January, 2021

• 13 January

  Bad debt surge threatens India’s financial stability, warns RBI

  

  Bloomberg India’s central bank expects banks’ bad-loan ratios to almost double this year and warned that soaring markets and a weakened economy threaten financial stability. The Reserve Bank of India (RBI) forecasts non-performing assets will rise to 13.5% of total advances by the end of September from 7.5% a year ago, according to its semiannual Financial Stability Report. If the …

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• 13 January

  StanChart sees India charting course to a tighter budget

  

  Bloomberg India will seek to narrow its budget deficit next financial year, amid expectations of improved revenue collections and economic rebound, according to Standard Chartered Bank Plc. Finance Minister Nirmala Sitharaman will likely target fiscal deficit — the gap between income and expenditure — at 5.3% of gross domestic product in the budget for the year starting April 1, the …

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• 13 January

  UBS to lower threshold for customer deposits

  

  Bloomberg UBS Group AG plans to lower the threshold for customer deposits that will be subject to a charge as the bank deals with the prospect of low and negative interest rates for the foreseeable future. Starting in July, the fee will apply to clients with deposits of more than 250,000 francs ($280,000) or the same amount in euros, according …

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• 13 January

  Former BofA tech banker joins Jungle Ventures

  

  Bloomberg Sandeep Uberoi, the former head of technology, media and telecom for Southeast Asia at Bank of America (BofA) Merrill Lynch, has joined Jungle Ventures as a strategic adviser. He will lead strategy and corporate development at the Singapore-based venture capital firm and overseee its portfolio companies across Southeast Asia and India, Uberoi said. His focus will include fundraising, partnerships …

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• 13 January

  HSBC shareholders ask bank to cut fossil-fuel lending exposure

  

  Bloomberg A group of HSBC Holdings Plc shareholders filed a resolution urging the bank to cut its support to the fossil-fuel industry. Amundi SA, Europe’s largest listed asset manager, and Man Group Plc, the world’s biggest publicly traded hedge fund firm, were among 15 institutional investors overseeing a combined $2.4 trillion that are backing the move, according to a statement …

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• 13 January

  China plans to let banks sell soured personal loans to ease risks

  

  Bloomberg China plans to allow some commercial banks to start selling soured personal loans to distressed asset managers as soon as this month, according to people familiar with the matter. At a meeting by the official credit assets transfer center, banks and state-run bad-loan managers were asked to accelerate preparations to ensure a smooth start of the trial program in …

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• 13 January

  China stocks climb most since October to touch 13 year high

  

  Bloomberg The priciest equities in more than five years are proving no deterrent for stock traders in China, where the benchmark is now nearing its all-time high. The CSI 300 Index rises 2.9% on Tuesday to close at a 13-year high, taking this month’s gain to 7.4% — its best-ever start to a year. Shares of brokerages rallied, an indicator …

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• 13 January

  Stocks turn mixed; Treasury yields climb

  

  Bloomberg US stocks were mixed and benchmark Treasury 10-year note yields rise to a 10-month high as investors mulled the prospects of the economic recovery and vaccine rollout. The S&P 500 was little changed, with the energy and consumer discretionary sectors gaining, while utilities and communication services were the biggest decliners. Europe’s Stoxx 600 Index traded little changed. The dollar …

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• 12 January

  Oil dips below $52 with dollar rising as rally takes breather

  

  Bloomberg Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months. Futures in New York lost 0.9% as the dollar’s gains reduced the appeal of raw materials such as oil that are priced in the currency. Both West Texas Intermediate and Brent crude are trading …

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• 12 January

  Ship orders slump 50% with owners unsure over green fuel

  

  Bloomberg Ship owners facing looming deadlines to use less-polluting fuels have slashed the number of new vessels on order because they don’t know which alternative technology to switch to. Ammonia, hydrogen, biofuels and electrification are some of the many contenders to power the world’s future merchant fleet, but most are only in the trial stage and won’t be scalable for …

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