August, 2022

• 23 August

  India’s laboratory-made diamond exports to hit $8b with US demand

  

    Bloomberg India, which cuts or polishes about 90% of the diamonds sold in the world, is ramping up sales of laboratory-made gems as demand from the US surges and they become more accepted in other markets. Exports of polished lab-grown diamonds may double in the current financial year started from April 1 from $1.3 billion in the prior year, ...

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• 23 August

  Economists lift S’pore inflation outlook, see more tightening

  

    Bloomberg Singapore’s inflation is seen to remain elevated until the first quarter of next year and the central bank will probably tighten further at the October review, according to a Bloomberg survey of economists. Headline and core inflation forecasts show a quickening into yearend, before both measures start to ease in the January-March period and slip below 4% from ...

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• 23 August

  PharmEasy owner withdraws its India IPO

    Bloomberg API Holdings Ltd, owner of India’s largest online pharmacy PharmEasy, has withdrawn its preliminary filing for an initial public offering, citing market conditions and strategic considerations. The Mumbai-based company is planning to raise funds via a rights issue for convertible preference shares, according to an announcement to investors seen by Bloomberg News. The price is expected to be ...

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• 23 August

  Power crunch in Sichuan adds to industry’s woes in China

  

    Bloomberg Sichuan’s worst drought in more than a half century spurred the Chinese province to extend industrial power cuts and activate its highest emergency response, adding to manufacturers’ woes as they shut down factories in the region. Temperatures above 40 degrees Celsius (104 degrees Fahrenheit) and scant rainfall, along with surging demand for air conditioning, have caused gaps in ...

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• 23 August

  US, South Korea begin biggest joint military drills in years

  

    Bloomberg The US and South Korea began on Monday their biggest joint military exercise in about five years, after a hiatus on large-scale drills failed to entice North Korea’s Kim Jong Un to make concessions in disarmament talks. The drills known as Ulchi Freedom Shield are expected to involve thousands of military personnel, and will run for two weeks. ...

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• 23 August

  Russia’s Putin calls killing of ally’s daughter ‘brutal’

  

  Bloomberg President Vladimir Putin called the car bomb that killed the daughter of Russian nationalist political ideologue Alexander Dugin a “dastardly” crime, and the Federal Security Service blamed it on Ukraine, which rejected the accusation. The car bombing that killed Darya Dugina was a “dastardly, brutal crime,” Putin said in a message of condolence to her father, a far-right political ...

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• 23 August

  Runner-up in Kenyan vote files lawsuit challenging outcome

  

    Bloomberg Raila Odinga, who narrowly lost Kenya’s August 9 presidential elections, filed a lawsuit challenging the outcome after alleging that the process had been marred by rigging and counting irregularities. None of the candidates garnered the outright majority of valid votes cast needed for victory, according to a 72-page petition filed with the Supreme Court. Based on this and ...

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• 23 August

  Serbian leader vows to keep up Kosovo talks before ID deadline

    Bloomberg Serbia will negotiate with Kosovo over the next 10 days to try to resolve a dispute affecting tens of thousands of local Serbs who face a September 1 deadline to change their identity cards and car plates. Kosovo’s demand that members of the Serb minority adopt documents issued by the predominantly ethnic-Albanian government in Pristina triggered tensions last ...

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• 23 August

  Trump search judge cites ‘historical interest’ in affidavit

    Bloomberg The judge who approved the search of former President Donald Trump’s Florida estate said “intense public and historical interest” in the FBI affidavit backing the warrant justified making an effort to unseal portions of it. US Magistrate Judge Bruce Reinhart in West Palm Beach, Florida, issued a written order Monday affirming his finding from a hearing last week ...

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• 23 August

  Citigroup struggled to monitor UK traders reaping $3.1 billion

  

    Bloomberg In 2017, after Citigroup Inc had paid billions of dollars in fines for rigging interest rates, manipulating currency markets and selling shoddy mortgage bonds, the Wall Street giant was still struggling to keep tabs on traders in London. Managers overseeing Citigroup’s European trading hub had hundreds of blind spots, allowing for potentially abusive transactions to go unnoticed in ...

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