December, 2021

• 13 December

  South Africa reverses plan to send 200,000 Zimbabweans home

  

    Bloomberg South Africa jettisoned a plan that would have forced about 200,000 Zimbabweans to return home, to the satisfaction of critics who said it would have caused a humanitarian crisis. The Department of Home Affairs gave no reason for withdrawing its directive to end the Zimbabwean Exemption Permit. The cabinet’s decision to end the permits drew a chorus of ...

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• 13 December

  Putin aide’s son named head of Russia’s top social network

  

    Bloomberg The son of Russian President Vladimir Putin’s top domestic policy adviser was appointed the head of the country’s biggest social network after Gazprom PJSC-linked companies bought a controlling interest in it. Vladimir Kirienko, 38, who was previously a first vice-president at state-owned Rostelecom, has been named chief executive officer at VK, the company said in a statement. He ...

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• 13 December

  Pressure piles on Mali to stick to vote deadline

  

    Bloomberg The Economic Community of West African States threatened over the weekend to impose new sanctions on Mali to compel the country’s military leaders to set a timetable for February 27 elections that would restore democratic rule. Ecowas, as the regional economic bloc is known, is considering “economic and financial sanctions” from January 1, according to a statement issued ...

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• 13 December

  UniCredit plans to return $18b to investors by 2024

  

    Bloomberg UniCredit SpA intends to return at least $18.1 billion to shareholders by 2024, rolling out one of Europe’s most ambitious payout plans as part of Chief Executive Officer Andrea Orcel’s first strategy revamp. The Milan-based lender is seeking to distribute 100% of underlying profit in a mix of cash dividends and share buybacks on 2021 earnings, according to ...

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• 13 December

  RBI allows LIC to double its stake in IndusInd Bank

  

      Bloomberg Reserve Bank of India (RBI) allowed Life Insurance Corp of India (LIC) to double its stake in private-sector lender IndusInd Bank Ltd., the company said in a filing to exchanges. The nation’s largest insurer can raise its stake in the bank founded by the billionaire Hinduja brothers up to 9.99% from the current 4.95%, the bank said ...

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• 13 December

  London court orders JPMorgan to reinstate trader at six-figure job

  

    Bloomberg JPMorgan Chase & Co was ordered by a London judge to give a trader that it fired during a market spoofing probe a near $600,000 job at the investment bank. The bank must rehire Bradley Jones, a cash equities trader, who won his unfair dismissal case earlier this year. Jones successfully argued that he was only fired because ...

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• 13 December

  Philippines probes online fraud complaints at banks

    Bloomberg The Philippine central bank is looking into complaints that some clients of BDO Unibank Inc, the country’s largest lender by assets, lost money to an online fraud in which funds were channeled to accounts at Union Bank of the Philippines. “We are in close coordination with BDO as well as UBP on this incident to ensure that remedial ...

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• 13 December

  Deutsche haunted by control lapses as US warns of breach

  

    Bloomberg Deutsche Bank AG’s control lapses keep haunting Christian Sewing. The Chief Executive Officer of Germany’s largest lender has spent his almost four years in the role trying to mend relations with regulators and restore a path to sustainable profitability. While he’s made progress on the latter, a slew of recent legal and regulatory headaches threaten to overshadow those ...

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• 13 December

  ‘Banks must keep better tabs on risks’

    Bloomberg The Federal Reserve, in a review of the massive losses banks incurred in the collapse of Archegos Capital Management, told lenders they must maintain sufficient margin when dealing with investment funds and are responsible for understanding their positions. The regulator is still reviewing specific firms’ weaknesses and may take further action, the Fed said in a letter to ...

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• 13 December

  China seeks to curb relentless yuan gains with surprise fix

  

    Bloomberg China’s central bank took further steps to limit the yuan’s strength, a day after policy makers made their most substantial move yet to rein in the currency’s surge against the dollar. The People’s Bank of China (PBOC) set its daily yuan fixing at the weakest relative to estimates since Bloomberg began publishing the forecasts in 2018. The fixing ...

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