August, 2022

• 9 August

  Citigroup’s Mexican unit seen selling above $7b as Slim eyes bank

  

  Bloomberg Citigroup Inc.’s Mexican unit, Banamex, is likely to attract offers of about $7 billion to $8 billion as the field of bidders narrows, according to people familiar with the matter. Grupo Financiero Banorte, Carlos Slim’s Grupo Financiero Inbursa, mining tycoon German Larrea and Grupo Financiero Mifel are still in the running. Slim, with a net worth of $73.5 billion, ...

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• 9 August

  Fintech firm Paytm’s quarterly loss widens over 70% on costs

  

    Bloomberg Paytm, India’s leading digital payments brand, said its first-quarter loss widened by almost 70% on higher costs, and reiterated that the company is on track to hit operational profitability by September 2023. The loss in the April-June period climbed to 6.44 billion rupees ($81 million) from 3.8 billion rupees a year earlier, the company said. Revenue rose 89% ...

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• 9 August

  ‘Crypto business leaving Japan due to high tax’

  

    Bloomberg Japan should reduce corporate taxes on crypto to prevent entrepreneurs leaving the country, one of nation’s most high-profile crypto businesspeople said. “At least 20 or more” firms have opted to establish their crypto business abroad rather than Japan because of high levy, said Sota Watanabe, CEO of Web3 infrastructure developer Stake Technologies, in an interview. Watanabe said he ...

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• 9 August

  ING Groep posts better than expected Q2 profit

  

    Bloomberg ING Groep NV reported second-quarter profit that beat analyst estimates after freeing up provisions for its shrinking business in Russia. Net income of 1.18 billion euros ($1.2 billion) in the three months through June compared with expectations for profit of 1.07 billion euros, according to a statement by the Dutch lender. Loan loss provisions of 202 million euros ...

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• 9 August

  Tanzania plans to ease money supply growth

    Bloomberg The Bank of Tanzania plans to be less accommodative for the remainder of the year to curb inflationary pressures. “At the backdrop of rising inflationary pressures, MPC approved Bank of Tanzania to reduce the speed of expanding liquidity in remainder of 2022,” Monetary Policy Committee said. in a statement following its latest meeting. That’s in order to tame ...

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• 9 August

  Nasdaq 100’s big surge belies a darker outlook for tech profits

  

    Bloomberg Technology stocks have been on a tear over the past month, but behind the scenes the big picture for the sector’s profits has only gotten darker. Analyst estimates for 2022 profit growth at S&P 500 tech companies have fallen about two percentage points since second-quarter earnings reports kicked off in July, according to data compiled by Bloomberg Intelligence. ...

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• 9 August

  Gold holds drop after US jobs data support rate-hike outlook

  

    Bloomberg Gold held its biggest decline in two weeks after strong US jobs growth tempered recession fears, suggesting that the Federal Reserve is likely to persist with steep interest-rate hikes to curb inflation. Bullion dropped as much as 0.9% as US nonfarm payrolls jumped by more than double what economists had forecast, diminishing prospects of an economic slowdown. That ...

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• 8 August

  Dubai welcomes 7.12 million international visitors in H1 ’22

  

    Dubai / WAM Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording more than 183% growth in visitors compared to the 2.52 million tourists who visited Dubai during the same period in 2021, according to latest data from Dubai’s Department of Economy and Tourism (DET). This positive trend in H1 2022 places the city firmly ...

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• 8 August

  UAE calls for Gaza de-escalation

    Abu Dhabi / WAM The United Arab Emirates has emphasised the need to restore calm to the Gaza Strip, reduce escalation, and preserve civilian lives. In a statement, Afra Mahash Al Hameli, Director of the Strategic Communications Department at the Ministry of Foreign Affairs and International Cooperation (MoFAIC), said that the UAE expresses its deep concern over the current ...

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• 8 August

  Gross banks’ assets in UAE cross AED3tn in 5 months

    Abu Dhabi / WAM The total assets of the 22 national banks increase to AED3.023 trillion in the first five months of 2022, up 4 percent (AED117.3 billion), according to latest statistics released by the UAE central bank (CBUAE). Assets of national banks accounted for 87.8 percent of gross banking sector’s assets of AED3.442 trillion by end of last ...

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