April, 2022

• 25 April

  BofA strategists see US equity outflows just getting started

  

    Bloomberg Massive outflows from US equity funds are just getting started as the Federal Reserve ramps up its hawkish rhetoric, according to Bank of America Corp (BofA) strategists. In the week through April 20, investors pulled $19.6 billion from US large caps, the largest exit since February 2018, the strategists wrote in a note, citing EPFR Global data. The ...

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• 25 April

  Zimbabwe’s central bank says no plan to ‘raid’ forex accounts

  

    Bloomberg Zimbabwe’s central bank said it has “no reason or appetite to raid” foreign-exchange accounts and denied allegations from the country’s largest industry lobby group of US dollars being raided and a bank run. The Confederation of Zimbabwe Industries in a position paper had asked the central bank to dump its weekly foreign currency auction and also highlighted the ...

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• 25 April

  PBOC governor signals policy caution with focus on inflation

  

    Bloomberg China’s central bank governor stressed the importance of keeping inflation under control in two separate speeches and pledged more targeted support for small businesses, reinforcing policy makers’ cautious approach to monetary stimulus. The People’s Bank of China’s “policy is to maintain price stability,” Governor Yi Gang said on a panel at the Boao Forum for Asia. In separate ...

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• 25 April

  MB bank to sell 49% of its Cambodia unit to Shinsei

    Bloomberg Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd for an undisclosed amount as early as the fourth quarter, according to CEO Luu Trung Thai. The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said. MB, which targets profit growth ...

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• 25 April

  JPMorgan Chase loses lead role on China deal

  

    Bloomberg JPMorgan Chase & Co was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half. The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing. JPMorgan is still a sponsor of the ...

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• 25 April

  ICICI Bank posts 59% rise in profit

    Bloomberg ICICI Bank Ltd posted a 59% rise in profit in the March quarter, helped by a drop in bad loans and growth in income from lending. Net income stood at 70.2 billion rupees ($918 million) for the three months ended March, compared with 44 billion rupees a year ago, according to an exchange filing. That beat the average ...

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• 25 April

  Credit Suisse expects Q1 loss on Russia, legal provisions

  

    Bloomberg Credit Suisse Group AG said it expects to post a first-quarter loss due to a $210 million hit to revenues from Russia’s invasion of Ukraine, and a previously-indicated increase in legal provisions. The Zurich-based lender said that its results, due next week, would be negatively affected by its exposure to the war both with respect to counterparty and ...

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• 25 April

  Stocks, yuan drop as China lockdown rattles investors

  

  Bloomberg Fears about the economic toll of China’s strict Covid Zero policy intensified on Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. The benchmark CSI 300 Index closed nearly 5% down to the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. ...

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• 25 April

  Waning demand for LIC IPO highlights fiscal challenges for PM Modi

  

    Bloomberg India’s decision to go ahead with a much-reduced target for its vaunted life insurer’s initial public offering, as skittish investors continue to pull money from the South Asian nation, is adding to the risks threatening the nation’s fiscal deficit target. Life Insurance Corporation of India’s (LIC) board approved selling a 3.5% stake for about 210 billion rupees ($2.8 ...

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• 25 April

  Ambani scraps $3.2bn deal that set up clash with Bezos

  

  Bloomberg Billionaire Mukesh Ambani abandoned a plan to buy a teetering Indian retailer amid protracted legal challenges from Amazon.com Inc., potentially ending one episode of the broader clash between the two titans to control the country’s billion-people-plus market. In a filing, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s ...

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