August, 2022

• 27 August

  Biggest EM Asia stock inflow since 2020 faces Jackson Hole test

  

    Bloomberg Global funds haven’t been this optimistic about emerging Asia ex-China stocks in almost two years. Whether this lasts will depend on the US policy signals. Overseas investors poured a net $7.5 billion into nine regional markets so far in August, the biggest monthly inflow since end-2020, according to exchange data compiled by Bloomberg. India accounted for the lion’s …

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• 27 August

  China tech stocks gain as talks progress to avoid US delistings

  

    Bloomberg Chinese technology shares rose for a second day after talks between Beijing and Washington to avoid the delisting of companies in New York was said to show signs of progress. Hong Kong’s Hang Seng Tech Index climbed as much as 2.1% on Friday before paring gains to close 0.8% higher as it capped its biggest weekly gain in …

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• 26 August

  HSA pledges $1.2m to UN drive to avert tanker oil spill

  

    Dubai / Gulf Time HSA Group, Yemen’s largest private company, has announced a $1.2 million donation to support the United Nations’ (UN) efforts to avert a major humanitarian, economic, and ecological disaster in the Red Sea. The donation is the first committed by a private sector organisation. The FSO SAFER oil tanker is one of the world’s largest shipping …

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• 26 August

  Shell, Exxon, others to end billion dollar Nigerian lawsuits

  

  Bloomberg Shell Plc, ExxonMobil Corp., Chevron Corp. and Equinor ASA plan to withdraw multibillion-dollar lawsuits against Nigeria’s state energy company after finalizing new terms for deep-water oil production in Africa’s largest crude producer. In letters to two New York federal judges, the oil majors said they had agreed to settle with the Nigerian National Petroleum Co. and will terminate ongoing …

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• 26 August

  Bank Indonesia debuts operation twist to lure funds, guard rupiah

  

    Bloomberg Bank Indonesia is undertaking its own version of Operation Twist, selling short-term notes and buying up longer ones, which it says will shore up the rupiah by bringing in foreign inflows. Indonesia’s central bank will sell off shorter-tenor government bonds to boost their yield differential over US rates and attract foreign inflows that would help underpin the currency, …

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• 26 August

  RBC sees rate hikes triggering bigger bills on 80,000 mortgages

  

  Bloomberg Royal Bank of Canada (RBC) said interest-rate hikes may trigger higher monthly payments for about 80,000 customers with variable-rate mortgages. The increases will average about C$200 ($150), a level the lender expects most borrowers can afford, and most of Royal Bank’s variable-rate mortgage customers won’t hit those trigger rates. Less than 0.5% of customers will require so much as …

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• 26 August

  Iceland hikes borrowing costs to a six-year high

  

  Bloomberg Iceland’s central bank raised borrowing costs to a six-year high and indicated more tightening to come, as it seeks to dampen housing market exuberance that has taken inflation to the highest level in more than a decade. The 7-day term deposit rate was raised by 75 basis points to 5.5%, in line with market expectations. It’s Sedlabanki’s eighth hike …

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• 26 August

  India weighs selling at least 51% of $5 billion IDBI Bank

  

  Bloomberg India’s government is considering selling at least 51% of state-backed IDBI Bank Ltd., according to people with knowledge of the matter. Officials in the government and the state-backed Life Insurance Corp of India (LIC), which together own about 94% of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. …

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• 26 August

  BofA adds 2,600 military veterans to workforce

    Bloomberg Bank of America Corp (BofA) said it hired 2,600 military veterans this year on top of a five-year goal to add 10,000. The additions mean a 24% increase in representation of veterans at the bank, according to a memo to staff seen by Bloomberg News. The number of veterans at the company is now more than 15% of …

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• 26 August

  Credit Suisse chases a broader set of global wealthy

    Bloomberg Credit Suisse Group is shifting resources to win business from high-net-worth clients as the lender focuses more heavily on wealth management amid cuts to its troubled investment bank. The Swiss bank is reassigning advisers to its dedicated Private Banking International unit, led by Raffael Gasser, according to an internal memo seen by Bloomberg. The aim is to expand …

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