October, 2021

• 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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• 13 October

  Thai baht, travel stocks surge as nation eases tourism restrictions

  

  Bloomberg Thailand’s baht rallied the most since August as an easing of travel requirements for vaccinated visitors brightened the outlook for the tourist-reliant economy. The baht jumped as much as 1.4% to 33.426, the biggest gain since August 24. Visitors from 10 low-risk countries will not be required to undergo isolation on arrival from November 1, Prime Minister Prayuth Chan-Ocha …

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• 12 October

  Britain turns to coal as low wind output increases power prices

  

  Bloomberg UK power prices rose after a coal power plant switched on Monday to make up for a shortfall in wind generation and limited flows on two power cables to Ireland. Britain is set to end the use of coal within three years and to make power generation fossil fuel-free by 2035. For now the nation is still reliant on …

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• 12 October

  Chevron aims net zero emissions from operations by 2050

  

  Bloomberg Chevron Corp committed for the first time to an aspiration of net zero emissions from its operations by 2050 as the company responded to rising investor and societal pressure to play a bigger role in a transition to a low-carbon future. Chevron is also incorporating its customers’ emissions into some of its goals, the San Ramon, California-based company said …

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• 12 October

  Heathrow calls for sustainable fuel policy ahead of COP26

  

  Bloomberg London Heathrow airport called on the UK to mandate the use of sustainable aviation fuels (SAF) to help the industry lower carbon emissions while fending off pressure from climate groups to curtail air travel. The hub is also seeking other policies that would scale up the production of SAF in the country, including a price-support mechanism and loan guarantees, …

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• 12 October

  Pilot shortage threatens Britain travel rebound

  

  Bloomberg The UK is facing a pilot shortage that could hamper the reopening of the travel industry, after hundreds of aircrew took early retirement or changed career during the pandemic, the Telegraph reported. The number of pilots who retired during the pandemic is believed to be at least double the usual levels, the newspaper said, citing sources in the aviation …

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