October, 2021

• 14 October

  BofA gives corporate clients new ways to pay to their customers

  

  Bloomberg Bank of America Corp (BofA) is giving businesses new ways to transfer money to their customers. The new system, known as Recipient Select, allows consumers to choose among various options for receiving refunds, rebates and other payouts while increasing the speed and efficiency for transferring the funds, Bank of America said in a statement. The digital portal, launched this …

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• 14 October

  Britain’s NatWest plans $136bn for sustainable finance

  

  Bloomberg NatWest Group Plc said it will lend 100 billion pounds ($136 billion) to customers cutting carbon emissions by the end of 2025. The British bank said it will focus on projects that help the UK move towards a net-zero economy with products including sustainability bonds and lending to firms that can show they are mostly low-carbon. NatWest has previously …

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• 14 October

  SocGen to slash 3,700 jobs as part of domestic retail merger

  Bloomberg Societe Generale SA expects to cut as many as 3,700 jobs as part of a plan announced last year to merge its domestic retail operations and boost profitability. The reductions will be carried out between 2023 and 2025 and will stem from natural attrition, estimated at 1,500 per year, the bank said in a statement. “The merger will not …

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• 14 October

  Singapore to hold, signal policy move next April

  

  Bloomberg Singapore’s central bankers are expected to signal a potential tightening of monetary policy next year, while holding steady for now, amid rising inflation risks from supply-chain disruptions and surging energy prices. The Monetary Authority of Singapore (MAS), which uses a currency band as its main tool rather than interest rates, will signal a more hawkish tone when it releases …

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• 14 October

  India regulator bans shadow bank’s auditor

  Bloomberg The Reserve Bank of India (RBI) in an unprecedented move suspended an audit firm citing compliance failure related to a shadow lender, a sign the watchdog is doubling down on supervision of a still-fragile corner of the nation’s financial system. Haribhakti & Co. will be barred from auditing any regulated financial entity for two years starting April 1, 2022, …

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• 14 October

  UBS creates artificial intelligence team in effort to digitise

  

  Bloomberg UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence (AI) and data analytics to drive the bank’s digitisation. The new team called AI, Data and Analytics, will be lead by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a …

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• 14 October

  China’s property developers dominate world’s risky debt

  

  Bloomberg Chinese property developers are responsible for about half of the world’s distressed dollar bonds, a fresh indication of the magnitude and global nature of the industry’s woes. Of the $139 billion of dollar-denominated bonds trading at distressed prices, 46% were issued by companies in China’s real estate sector, according to data compiled by Bloomberg on October 12. That captured …

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• 14 October

  IMF warns of risk of ‘sizable’ selloffs in stocks, housing market

  

  Bloomberg The International Monetary Fund (IMF) warned of the risk of sudden and steep declines in global equity prices and home values as the Federal Reserve and other central banks withdraw the support they’ve provided during the pandemic. Ultra-easy monetary policy has led to “pockets of market exuberance and rising financial leverage” that could unwind in disorderly ways and put …

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• 13 October

  Saudi mining plan gets $3b EV boost from Australian company

  

  Bloomberg An Australian company plans to invest $3 billion in Saudi Arabia in a bet on the metals used in batteries for electric vehicles (EV). EV Metals Group Plc’s spending will be on building plants to process minerals including lithium and nickel, and later expand into exploring for the battery metals, Managing Director and CEO Michael Naylor said. It would …

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• 13 October

  European stocks, US futures dip as inflation risk bubbles

  

  Bloomberg Stocks and US equity futures fall on Tuesday, as traders focused on the risks that rising energy costs will keep inflation elevated and signs of a widening regulatory scrutiny by China. European equities slumped at the open, with cyclical industries including banks, auto-parts manufacturers and miners faring the worst. Futures on the S&P 500 and Nasdaq 100 fell less …

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