August, 2021

• 17 August

  Branson sells $300m stake in Virgin Galactic

  

  Bloomberg Richard Branson sold about $300 million in Virgin Galactic Holdings Inc stock, tapping his biggest listed asset again to prop up his business empire during the pandemic. The billionaire offloaded almost 10.5 million shares — about 4% of the space-travel company — through a company he controls, leaving him with an 18% stake, according to a regulatory filing. The …

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• 17 August

  Sydney Airport willing to talk sale as investor prods board

  

  Bloomberg Sydney Airport said it’s prepared to hold discussions with suitors over a takeover offer of more than $16.8 billion as the company’s largest shareholder agitated for negotiations to start. The airport said it’s “open to engaging” with the bidders, led by IFM Investors, if they make an offer that reflects “long-term value.” At the same time, Sydney Airport rejected …

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• 16 August

  Bank of Thailand head says virus fight may need $30bn

  

  Bloomberg Thailand’s central bank governor called for an additional 1 trillion baht ($30 billion) in government spending to counter coronavirus, saying the blow to the economy from the pandemic is greater than from the Asian financial crisis in 1997. The government can fund additional spending by borrowing more, Bank of Thailand Governor Sethaput Suthiwartnarueput said on Monday at a briefing …

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• 16 August

  China’s central bank rolls over more policy loans to boost growth

  

  Bloomberg China’s central bank rolled over most of its medium-term policy loans coming due, a move to support economic growth amid a resurgence of Covid cases. Government bonds reversed earlier losses. The People’s Bank of China (PBOC) injected 600 billion yuan ($92.6 billion) into the financial system through its medium-term lending facility, close to the 700 billion yuan maturing Tuesday. …

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• 16 August

  New Zealand to hike rates to cool overheating economy

  

  Bloomberg New Zealand is set to raise interest rates this week, the first advanced economy in the Asia-Pacific to begin normalizing policy, as a powerful recovery unhindered by delta outbreaks shows signs of overheating. The Reserve Bank of New Zealand (RBNZ) will lift the official cash rate by a quarter percentage point to 0.5% at its review Wednesday in Wellington, …

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• 16 August

  Bank of America, Perella lift junior-banker salaries

  

  Bloomberg Bank of America Corp (BofA) is boosting base salaries for junior bankers, joining firms including Perella Weinberg Partners and Evercore Inc in lifting pay to lure young talent on Wall Street. At Bank of America, first-year analysts across the global corporate and investment banking, markets, and research divisions will receive $100,000, up from $95,000, according to a person with …

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• 16 August

  BOE’s inflation alarm deemed overly-cautious by economists

  Bloomberg Bank of England (BOE) policy makers are being overly-alarmist on their outlook for inflation, economists’ forecasts suggest, casting doubt on the need for a significant tightening in policy in the years ahead. While the central bank expects inflation to hit 4% this year and slightly exceed that level in early 2022, economists surveyed by Bloomberg only see it rising …

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• 16 August

  HSBC buys AXA Singapore for $575mn to grow Asia wealth

  

  Bloomberg HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid rising tension in China. The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 …

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• 16 August

  US yields set to tighten grip on emerging-market currencies

  

  Bloomberg Slowing economic recovery amid a resurgent pandemic is leaving emerging-market currencies vulnerable to a selloff if Treasury yields rise again. While the influence of US borrowing costs on developing-nation currencies has waned in recent months, it may return to prominence for riskier assets as the cushioning effects from China’s growth rebound and low inflation weaken, according to money managers …

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• 16 August

  Expiring lockups will put $6 billion of Hong Kong shares at risk

  

  Bloomberg The recent slump in video streaming giant Kuaishou Technology’s shares has awoken investors to the risk of expiring lockups for Hong Kong’s newly-listed stocks. More than $6 billion worth of cornerstone investment lockups are due to expire within the next five months for this year’s IPOs, according to Bloomberg calculation based on stock exchange filings. The companies that face …

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