October, 2020

• 26 October

  Nomura seeks M&A bankers as Japan deals surge during virus

  

  Bloomberg Nomura Holdings Inc is hiring bankers for its mergers and acquisitions business in Japan as a sharp rebound in domestic deal-making vaults the nation’s biggest securities firm to the top ranks of global advisers. “We’re recruiting people more eagerly than usual,” global M&A head Shunichi Tsunoda said in an interview. Consultations on local deals are up about 30% to …

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• 26 October

  Deutsche may sell tech unit to Tata Consultancy

  

  Bloomberg Deutsche Bank AG is in advanced talks to sell a technology services unit to Tata Consultancy Services Ltd, Asia’s biggest software exporter by market value, people with knowledge of the matter said. The discussions about Bonn-based Postbank Systems AG are expected to result in a deal with the Indian company by the end of the year, the people said, …

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• 26 October

  Asia’s richest banker explores takeover of IndusInd

  

  Bloomberg Kotak Mahindra Bank, backed by Asia’s richest banker, is exploring a takeover of smaller Indian rival IndusInd Bank, people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets. Uday Kotak, founder and chief executive officer of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the …

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• 26 October

  UBS to boost fixed salaries, cut bonuses

  Bloomberg UBS Group AG plans to raise the fixed salaries for some of its more senior employees by as much as 20% to prevent poaching by competitors. A review at Switzerland’s largest bank found differences in base pay among employees in the same roles, and when compared with competitors, people familiar with the plans said. As a result, UBS plans …

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• 26 October

  European stocks, futures retreat; Treasuries rise

  

  Bloomberg European stocks and the US futures dropped as coronavirus infections continued to climb and investors doubted that Washington lawmakers will reach an economic stimulus package anytime soon. German software maker SAP SE plunged 20% after cutting its revenue forecast, saying that pandemic will continue to hurt business. Investors sought protection in haven assets. Treasuries rise, sending yields on the …

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• 26 October

  India stocks fall as US stimulus concern mutes sentiment

  

  Bloomberg India stocks fall as an elusive US stimulus deal kept sentiment muted in the region while investors closely watched local companies’ earnings. The S&P BSE Sensex lost 1.6% to 40,042.70 as of 2:19 pm in Mumbai, while the NSE Nifty 50 Index also declined by the same magnitude. “It is predominantly global factors at play here with US futures …

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• 25 October

  Dana Gas sells Egypt assets to IPR Energy unit for $236mn

  

  SHARJAH / WAM Dana Gas announced that it has entered into a binding agreement with IPR Wastani Petroleum Ltd, a member of the IPR Energy Group (IPR) for the sale of its onshore Egyptian producing oil and gas assets for a consideration of up to $236 million including contingent payments. IPR is a leading private E&P operator in Egypt, with …

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• 25 October

  Saudi chemicals maker Sabic posts $290m profit

  

  Bloomberg Saudi Basic Industries Corp, the chemical maker in which Saudi Aramco holds a majority stake, returned to profit in the third quarter amid signs that demand is recovering from the impact of the coronavirus. The company, known as Sabic, said third-quarter profit was 1.09 billion riyals ($290 million) compared with 740 million riyals in the same period last year. …

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• 25 October

  Australia set for hydrogen plant

  

  Bloomberg The desolate red sands of the Pilbara region in western Australia, home to most of the iron ore mines that account for a major chunk of the nation’s export income, may one day house an ambitious hydrogen export hub. The Asian Renewable Energy Hub, which would use electricity from wind and solar plants stretched across thousands of miles to …

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• 25 October

  PDVSA sues US for over $640mn in taxes on green fuel

  

  Bloomberg A unit of Petroleos de Venezuela SA (PDVSA) sued the US to recover more than $640 million in excise taxes it says it overpaid on environmentally friendly fuels. PDV Holding Inc, the subsidiary of Venezuela’s national oil company, claims it improperly calculated tax credits and overpaid from 2005 to 2011. The company, which filed the lawsuit in federal court …

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