August, 2021

• 8 August

  BOE takes step towards raising rates as inflation seen spiking

  

  Bloomberg The Bank of England signalled that its concerns over inflation are strong enough to warrant the withdrawal of some support to the UK economy over the next three years. Policy makers led by Governor Andrew Bailey said they now expect annual price growth to peak higher than expected around 4%. While most of the increase may prove temporary, meeting …

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• 8 August

  Apple defends its new child safety features

  

  Bloomberg Apple Inc defended concerns about its upcoming child safety features, saying it doesn’t believe its tool for locating child pornographic images on a user’s device creates a backdoor that reduces privacy. The Cupertino, California-based technology giant made the comments in a briefing, a day after revealing new features for iCloud, Messages and Siri to combat the spread of objectionable …

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• 7 August

  EV maker Li Auto raises $1.5b in Hong Kong listing

  

  Bloomberg Chinese electric vehicle maker Li Auto Inc has raised HK$11.8 billion ($1.5 billion) in its Hong Kong listing, adding to the cohort of US-traded mainland companies selling shares in the Asian financial hub. Li Auto priced 100 million shares at HK$118 each, it said in a statement to the city’s stock exchange. The price represents a discount of about …

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• 7 August

  Tencent to probe WeChat function

  Bloomberg Tencent Holdings will review the “youth mode” of its WeChat app after a Beijing prosecutor filed a civil public-interest lawsuit against the company, alleging non-compliance with China’s underage law. The company will “sincerely respond” to the suit, “humbly accept” user suggestions and continue to improve safeguards for teenagers on the app as part of its social responsibility to ensure …

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• 7 August

  Yamaha teams up with music unit to make EV engines roar

  

  Bloomberg Electric cars are better for the environment and cheaper to run. They’re gaining traction in many countries as governments strive for carbon neutrality. But one thing they don’t have on regular vehicles — that throaty roar that lights up the eyes of gearheads around the world. Yamaha Motor Co is working on a solution. Better known for its motorcycles …

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• 5 August

  Oil drops again as China Delta outbreak threatens demand

  

  Bloomberg Oil declined for a third day as the coronavirus spread in China and a report showed a surprise build in US crude inventories. West Texas Intermediate futures slumped as much as 3.4%. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in two weeks, and at least 46 cities have advised residents against …

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• 5 August

  Worldwide 5G network infrastructure revenue to hit $19.1b in 2021: Gartner

  

  DUBAI / Emirates Business Worldwide 5G network infrastructure revenue is on pace to grow 39% to total $19.1 billion in 2021, up from $13.7 billion in 2020, according to the latest forecast by Gartner, Inc. Communications service providers (CSPs) in mature markets accelerated 5G development in 2020 and 2021 with 5G representing 39% of total wireless infrastructure revenue this year. …

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• 5 August

  Commerzbank’s growth plans hit by long series of one-offs

  

  Bloomberg Commerzbank AG saw earnings last quarter hit by a long series of one-time charges, undermining an otherwise solid performance and complicating efforts by Chief Executive Officer Manfred Knof to grow the lender. The shares fell after Commerzbank reported 18% lower revenue and a net loss of 527 million euros, both worse than estimated. However, it reiterated a forecast for …

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• 5 August

  MUFG employees to set ‘personal rhythms’ with hybrid work model

  

  Bloomberg Mitsubishi UFJ Financial Group Inc’s new hybrid work model in its EMEA region gives its staff plenty of say over how they will return to the office. The Japanese lender said it will leave it up to employees and their managers to “establish their own personal rhythms of home and office work,” according to a statement. It will continue …

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• 4 August

  Top Singapore banks’ profit beats estimates

  

  Bloomberg Two of Singapore’s largest lenders will increase dividend payouts after profit in the second quarter beat forecasts driven by lower provisions for bad loans. Oversea-Chinese Banking Corp, the city state’s second biggest bank, will pay an interim dividend of 25 cents per share after reporting a 59% jump in net income to S$1.16 billion ($859 million), just ahead of …

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