June, 2022

• 15 June

  Xi in call with Putin reaffirms support for Russian security

  

  Bloomberg Chinese President Xi Jinping held his second phone call with Vladimir Putin since his Russian counterpart invaded Ukraine in late February, where he reiterated support for Russia’s security concerns, state broadcaster CCTV reported. The report of the conversation, which took place on Xi’s 69th birthday, largely repeated China’s prior comments on Russia including a call for Putin and other ...

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• 15 June

  EU restarts legal action against UK in clash on Brexit bill

  

  Bloomberg The European Union is restarting legal proceedings against the UK as Brussels prepares for a drawn-out fight over London’s move to override part of the Brexit deal. The UK’s planned legislation announced earlier this week is a breach of international law, Maros Sefcovic, the EU’s chief Brexit negotiator, told reporters on Wednesday. He added that the UK proposal to ...

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• 15 June

  Russia’s invasion violates world’s peace: Kishida

  

  Bloomberg Japanese Prime Minister Fumio Kishida plans to attend a Nato summit later this month, showing support for its efforts during Russia’s war in Ukraine by becoming the first Japanese premier to take part in such a meeting of the military alliance. “Russia’s invasion violates the peace and order of the world and can never be tolerated,” Kishida said as ...

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• 15 June

  Canada to force firms to report cyber attacks, remove risky gear

    Bloomberg Canada plans to require companies to share cyber threat information and to remove any product or service that could pose security risks. Industry Minister Francois-Philippe Champagne and Public Safety Minister Marco Mendicino introduced a bill Tuesday titled an “Act Respecting Cyber Security” that will apply to four federally-regulated infrastructure sectors including telecommunications, transport, finance and energy. The bill ...

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• 15 June

  HSBC may unlock $26.5bn in Asia spin-off, says report

  

    Bloomberg A break up of HSBC Holdings Plc’s Asian unit could unlock $26.5 billion, or about a fifth of its current market value, according to research that could support a push from its largest shareholder to overhaul the bank. Two other scenarios that could benefit shareholders are for HSBC to spin off the Asian business or just its Hong ...

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• 15 June

  Japanese yen tumbles to lowest since 1998

  

    Bloomberg The yen falls to a 24-year low and Japanese bonds tumbled, prompting a warning from the Bank of Japan (BOJ) as its easy monetary policy increasingly feels strain of rising interest rates globally. The currency falls more than 0.5% to 135.19 per dollar, the lowest since October 1998, as Treasury yields extended inflation-shock driven gains and the Bank ...

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• 15 June

  Goldman backs biotech firm in volatile year for China deals

  

    Bloomberg Six-year-old biotech startup MegaRobo Technologies has raised about $300 million from investors including an arm of Goldman Sachs Group Inc, securing one of the year’s largest Chinese venture capital investments despite a global tech sector rout. Goldman’s private investing arm, venture capital firm GGV Capital and Asia Investment Capital led the Series C round, joined by existing backers ...

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• 15 June

  BOE expected to raise key rates faster, further

    Bloomberg The Bank of England (BOE) is expected to raise interest rates faster and further than anticipated a month ago as it battles highest inflation in decades. The central bank, which had been expected to pause after hiking to 1.5%, is now predicted to lift the benchmark cost of borrowing to 2% by this time next year, according to ...

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• 15 June

  CIBC lifts minimum wage for its workers

    Bloomberg Canadian Imperial Bank of Commerce (CIBC) is boosting its minimum wage and pledging to push it even higher in the next few years as tight labour markets force banks into fierce competition for workers. The lender’s minimum wage will rise to C$20 per hour in Canada and $20 in the US in July, and the bank is committing ...

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• 15 June

  China puts monetary easing on hold with Fed set to hike

  

  Bloomberg China’s central bank abstained from cutting a key policy interest rate, avoiding further policy divergence from the US that could add pressure on the yuan. The People’s Bank of China (PBOC) kept the rate on its one-year medium-term lending facility at 2.85% on Wednesday, in line with most forecasts in a Bloomberg survey of economists. The PBOC also rolled ...

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