July, 2021

• 27 July

  Meituan sheds $60 billion after China crackdown fears deepen

  

  Bloomberg Meituan has shed more than $60 billion of its market value over two frenetic trading sessions, after Beijing unveiled sweeping reforms against private-sector companies that darkened the outlook for the world’s No 2 economy. China’s top food delivery company slid a record 18% on Tuesday in Hong Kong, on top of a 14% plummet the previous day. Spreads on …

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• 27 July

  New benchmarks put an end to ‘anything goes’ for ESG indexes

  

  Bloomberg ESG asset managers are accelerating their use of new climate-investing benchmarks created by European authorities, in a development that’s set to make it harder to get away with greenwashing. While only about $1.2 billion is now tied to gauges that meet European Commission requirements — a tiny fraction of the $35 trillion of ESG assets worldwide — inflows have …

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• 27 July

  UAE Ramadan food campaign distributes 30m meals in Egypt

  DUBAI / WAM The distribution of food parcels has been completed in Egypt, providing an equivalent of 30 million meals to low-income families and underprivileged “100 Million Meals” campaign. In partnership with the Food Banking Regional Network, 928 local humanitarian organisations and Egypt Food Bank, around 504,000 beneficiaries across Egypt received parcels of easy-to-store food items including flour, sugar, rice …

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• 27 July

  UK banks prepared for negative rates in case recovery crumbles

  

  Bloomberg Britain’s biggest financial institutions are on track to meet the Bank of England’s deadline to be ready for negative interest rates, giving authorities another tool to aid the economy if the recovery fades. Banks including Natwest Group Plc, HSBC Holdings Plc, Barclays Plc and Lloyds Banking Group Plc are close to completing the technical steps necessary to implement negative …

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• 27 July

  Yes Bank shares up as CEO pledges to build on profit recovery

  

  Bloomberg Yes Bank Ltd’s top executive said the Indian lender is putting its problems behind it and will focus on earnings growth after profit surged in the first quarter. “We have been able to take care of the legacy issues,” Prashant Kumar, the bank’s chief executive officer, said in a Bloomberg TV interview on Monday. “Going forward, there will be …

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• 27 July

  JPMorgan to double advisers as Wall Street vies for wealthy

  

  Bloomberg JPMorgan Chase & Co is planning to more than double the advisers in its traditional broker business as the Wall Street giant plots an expansion in wealth management amid intensifying competition for rich clients. The bank aims to hire more than 500 advisers in coming years, bringing its total in the unit to 1,000, said Kristin Lemkau, who oversees …

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• 27 July

  Kotak Mahindra Bank profit rises 32% in Q1

  

  Bloomberg Kotak Mahindra Bank Ltd posted an increase in first-quarter profit buoyed by a jump in income from non-lending businesses, including fees for services, even as its bad loan ratio widened because of a deadly second wave of Covid-19 infections during the period. Net income at India’s fourth-largest private lender was 16.42 billion rupees ($220 million), a 32% jump from …

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• 27 July

  NatWest to take stake in PTSB

  Bloomberg NatWest Group Plc is set to take a minority stake in Permanent TSB Group Holdings Plc as part of a potential deal to offload $8.9 billion of assets to the Irish lender. The two banks signed a non-binding memorandum of understanding to work together on an agreement that would see Permanent TSB take over much of NatWest’s Ulster Bank …

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• 27 July

  Danske Bank sees long-term cost of money laundering

  

  Bloomberg Three years after the world learned of Danske Bank’s central role in one of Europe’s biggest money-laundering scandals, the cost of that stunning failure of governance is still palpable. Denmark’s biggest bank, once among the Nordic region’s most reputable companies, has yet to fully resurrect itself from a dirty money affair that’s made it the target of ongoing criminal …

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• 27 July

  Stocks, futures drop with focus on China, earnings

  

  Bloomberg Stocks fall with US futures on Monday at the start of a busy week of earnings and policy updates, with China’s widening technology crackdown weighing on risk sentiment. Treasuries rise. Contracts on key US gauges slipped following a record close for Wall Street. European equities fall from an all-time high as carmakers and banks led losses. Shares in China …

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