October, 2020

• 27 October

  Santander rebounds from big loss with profit, capital lift in Q3

  

  Bloomberg Banco Santander SA rebounded from its worst-ever quarter with a profit that beat estimates and improved capital as it seeks to convince regulators that its balance sheet is strong enough to resume dividend payments. Net income totalled 1.75 billion euros ($2.1 billion) in the third quarter, beating estimates of about 1 billion euros, the bank said on Tuesday. The …

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• 27 October

  UBS to invest $200m in fintech startups

  

  Bloomberg UBS Group AG plans to invest $200 million of its own money in fintech companies over the medium term in a push to further digitize its services and find new ways to engage with clients. The portfolio, called UBS Next, will be run by a dedicated team and take mostly direct stakes in early-stage fintech and other relevant technology …

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• 27 October

  HSBC beats estimates as loan loss expectations pared back

  

  Bloomberg HSBC Holdings Plc beat profit estimates for the third quarter, delivering an upside surprise as it pared back expected credit losses and signaled it may resume limited dividend payments already for this year. Adjusted pretax profit slid 21% to $4.3 billion in the period, beating the $2.8 billion estimate, the London-based bank said in a statement on Tuesday. HSBC …

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• 27 October

  ‘Australia’s deferred loans among riskiest’

  

  Bloomberg Australia’s remaining deferred mortgages tend to have higher loan-to-valuation ratios or are held by people in industries struggling from the pandemic, a Reserve Bank official said. “Non-performing loans to households, which had already risen over past couple of years, are therefore expected to continue to rise over the coming months,” RBA Assistant Governor Michele Bullock, who oversees financial stability, …

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• 27 October

  BOC plans to boost debt team on offshore deal surge

  

  Bloomberg Bank of China Ltd. (BOC) plans to expand its headcount in offshore bond business by 40% as it fights with global banks for a greater slice of a market that’s seen a surge in Chinese borrowers. The lender is seeking to add 20 more staff to its offshore bond team over the next five years, Hu Kun, its general …

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• 27 October

  Access Bank to help protest-hit firms with $130mn aid

  Bloomberg Access Bank Plc, Nigeria’s biggest lender, started a 50 billion naira ($130 million) fund to help companies recover from violent protests that shuttered businesses across Africa’s largest crude producer. The fund, the first of its kind following the demonstrations, will provide interest-free loans with a two-year tenure, Deputy Managing Director Roosevelt Ogbonna said by phone from Lagos, the nation’s …

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• 27 October

  US stocks fluctuate after earnings; dollar declines

  

  Bloomberg US equities were mixed as investors weighed corporate earnings and news of Advanced Micro Devices Inc.’s $35 billion takeover of another chipmaker with concerns about growing virus infections. The dollar slipped. Technology shares were among the best performers after AMD said it would buy Xilinx Inc. Energy shares and financial companies dragged on the major indexes. The S&P 500 …

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• 27 October

  Ghana misses out on African bond rally on election concerns

  

  Bloomberg Ghana is missing out on a rally of African bonds as investors fret about an expansion in spending and borrowing ahead of elections in December. The elevated borrowing to cover the spending shortfall has seen the country’s three-year and longer-dated local bond yields rise on the secondary market even as those of its peers on the continent are falling. …

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• 26 October

  Oil slides with rising Libyan crude output adding to demand woes

  

  Bloomberg Oil falls to the lowest in three weeks as the threat of increased Libyan crude output added to concerns that a resurgence of the coronavirus will weaken the global economy. Futures in New York fell as much as 3.7% to below $39 a barrel on Monday. Libya’s daily output has risen to 690,000 barrels from less than 100,000 in …

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• 26 October

  Investcorp US real estate portfolio grows by $2bn

  

  Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, on Monday announced that it has acquired 32 industrial properties totaling approximately 3.5 million square feet across four major US markets for a total capitalisation of over $280 million. According to the company’s press release, the properties grow Investcorp’s wider US industrial real …

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