September, 2022

• 4 September

  Credit Suisse faces $4.1 billion capital gap, says Deutsche Bank

  

    Bloomberg Credit Suisse Group AG faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth, according to Deutsche Bank AG. The size of any equity raise would be determined by the Swiss bank’s ability to quickly sell its securitised-products trading business, Deutsche Bank analysts wrote ...

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• 4 September

  UBS sheds half a dozen bankers in Hong Kong

  

    Bloomberg UBS Group AG is letting go of half a dozen mainland China-focused employees in Hong Kong as turmoil in the world’s second-largest economy hammers deal-making, prompting global banks to rein in their presence in the once lucrative market. The Swiss bank has trimmed bankers in businesses including debt capital markets, investment banking and real estate. Investment banking revenue ...

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• 4 September

  Uganda central bank warns of more rate hikes

    Bloomberg The Bank of Uganda raised interest rates for a third straight meeting and signalled its willingness to boost rates further if inflation isn’t reined in. Policy makers facing the most significant cost pressures in six years lifted the benchmark rate to 9% from 8.5%. That takes the increase in borrowing costs to 250 basis points since June. “The ...

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• 4 September

  StanChart joins tech giants with Singapore digital bank

  

    Bloomberg Standard Chartered Plc’s joint venture with an arm of Singapore’s biggest trade union group started digital banking services in the city-state, adding to rivalry in the space where tech giants are also seeking to make their mark. Trust Bank, in which the UK firm holds 60%, is offering savings accounts, credit cards and insurance products, targeting workers and ...

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• 4 September

  Citigroup cuts dozens of mortgage staffers

  

  Bloomberg Citigroup Inc joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. Fewer than 100 positions were eliminated, according to a person familiar with the matter, who asked not to be named discussing internal information. “Citi has made a small number of staffing reductions within our mortgage ...

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• 4 September

  Mercedes-Maybach has risen gloriously from the dead, again

  

    Bloomberg Just a minute. You have forgotten your phone.” The dulcet tone of the voice coming from the depths of the Maybach took people by surprise. People didn’t know who she was, but she was right. We’d left our cell charging in the center console. Turns out the Mercedes-Maybach S 580, especially its onboard artificial intelligence minder system, doesn’t ...

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• 4 September

  Instagram adds ways for users to adjust their suggested posts

  

    Bloomberg Instagram, racing to improve its algorithm to catch up with TikTok, is asking its users for some input. The social media app, owned by Meta Platforms Inc., is now allowing users to select and indicate that they are “not interested” in multiple posts at once within the Explore tab, the section on the app where users can discover ...

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• 4 September

  Microsoft changes its European cloud-license terms

  

    Bloomberg Microsoft Corp outlined planned changes to the terms of its software licensing agreements, following complaints to antitrust regulators from some European cloud-computing service providers that the company’s practices put rivals at a competitive disadvantage. The changes will make it simpler for customers of rival cloud-service companies in Europe to move their existing software to these other networks, Microsoft ...

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• 4 September

  HP cuts profit forecast as PC sales slide

    Bloomberg HP Inc reported quarterly sales that missed estimates and reduced its annual profit forecast on falling demand for personal computers and printers, especially among consumers. The shares fell in extended trading. Fiscal third-quarter revenue fell 4.1% to $14.7 billion, the Palo Alto, California-based company said in a statement. Consumer sales in its computer division declined 20%, led by ...

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• 3 September

  Oil’s rough week ends with rebound over Opec+ risk

  

    Bloomberg Oil rises, paring a hefty weekly decline, as Opec ministers and allies prepare to discuss crude output. West Texas Intermediate futures climbed above $88 a barrel on Friday after slumping almost 11% over the prior three days. Traders shrugged off an announcement by G-7 leaders of plans to cap the price of Russian crude in retaliation for Vladimir ...

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