August, 2022

• 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

  Imran Khan’s street politics sets up showdown with army

  

    Bloomberg Pakistan’s military-backed establishment faces a dilemma: The more they seek to boot Imran Khan out of politics, the greater the risk he becomes even more popular. Since his ouster in a no-confidence vote in April, Khan has sought to rally his supporters in the world’s fifth-most populous country to hit the streets and push for a fresh national ...

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• 26 August

  Torrent of cash for Ukraine weapons puts Pentagon watchdog on high alert

  

    Bloomberg As the Pentagon rushes to replenish billions of dollars in weapons sent to Ukraine, its inspector general says he’s on high alert for signs of fraud and abuse in the thousands of contracts being awarded. “We have developed a universe of thousands of Ukraine-related contracts” that come in under $2 million each, Acting Inspector General Sean O’Donnell said ...

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• 26 August

  Taiwan plans 14% boost in defense spending to counter China

    Bloomberg Taiwan proposed raising its total spending on the military by almost 14% next year, contributing to what’s expected to be a record increase in the government’s budget as it bolsters its defenses from a surge in Chinese military activity. The cabinet signed off on spending plans for 2023 at its weekly meeting Thursday. At a briefing in Taipei, ...

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• 26 August

  Bolsonaro’s re-election hinges on aid, moderation of rhetoric, pollster says

    Bloomberg President Jair Bolsonaro’s ability to further gain ground with voters less than six weeks before Brazil’s election depends largely on the impact of economic relief measures and his ability to moderate his rhetoric, according to leading pollster Ipec. Approval of Bolsonaro’s administration has been slowly but surely improving this year and now stands close to 30% — a ...

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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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