September, 2022

• 30 September

  China’s Tencent loses crown in world’s biggest stock wipeout

  

  Bloomberg Tencent Holdings Ltd has lost its title as China’s biggest company, the latest sign of how far regulatory risk and dimming growth prospects has set back the country’s technology industry. Shares of the online gaming company have tumbled 64% in Hong Kong since a January 2021 peak, wiping $623 billion off its market value. That’s more than any other ...

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• 30 September

  UK stocks set for record outflows in a 2022 meltdown, says BofA

  

    Bloomberg UK equity outflows are on track for their worst year ever, with investors pulling $18 billion from the country’s stock funds so far in 2022, according to Bank of America Corp. The figure eclipses prior years, and would mark a seventh straight year of UK equity outflows — every year since the 2016 Brexit referendum — according to ...

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• 30 September

  Lockheed F-35’s cost grows by its standards to $412bn

  

  Bloomberg The Pentagon’s latest estimated cost to develop and procure the F-35 fighter jet, the world’s most expensive weapons program, has edged up to $412 billion from $398 billion, according to the Defense Department’s latest program report. The $398 billion estimate held steady for several years before the latest 3.5% increase, outlined in the Defense Department’s new Selected Acquisition Report ...

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• 30 September

  Apple ditches iPhone production increase

  

    Bloomberg Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialise, according to people familiar with the matter. The Cupertino, California-based electronics maker has told suppliers to pull back from efforts to increase assembly of the iPhone 14 product family by as many as 6 ...

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• 30 September

  Cathay in talks with Boeing, Airbus to refresh cargo fleet

  

    Bloomberg Cathay Pacific Airways Ltd. is in talks with Airbus SE and Boeing Co. about buying next-generation freighter aircraft as it seeks to renew and replace some of its cargo jets. Hong Kong’s main carrier, also one of the world’s biggest cargo airlines by capacity, is mulling purchasing either Airbus A350 freighters or Boeing 777-8F jets. Cathay could buy ...

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• 30 September

  Hong Kong-Los Angeles business class fares hit $13,000

  

    Bloomberg Travel to and from Hong Kong is easier now that hotel quarantine has ended. It is also more expensive. Much more expensive. A business class ticket between Hong Kong and Los Angeles leaving on September 30 and returning on October 7 cost HK$102,270 ($13,029) with Cathay Pacific Airways Ltd., the only carrier offering the nonstop service in the ...

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• 30 September

  Just Eat jumps after boosting profit outlook

    Bloomberg Just Eat Takeaway.com NV’s shares soared after the company announced it expects to turn profitable this year, earlier than expected, after cutting expenses on delivery costs and operations. Just Eat expects to generate positive adjusted earnings before interest, taxes, depreciation and amortization in the second half of this year, an improvement compared with an adjusted Ebitda loss of ...

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• 30 September

  RBI to raise policy rate by half a point for third time in a row

  

  Bloomberg India’s central bank is expected to increase its policy rate by half a point for the third time in a row as the currency’s plunge to a record low this month complicates the battle against inflation. The Reserve Bank of India’s (RBI) six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to ...

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• 30 September

  Indonesia to cut dollar reliance with rupiah

  

  Bloomberg Bank Indonesia seeks to reduce the country’s reliance on the US dollar, with plans to allow domestic transactions of non-deliverable forwards in other currencies and to strike more agreements on local currency settlement. The central bank could offer non-US dollar-denominated domestic NDFs next year, Edi Susianto, executive director for monetary management, said in interview on Thursday. The monetary authority ...

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• 29 September

  Taiwan central bank governor says he won’t impose FX controls

  

  Bloomberg Taiwan’s central bank won’t impose foreign-exchange controls, Governor Yang Chin-long said on Thursday as he attempted to clarify earlier remarks about how aggressive the monetary authority might become to ensure stability in financial markets. The central bank is capable of coping with capital outflows, Yang told lawmakers, acknowledging that foreign outflows are higher in 2022 than in previous years, ...

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