August, 2022

• 30 August

  IDBI Bank CEO says it can recover $2.4bn in bad loans

  

    Bloomberg IDBI Bank Ltd’s chief executive officer (CEO) said the lender is likely to recoup 195 billion rupees ($2.4 billion) on soured debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to ...

  Read More »
• 30 August

  Morgan Stanley’s short selling practices inspected in S Korea

  

    Bloomberg Morgan Stanley’s stock short selling practices are being inspected by South Korea as part of a broader effort by the nation’s financial watchdog to clamp down on bets against equities. The Financial Supervisory Service (FSS) also plans to examine Bank of America Merrill Lynch over how it conducts stock short sales. Morgan Stanley was picked due to the ...

  Read More »
• 30 August

  Bolivar’s crash breaks rare stretch of stability

    Bloomberg The bolivar is plummeting, breaking a rare stretch of stability for Venezuela’s battered currency. It has lost a third of its value so far this month, hitting 9.08 bolivars per US dollar on the parallel exchange market, according to data compiled by Bloomberg. That’s the steepest monthly decline since January 2021. Controlling the exchange rate has been a ...

  Read More »
• 30 August

  Bonds slump, stock selloff deepens as dollar climbs

  

    Bloomberg Bonds in Europe led a global selloff that lifted the two-year Treasury yield to levels last seen in 2007 as European Central Bank (ECB) policy makers joined their Federal Reserve counterparts in signalling aggressive tightening. Stocks sank with US futures and the dollar climbed. A global share index falls to a one-month low and European stocks extended last ...

  Read More »
• 30 August

  Goldman says buy commodities, ‘worry about recession later’

  

    Bloomberg Goldman Sachs group Inc urged investors to pile into commodities as most recession risks coursing through global markets are overblown in the near term, arguing that raw materials stand to rebound amid a profound energy crisis and tight physical fundamentals. “Our economists view the risk of a recession outside Europe in the next 12 months as relatively low,” ...

  Read More »
• 29 August

  World economy needs policy reset to revitalise growth: BIS

  

    Bloomberg The global economy risks sustained weakness without a change in how it’s run, according to Agustin Carstens, who heads the Bank for International Settlements (BIS). The pandemic and war in Ukraine have proved a “rude awakening” for central banks, which had assumed for too long that supply adjusts automatically and smoothly to shifts in demand, Carstens told the ...

  Read More »
• 29 August

  UAE calls on all parties to halt military operations in Libya

    Abu Dhabi / WAM The UAE condemned the violence in Libya and called on all parties to immediately halt military operations, preserve the safety of civilians, government headquarters, and property, and exercise the utmost restraint to end the current crisis. The UAE urged parties to set aside division, restore calm and serious dialogue, and prioritize the national interest to ...

  Read More »
• 29 August

  China’s software sector reports $797bn growth

  

    Beijing / WAM China’s software industry reported a 10.3 percent increase in business revenues in the first seven months of the year, Chinese news agency, Xinhua, reported. Revenues totalled 5.46 trillion yuan (about $796.66 billion) from January to July, data from China’s Ministry of Industry and Information Technology showed. Companies in the sector raked in 569.8 billion yuan in ...

  Read More »
• 29 August

  Faster debt relief needed as more countries seek help, warns IMF

  

  Bloomberg More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, and the program that rich nations have to help poorer ones needs to be faster and broader, the International Monetary Fund’s (IMF) deputy chief said. About 60% of low-income countries are at high risk of or already in debt distress, and about 20 emerging markets ...

  Read More »
• 29 August

  Ruwad supports 957 projects worth AED32m

  

    Sharjah / WAM Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (Sedd), announced that it has registered 214 new projects in the foundation in 2021. Sharjah acquired 67 percent of the new projects, while the rest of the projects were distributed by 21 percent in the eastern region, and 12 percent for the central ...

  Read More »