July, 2022

• 17 July

  UBS, Citi among banks hit by pullback of Asia’s rich clients

  

    Bloomberg A slump in client trading activity in Asia is threatening to slow a lucrative earner for the world’s biggest wealth managers. UBS Group AG and Citigroup Inc are among banks whose wealth revenues for the region likely declined by double digits in the first half. Credit Suisse Group AG, which last month warned that results in the second ...

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• 17 July

  ANZ nears $3.81b deal for Suncorp’s banking unit

  

    Bloomberg Australia & New Zealand Banking group is nearing a deal to acquire Suncorp group Ltd.’s banking operations as it seeks to add customer growth, according to people familiar with the matter. An announcement could be made as soon as this week and the lender will seek to tap equity markets with a share sale to help fund the ...

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• 17 July

  Wells Fargo misses estimates as rate hikes hit mortgage unit

  

    Bloomberg Wells Fargo & Co. missed analysts’ earnings estimates as the Federal Reserve’s rate hikes started to cool the once-hot housing market, hurting the company’s mortgage-lendingbusiness. Mortgage-banking income falls 79% to $287 million in the quarter, according to a statement. That missed analysts’ $392.4 million estimate and helped bring second-quarter net income down to $3.12 billion, below the $3.19 ...

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• 17 July

  Chile steps in to buoy peso after fast slump

    Bloomberg Chile’s central bank announced plans to support the nation’s currency after it plummeted to a record low, fuelling inflation that’s already almost quadruple target rate. Policy makers announced a $25 billion currency intervention, adding it will last from July 18 to September 30. The program includes spot dollar sales of as much as $10 billion and foreign-exchange hedge ...

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• 17 July

  Hyundai takes on Tesla, unveils its first electric sedan

  

    Bloomberg Hyundai Motor Co unveiled a sedan version of its cult electric vehicle, with an interior that can beam different colours depending on the speed of the car, as the automaker continues its ambitious EV push with an eye on challenging rivals such as Tesla Inc. and General Motors Co. The Ioniq 6 can travel up to 610 kilometers ...

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• 17 July

  Facebook to allow up to five profiles tied to one account

  

  Bloomberg Meta Platforms Inc will start letting more users create multiple profiles with their Facebook accounts, the company’s latest attempt to encourage posting and sharing on its social network. As part of a test, certain Facebook members will be able to create as many as four additional profiles, and each one won’t need to include a person’s real name or ...

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• 17 July

  Toyota set to release iconic ‘crown’ cars in 40 countries

  

    Bloomberg The Toyota Crown, a car known for ferrying around Japan’s corporate and political elite, is set for the global stage from next year with plans to release versions in 40 countries and regions. Toyota Motor Corp is betting the move will breathe new life into the historic yet largely niche brand, which has almost exclusively been sold in ...

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• 17 July

  TikTok names new head of security

    Bloomberg TikTok named a new head of security as the popular video app has come under increasing scrutiny from congress and other US officials over concerns that user data could wind up in China. Kim Albarella was appointed to serve as interim head of TikTok’s Global Security Organization, the company said in a statement. She will oversee the transition ...

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• 16 July

  Big oil’s influx of cash opens door to clean-energy deals

  

  Bloomberg Europe’s oil and gas giants, flush with cash from soaring prices, are considering whether to turbo-charge their transition to clean energy with multibillion-dollar acquisitions of major renewable energy producers. Shell Plc, TotalEnergies SE and Equinor ASA are among the companies that have evaluated the suitability of European utilities for takeovers. Potential targets include some of the region’s largest wind ...

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• 16 July

  Ras Al Khaimah non-oil foreign trade rises 14%

  

    RAS AL KHAIMAH / WAM The emirate of Ras Al Khaimah has seen a 14% increase in non-oil foreign trade in 2021, surging from AED 14.78 billion in 2020 to AED 16.83 billion in 2021, according to RAK Centre for Statistics and Studies. Exports accounted for the largest portion of the emirate’s total non-oil foreign trade, reaching 57%, at ...

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