August, 2022

• 27 August

  Putin orders Russia to recruit 137,000 more troops

  

  Bloomberg President Vladimir Putin ordered his army to boost its troop total by 137,000 to 1.15 million, the highest level in more than a decade, as Russia digs in for its war against Ukrainian forces backed by the US and its allies. Putin’s brief decree, published on the Kremlin’s website, didn’t explain the motivation for the increase or where the ...

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• 27 August

  Zelenskiy reinforces nuclear warning after disruption

    Bloomberg Ukrainian President Volodymyr Zelenskiy reinforced his call for occupying Russian troops to withdraw from Europe’s biggest nuclear power plant after damage to transmission lines in the occupied territory disrupted power supply. There are no immediate safety concerns and the Zaporizhzhia Nuclear Power Plant is being powered through a restored electricity line, Ukraine’s state-owned nuclear operator Energoatom said. Transmission ...

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• 27 August

  Lula vows to avoid Rousseff’s errors, deliver stable Brazil

  

  Bloomberg Brazil’s presidential front-runner Luiz Inacio Lula da Silva pledged to lead a stable economy and avoid the mistakes of his successor, Dilma Rousseff, if he’s elected. During a 40-minute, prime-time interview on the nation’s most-watched news show, Lula said he’ll govern with predictability, stability and credibility in comments that sought to reassure the undecided voters who have doubts about ...

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• 27 August

  Slump in investment-banking activity hits RBC’s net profit

  

    Bloomberg Royal Bank of Canada’s (RBC) profit took a hit last quarter as a slump in investment-banking activity took a toll on revenue and a deteriorating economic outlook prompted higher-than-expected provisions for loan losses. RBC Capital Markets’ revenue falls by a third to $1.27 billion in the fiscal third quarter, the Toronto-based bank said in a statement. Overall profit ...

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• 27 August

  Bank of Korea opts for less aggressive battle against inflation

  

    Bloomberg The Bank of Korea raised its key interest rate by a quarter-percentage point, returning to its usual pace of tightening as Governor Rhee Chang-yong made clear his view that outsized rate hikes were no longer essential in the battle against inflation. The central bank increased its seven-day repurchase rate by 25 basis points to 2.5%, in line with ...

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• 27 August

  Citigroup to wind down consumer unit in Russia

  

    Bloomberg Citigroup will wind down its consumer and commercial banking operations in Russia after President Vladimir Putin’s invasion of Ukraine complicated the sale of the business. The company will incur $170 million in costs tied to the wind-down, mostly tied to restructuring expenses and vendor termination fees, according to a statement. Citigroup will continue to try to sell certain ...

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• 27 August

  BofA beefs up tech offerings as digital logins soar to a record

  

    Bloomberg Bank of America Corp (BofA) is expanding its investments in digital channels as customers shift their transactions online in record numbers. Clients logged in to the bank’s electronic platforms 1 billion times in July and 2.8 billion times — an 11% increase— in the second quarter, Bank of America said in a statement. New investments will focus on ...

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• 27 August

  Paraguay lifts key interest rate to 8.25%

  

    Bloomberg Paraguay’s central bank lifted its benchmark interest rate by a quarter of a percentage point to 8.25% with inflation still in the low teens. Policy makers continued a gradual pace of tightening after hiking by 25 basis points in July. The central bank signalled consumer prices might continue to slow in August. “Lower international oil prices have contributed ...

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• 27 August

  TD reaps benefit of climbing rates with more gains to come

  

    Bloomberg Toronto-Dominion Bank (TD), which has struck two major deals to expand in the US this year, reaped the benefit of higher interest rates and sees more gains to come as central banks continue their fight against inflation. Net interest income rises 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based company said in a ...

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• 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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