August, 2022

• 25 August

  Thai court suspends PM Prayuth, stoking intrigue as vote nears

    Bloomberg Eight years ago, then-army chief Prayuth Chan-Ocha staged a coup in Thailand and ripped up the constitution. On Tuesday, he was suspended as prime minister until a court determines whether he violated the new charter produced by his allies. The surprise action by Thailand’s Constitutional Court puts Prayuth on the sidelines at least temporarily until it rules on ...

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• 25 August

  India’s Modi nuclear push gains traction with new plants on way

    Bloomberg India’s largest power producer is looking to develop another massive nuclear project just weeks after announcing its entry into the sector, a sign that Prime Minister Narendra Modi’s expansion into atomic energy is gaining momentum. A venture between NTPC Ltd., which relies mostly on coal to supply energy to the world’s fastest growing population, and India’s monopoly nuclear ...

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• 25 August

  China plans $29bn in special loans to troubled developers

  

    Bloomberg China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector. The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central ...

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• 25 August

  Euro’s decline below dollar parity brings little cheer to business

  

    Bloomberg Euro-area businesses spent years wishing for a weaker euro. Now it’s here and it couldn’t have come at a worse time. The currency has slid more than 12% against the dollar this year, taking it below parity for the first time in two decades. That decline is boosting import costs, compounding a damaging surge in energy prices and ...

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• 25 August

  Big banks are wary of hasty bets on LatAm rate cuts

  

    Bloomberg As many investors pivot to strategies that profit from a drop in interest rates in Latin America, some big banks are warning that it’s too early to declare victory over inflation. Bank of America Corp (BofA) said rates in the region may stay high for longer than markets are expecting, and it’s worth holding onto positions that benefit ...

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• 25 August

  MUFG inches closer to buy two home credit lending units in Asia

  

  Bloomberg Mitsubishi UFJ Financial Group Inc. is in advanced talks to acquire consumer lender Home Credit’s assets in Indonesia and the Philippines, according to people familiar with the matter. MUFG, as Japan’s biggest lender is known, has emerged as the likeliest buyer for the businesses after outbidding other rivals, the people said, asking not to be identified because the matter ...

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• 25 August

  Four-day week is ‘future of working life’, says Atom Bank

    Bloomberg Six months after switching to a four-day working week, the UK’s Atom Bank said it has seen benefits from talent retention to improved productivity. There was a 49% increase in job applications at the bank in January 2022 compared to a year ago, while staff retention rates have also risen, according to a press release on Wednesday. Days ...

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• 24 August

  US futures waver amid Federal Reserve policy, growth risks

  

    Bloomberg US index futures struggled for direction as investors digested the latest hawkish noises from the Federal Reserve amid mounting signs of a global economic slowdown. Futures on the S&P 500 and Nasdaq 100 fluctuated between modest gains and losses, with markets on edge ahead of the Jackson Hole central bankers’ retreat later this week. The 10-year Treasury yield ...

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• 24 August

  Hedge funds ramp up bets on megacap US tech stocks: Goldman

  

    Bloomberg Hedge funds ramped up bets on megacap US tech stocks and whittled down overall holdings to focus on favored names last quarter, with conviction climbing back to levels seen at the start of the pandemic, according to Goldman Sachs Group Inc. The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, strategists including Ben ...

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• 24 August

  EGA posts record AED5.9bn net profit in first half of 2022

  

    Abu Dhabi / WAM Emirates Global Aluminium (EGA) on Tuesday reported its best ever half-year earnings as strong operational performance throughout the value chain enabled the company to capitalise on favourable market conditions. EGA’s net profit for the first half of 2022 exceeded net profit for the entirety of 2021, itself a record year for the company. The company’s ...

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