperation and means to enhance trade between Dubai and Italy. The meeting, which was held at the Dubai ...

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