July, 2022

• 30 July

  UK banks risk new fines unless they put their customers first

  

    Bloomberg Financial firms may be fined and stripped of their regulatory authorisation unless they put their customers’ needs first under far-reaching reforms from the UK City regulator. Banks, insurers and other companies will have to ensure their services are actually good for their clients and that this approach is taken at all levels of the business, Ian Searle, head ...

  Read More »
• 30 July

  Standard Chartered in $500m share buyback

  

    Bloomberg A strong quarter from Standard Chartered Plc’s traders provided a boost to the emerging market-focused bank despite fears that a slowing global economy could squeeze its lending business. The London-based bank reported underlying pretax profit rises 7% to $1.32 billion in the second quarter, as its traders benefitted from volatility in global markets along with many of its ...

  Read More »
• 30 July

  Barclays earnings miss as legal costs overshadow trading jump

  

    Bloomberg Barclays Plc’s profit fell more than expected in the second quarter after it booked charges and penalties in the US, marring a strong period for the bank’s bond traders. The British lender said a market plunge would increase the cost of buying back US investment products it mistakenly oversold. Barclays also expects to pay $200 million in penalties ...

  Read More »
• 30 July

  BNP Paribas announces highest profit on record

  

    Bloomberg BNP Paribas SA posted its highest profit on record as lending income rises amid the prospect of higher interest rates and volatile markets lifted securities trading in the second quarter. Revenue at the unit that houses BNP’s retail operations rises 11%, reflecting higher fees, rising rates and gains in specialised businesses, the Paris-based firm said in a statement ...

  Read More »
• 30 July

  Spain seeks to tax lenders for windfall profits

    Bloomberg Spain is seeking to tax banks for windfall profits made from net interest and fees charged to clients, in the boldest move against lenders by any major European Union nation to offset the impact of a worsening cost-of-living crisis. A bill introduced to parliament aims to set a 4.8% tax on Spanish banks. It also seeks to charge ...

  Read More »
• 30 July

  Yen roars back as hedge funds cut, run from big macro short

  

    Bloomberg The yen catapulted higher against major peers as lowered expectations for rate hikes caused hedge funds to cover short bets from one of the biggest global macro trades of the year. In early trading the yen strengthened more than 1% to 135.11 per dollar, as hedge funds liquidated long positions in the greenback, according to Asia-based currency traders. ...

  Read More »
• 30 July

  Gloom returns to China stocks with worst monthly loss in year

  

    Bloomberg Chinese stocks plunged on Friday to cap a brutal month which marked the return of almost all the worries that have spooked investors for much of the past one year. From signs of renewed crackdown on the tech sector to an escalation of the crisis engulfing property developers and a rebound in Covid-19 cases, traders have had to ...

  Read More »
• 30 July

  Climate deal spurs record gains for renewable stocks

  

  Bloomberg Renewable stocks notched record gains following a landmark climate deal struck by US Senators Joe Manchin and Chuck Schumer. Sunrun Inc., the largest US residential-solar installer, jumped as much as 34%, the most on record. TPI Composites Inc., which makes wind-turbine blades, climbed as much as 38% in its biggest gain ever. Rooftop-solar company Sunnova Energy International Inc. surged ...

  Read More »
• 29 July

  FAB net profit jumps 50% to reach AED8bn in H1 2022

  

    ABU DHABI / WAM First Abu Dhabi Bank (FAB) announced that the group’s net profit amounted to AED8 billion in the first six months of 2022, an increase of 50% compared to the same period last year. In a statement on Thursday, the bank said the total income was AED12.5 billion, up 31% year-on-year, including an AED3.1 billion net ...

  Read More »
• 29 July

  Aldar buys 4 commercial towers from Mubadala for AED4.3bn

  

  Abu Dhabi / WAM Aldar Properties signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, located on Al Maryah Island. The assets, which will be held by Aldar Investment Properties (AIP), are valued at AED4.3 billion, representing one of the largest ...

  Read More »