November, 2020

• 2 November

  ICICI Bank profit rises on interest income amid virus

  

  Bloomberg ICICI Bank Ltd. posted a record quarterly profit as it set aside a lower amount of funds for potential bad loans even as the coronavirus pandemic constrains growth in financial sector. Net income at India’s second-largest private lender rose to 42.51 billion rupees ($570 million) in quarter ended Sept. 30 from 6.55 billion rupees a year earlier. That was …

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• 2 November

  Fed not expected to ramp up bond buying this year or next

  

  Bloomberg The Federal Reserve won’t increase the pace of its asset purchases this year or next, and wouldn’t meaningfully boost the US economy even if it did so, according to most economists surveyed by Bloomberg. Many Fed watchers are eager for more guidance on the future of the central bank’s balance-sheet policy, but aren’t expecting any new clues when the …

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• 2 November

  Deutsche Bank boosts securities unit outlook

  

  Bloomberg Deutsche Bank AG signalled the trading boom that helped it beat Wall Street rivals will continue through the end of the year, boosting investment banking revenue and compensating for headwinds at its lending businesses. Income from trading fixed-income securities and currencies rises 47%, beating all but one of the large investment banks so far and snapping a long streak …

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• 2 November

  BOE to combat new lockdown pain with fresh stimulus aid

  

  Bloomberg The Bank of England (BOE) looks certain to unleash another burst of monetary stimulus this week as new coronavirus lockdowns shock the economy and put yet more pressure on government finances. Any doubt that Governor Andrew Bailey and his colleagues might delay boosting their bond-buying program when they meet this week was effectively erased with Prime Minister Boris Johnson’s …

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• 2 November

  Goldman asks most London staff to work from home

  Bloomberg Goldman Sachs Group Inc. has informed staff that only ‘in-office essential’ employees can work from its London office after Boris Johnson announced a new nationwide lockdown to arrest an accelerating second wave of the virus. Goldman has told the vast majority of its more than 5,000 London employees to work from home from November 5, with only essential workers …

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• 2 November

  Futures advance while oil declines to five-month low

  

  Bloomberg US futures climbed along with most European stocks in a volatile start to a crucial week spanning the US election and a Federal Reserve policy meeting. The picture was mixed across global markets with crude prices and commodity currencies weakening on concern that tougher lockdowns will dent economic growth. In European equities, companies that benefit from people staying at …

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• 2 November

  Indian stocks volatile ahead of US election, Federal Reserve meet

  

  Bloomberg India stocks swung between gains and losses as investors braced for the impact of the upcoming US Presidential election on global markets. The S&P BSE Sensex declined 0.6% to 39,396.84 as of 10:12 am in Mumbai, after gaining as much as 0.7% earlier, while the NSE Nifty 50 Index slipped by a similar magnitude. Both gauges last week capped …

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• 2 November

  Agthia posts AED1.58bn net revenue in 9 months

  

  Emirates Business Agthia Group, a leading food and beverages company in the region, and part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced the group’s net revenue reached AED 492.1 million for the third quarter, a 1.2 growth verses Q3 2019. The increase …

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• 2 November

  UAE flays Houthi attempt to target Saudi Arabia

  Abu Dhabi / WAM The UAE has expressed its strong condemnation and denunciation of the Iranian-backed Houthi terrorist militias’ attempt to target civilian areas in the Kingdom of Saudi Arabia with six bomb-laden UAVs that were intercepted by the Coalition Forces. In a statement, the UAE Ministry of Foreign Affairs and International Cooperation emphasised that the recent increase in Houthi …

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• 2 November

  Saudi tourism mega project near to closing $3.7bn loan

  

  Bloomberg Saudi Arabia’s Red Sea Development Co plans to close on a 14-billion riyal ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project about the size of Belgium, its chief executive said. The developer has been seeking financing since last year for the project, which stretches …

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