July, 2022

• 25 July

  Reliance’s Q2 profit misses estimates

    Bloomberg Reliance Industries Ltd, controlled by billionaire Mukesh Ambani, posted a 46% increase in quarterly profit but fell short of market expectations as high costs made a dent to the windfall gains from refining business. Net income at India’s biggest company by market value jumped 46% to 179.6 billion rupees ($2.3 billion) for the three months ended on June …

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• 25 July

  UK banks see suspicious reports triple since invasion of Ukraine

  

    Bloomberg The National Crime Agency (NCA) has seen a surge in so-called suspicious activity reports filed by banks and other regulated institutions in the UK since February. The NCA, Britain’s equivalent of the FBI, gave an update on the figures for the first time. The notices, which detail concerns around sanctions breaches as well as money laundering and terrorist …

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• 25 July

  BNP Paribas prime brokerage boss Wilson leaves for rival UBS

  

    Bloomberg The head of BNP Paribas SA’s business catering to hedge-fund clients has left for UBS Group AG, a blow for the French bank as it attempts to build out the division. Ashley Wilson, head of prime finance at BNP Paribas, will become head of financing at Zurich-based UBS’ global markets division, according to people familiar with the matter. …

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• 25 July

  Santander is out of bidding for Citigroup’s Banamex unit

  

    Bloomberg Banco Santander SA was eliminated from the bidding process for Citigroup Inc’s Mexican unit, opening the way for a takeover by a local rival. The Spanish lender made a non-binding offer for Banamex but has been informed it isn’t proceeding to the next stages of the process, it said in a regulatory filing on. Mexican President Andres Manuel …

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• 25 July

  Japan’s MUFG strengthens commodity trade finance

  

    Bloomberg Mitsubishi UFJ Financial Group Inc is bolstering its commodity trade-finance business, helping the industry cope with the surge in liquidity needs following Russia’s invasion of Ukraine. The Japanese bank is splitting its agriculture and metals desks in London, after setting up shop in Amsterdam earlier this month. It has also stepped up lending to core clients, as war-related …

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• 24 July

  HSBC to sell its Russian unit to Expobank

    Bloomberg HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine. The London-based firm said in a statement that it had reached a deal without disclosing the transaction amount. Bloomberg reported this month that talks on a sale of the business to Expobank were …

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• 24 July

  BofA’s loan revenue rises as rates surge, costs climb

  

    Bloomberg Bank of America Corp (BofA) posted an increase in net interest income with the lender reaping the benefits of Federal Reserve rate hikes, while second-quarter results were hurt by higher expenses related to regulatory settlements. Net interest income, a key source of revenue for the bank, rose 22% to $12.4 billion in the second quarter on higher rates …

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• 24 July

  Facebook revamping main feed to be more like TikTok

  

    Bloomberg Facebook parent Meta Platforms Inc is changing the way it shows users posts and videos on its flagship social network, part of an effort to get people to watch content from accounts they don’t already follow and better compete with the video app TikTok. The main feed on Facebook will now be called “Home,” and will be a …

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• 24 July

  Ford secures battery supply to build 600,000 EVs a year by ’23

  

    Bloomberg Ford Motor Co says it has secured enough battery supply to build more than half a million electric vehicles (EVs) annually by late next year, a quantum leap above the 27,140 battery-powered cars it sold in the US last year. The automaker has signed contracts with suppliers representing 60 gigawatt hours of annual battery capacity, enough to build …

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• 24 July

  Porsche says it can make more profit selling electric cars

  

    Bloomberg Auto CEOs warned for years about effects a costly transition to electric vehicles would have on their margins. But ahead of its landmark potential listing, Porsche is telling investors it can become more profitable focusing on battery power. The Volkswagen-owned sports-car maker sees more potential to raise prices of its EVs than its combustion engine models, Chief Financial …

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