October, 2022

• 5 October

  HSBC exploring possible sale of Canadian unit for latest disposal

  

  Bloomberg HSBC Holdings Plc is exploring a sale of its operations in Canada, the latest move to streamline the lender that is seeking to head off a call by its largest shareholder to split up. A potential sale of HSBC’s 100% equity stake in HSBC Bank Canada is among the options being explored, the lender said in a statement. The ...

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• 5 October

  Five more private bankers leave Credit Suisse in HK

  

    Bloomberg Credit Suisse Group AG is struggling to halt departures from its private bank in Hong Kong, with more recent resignations amid the turmoil at the Swiss lender. Luke Chiu, a managing director and China market leader has resigned from the bank. Nelson Hui, a director and team leader for China has also resigned, along with two relationship managers. ...

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• 5 October

  StanChart offers apology over pay report

    Bloomberg Standard Chartered Plc has told shareholders it should have given them a better explanation of how it cut the pay of staff after it was hit with a fine from UK regulators over an error that led to the bank overestimating its access to US dollar funding. Responding to a backlash at a May shareholder meeting where a ...

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• 5 October

  Barclays bankers face pay cuts for paperwork blunder

  

    Bloomberg Barclays Plc said some of its bankers may face disciplinary action and pay cuts after the firm agreed to a $361 million penalty to settle US allegations that it failed to register billions of dollars-worth of securities offerings. The bank didn’t put in place a mechanism to track the sales as required by the Securities and Exchange Commission ...

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• 5 October

  Fed pivot trade sparks again as bonds rally, dollar weakens

  

    Bloomberg Global bonds and stocks are rallying on hopes that the latest signs of weakness in the US economy will push the Federal Reserve to rethink the aggressive monetary policy tightening that some fear will trigger a recession. While the so-called Fed pivot has long been hoped for, it got another jolt this week with the release of weaker-than-expected ...

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• 5 October

  Adani stock surge at risk of reversal

  

  Bloomberg The stock rallies of Gautam Adani’s companies, which expanded his fortune at a pace that outran all other billionaires globally, is set for a reversal, according to a technical indicator that predicted previous slumps for more than a decade. TD Sequential, a widely followed DeMark technical indicator that forecast drops in Adani Enterprises Ltd. three times since 2009, suggests ...

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• 4 October

  World’s financial leaders all set to gather for Abu Dhabi Finance Week

  

    ABU DHABI / WAM Abu Dhabi Global Market (ADGM) in association with the Abu Dhabi Department of Economic Development (Added) unveiled the ‘Abu Dhabi Finance Week (ADFW)’, which is set to run between November 14 and November 18. Following the global success of ADGM’s popular Fintech Abu Dhabi festival, ADFW will further build on the emirate’s position as a ...

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• 4 October

  UAE leaders wish President of Germany on Unity Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Frank-Walter Steinmeier of Germany on the occasion of his country’s Unity Day, which is marked on October 3. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, ...

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• 4 October

  China’s auto manufacturing sector revenue jumps 3.3%

  

  Beijing / WAM China’s automobile manufacturing industry posted a 3.3 percent revenue growth in the first eight months of this year, Chinese news agency, Xinhua, reported. The sector raked in some 5.7 trillion yuan (about $802.84 billion) during the January-August period, up 3.3 percent, official data from the National Bureau of Statistics (NBS) showed. In the first eight months of ...

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• 4 October

  IsDB provided $165.6b to finance projects in key economic sectors

  

    Jeddah / WAM Dr Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank (IsDB) group, has said that his group has provided $165.630.5 billion to finance development projects in various economic sectors, since its launch and up to June 30. In an interview with the Emirates News Agency (WAM), Dr Al Jasser said that food security is a ...

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