August, 2020

• 30 August

  Deutsche Bank makes bid for some assets of Wirecard

  

  Bloomberg Deutsche Bank AG has submitted a bid for some of Wirecard AG’s German assets, but the administrator of the insolvent payments company considers it too low. The offer from Germany’s largest lender for Wirecard Bank and some related companies was one of several, the people said. All the non-binding bids were well below $119 million, which Wirecard administrator Michael …

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• 30 August

  India’s central bank snaps rupee traders out of stupor

  

  Bloomberg Rupee traders, lulled into a sense of complacency by the Reserve Bank of India’s massive dollar purchases, are in for a rude awakening as the monetary authority takes a break from soaking up the greenback. The rupee was the best-performing currency in Asia, up 0.6% to 73.43 to a dollar. It is up about 2% for the week, the …

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• 30 August

  Nigeria’s dollar sales seen opening illegal trade loophole

  

  Bloomberg Nigeria’s central bank’s decision to resume the supply of dollars to money changers is raising the risk unscrupulous traders will profit from the country’s multiple exchange rates, according to Rand Merchant Bank. The regulator said that it will sell dollars from September 7 to foreign-exchange agents for the first time since March, when the country closed its air borders …

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• 30 August

  Middle East stock markets head for best month since April 2020

  

  Bloomberg Most Middle Eastern equity markets advanced on Sunday, with major gauges heading for the best monthly performance since April amid growing optimism regarding a coronavirus vaccine and higher oil prices. The main indexes in Dubai, Abu Dhabi and Saudi Arabia were all headed to the best monthly advance in four months, with Dubai’s DFM General Index leading the increase …

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• 30 August

  China’s bonds may see further pressure on funding pains

  

  Bloomberg Concern about tighter liquidity in China is reverberating through the nation’s financial markets. Government bonds are heading for a fourth month of declines, a rally in stocks has been slowed, while the yuan has strengthened to its highest level since January. The yield on China’s sovereign bonds due in a decade climbed 10 basis points this month to 3.08%, …

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• 30 August

  Oil gains with refineries on mend after Hurricane Laura

  

  Bloomberg Oil rises for a fourth week in a row as US Gulf Coast refineries began restarting though gains were capped as investors shifted their focus from the storm towards the fragile rebound in consumption amid the pandemic. WTI was little changed and notched a 1.5% gain for the week. While Laura was one of the most powerful hurricanes to …

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• 30 August

  India relaxes operations of domestic flight services

  

  New Delhi / WAM India’s Ministry of Civil Aviation has announced wide-ranging relaxations in the operations of domestic flight services, which will bring relief to passengers arriving from Gulf airports and on long-haul international flights. An order issued by Usha Padhee, Joint Secretary in the ministry, directed airlines to resume meal services on domestic flights with immediate effect. This supercedes …

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• 30 August

  Green hydrogen to be competitive with fossil fuels

  

  Bloomberg Hydrogen made from renewable power will be competing on price with producing the gas from fossil fuels within two decades, according to analysis by research firm Wood Mackenzie Ltd. The cost of green hydrogen will drop 64% by 2040, the researchers said. Hydrogen is seen as key to cutting global greenhouse gases as it could eliminate the use of …

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• 29 August

  Boeing grounds eight 787 jets as flaws create risk of failure

  

  Bloomberg Boeing Co grounded eight of its 787 Dreamliner jets for inspection and repair after finding two manufacturing flaws that together could compromise the structural integrity of the aircraft. The distinct issues involve the composite barrel sections at the rear of the wide-body plane, which are melded together at a Boeing plant in South Carolina. Together, the flaws cause the …

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• 29 August

  UK’s Gatwick asks for relief on $4.5bn debt

  

  Bloomberg London’s Gatwick airport asked creditors to change the terms on its 3.4 billion-pound ($4.5 billion) debt pile to allow the transport hub to recover from a slump in air travel. The UK’s second-largest airport wants investors in its debt, including those holding 2.8 billion pounds of its bonds, to waive covenants and change certain conditions in the financing documents. …

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