July, 2020

• 22 July

  Credit Suisse set to score a smaller role on Ant’s mega IPO

  

  Bloomberg In the initial list of four sponsors for Ant Group’s mega initial public offering in Hong Kong, one bank’s name was conspicuously missing: Alibaba’s go-to bank Credit Suisse. Credit Suisse Group AG has been fighting for a major role in the offering and Ant is leaning towards naming them as a joint global coordinator for its Hong Kong listing, …

  Read More »
• 22 July

  Japanese bank installs robots to scan ‘hanko’ documents

  

  Bloomberg Japan’s largest bank is installing giant robot scanners to digitize millions of documents, as it seeks to break from the long tradition of using paper records to verify its customers’ identities. Mitsubishi UFJ Financial Group Inc. will use the machines of Ripcord Inc. to scan 300 million pages of files that record clients’ personal seals known as hanko, the …

  Read More »
• 22 July

  Wells Fargo hires Mike Santomassimo as CFO

  

  Bloomberg Wells Fargo & Co. veterans may have to get used to hearing “Well, at JPMorgan.” The San Francisco-based lender hired Mike Santomassimo as its next chief financial officer, marking the latest in a wave of JPMorgan Chase & Co. veterans that Chief Executive Officer Charlie Scharf has enlisted atop Wells Fargo. Scharf, a one-time Jamie Dimon protege who spent …

  Read More »
• 22 July

  UBS group signals potential return to share buybacks

  

  Bloomberg UBS Group AG signalled the worst hit of the coronavirus crisis on its balance sheet may be over, prompting the bank to consider reviving shareholder payouts as it seeks to boost the shares. The Swiss bank — while warning of uncertainty ahead — attracted $9 billion of net new money at the private banking business in the second quarter …

  Read More »
• 22 July

  Danske Bank to axe over 1,000 jobs

  Bloomberg Danske Bank A/S may need to cut at least 1,000 jobs if it’s to meet its latest cost goals, according to analysts monitoring the lender. Danske’s chief executive, Chris Vogelzang, told Bloomberg that he’s planning “significant” staff cuts in an effort to bring expenditure under control. Given the lender’s stated cost targets, that entails a “low four-digit number,” according …

  Read More »
• 22 July

  European stocks, futures fall on rising US-China tensions

  

  Bloomberg Futures on the S&P 500 Index dropped with European stocks after China said the US ordered the closure of its consulate in Houston, further stoking tensions between the two countries. Treasuries edged higher and the dollar erased a loss. The yuan weakened after a Chinese Foreign Ministry spokesman said the move was unilaterally initiated by the US and China …

  Read More »
• 22 July

  India stocks volatile as investors consider profits, valuations

  

  Bloomberg Indian stocks swung between gains and losses in early trade as investors weighed valuations and quality of quarterly earnings. The S&P BSE Sensex fell 0.1% to 37,882.06 as of 10:10 am in Mumbai after gaining as much as 0.7%. The NSE Nifty 50 Index also slipped 0.1%, erasing an initial advance. Both measures capped five-straight days of gains, breaching …

  Read More »
• 22 July

  Nasdaq, SGX in pact to smooth dual listings

  Bloomberg Singapore Exchange Ltd. (SGX) and Nasdaq Inc. will extend their partnership to help companies access capital in both jurisdictions. The increased cooperation will include a streamlined framework for issuers seeking a secondary listing on Singapore Exchange, SGX said in a statement. The two exchanges are deepening their partnership at a time when the tensions between the US and China …

  Read More »
• 21 July

  Arabtec wins AED196m deal from Saudi Aramco

  

  Dubai / WAM Arabtec Holding, a contractor for social and economic infrastructure, on Tuesday announced that its wholly-owned subsidiary, Target Engineering Construction Company has been awarded around SAR200 million (AED195.88) contract by Saudi Aramco for the replacement of five storage tanks at Ras Tanura Refinery in Eastern Province, Saudi Arabia. In a statement by the company on the Dubai Financial …

  Read More »
• 21 July

  El Sisi: Hope Probe restores Arab nations’ former glories in science

  CAIRO / WAM Egyptian President Abdelfattah El Sisi has said that the launch of Hope Probe into space is a groundbreaking step for the UAE into the sphere of space exploration. In a tweet on Monday, President El Sisi said, “I followed with great pride the launch of Hope Probe into space. Though this is an unprecedented historic step for …

  Read More »