November, 2021

• 9 November

  Lagarde faces widening split at ECB over EU’s inflation path

  

  Bloomberg A rift is opening at the European Central Bank (ECB) over how rapidly monetary policy should respond to stubbornly high inflation. A key meeting to determine the fate of post-pandemic stimulus is just six weeks away, and opinions are diverging on whether price pressures will mostly fade or endure. The debate is unfolding as global policy makers try to ...

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• 9 November

  Biggest Kenyan bank’s 9-month profit rises 78%

  

  Bloomberg Equity Group Holdings Plc’s profit soared in the first nine months of the year as the economy recovered and the Kenyan lender generated more income from business loans and the government securities. Net income from January through September grew by 78% to 26.3 billion shillings ($236 million) from a year earlier, the East African nation’s biggest bank by market ...

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• 8 November

  India’s banks must turn to markets for funds: Minister

  Bloomberg India’s banks need to raise funds from markets for their growth rather than depend on the government for recapitalisation, Finance Minister Nirmala Sitharaman said. “Banks are today less burdened because books are cleaner,” Sitharaman said at the annual general meeting of the Indian Banks’ Association. “As a result they will able to go and raise money from markets. I ...

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• 8 November

  JPMorgan sells $3bn bonds in post-earnings bank boom

  

  Bloomberg JPMorgan Chase & Co. is selling $3 billion of bonds in the US investment-grade market, adding to a streak of debt transactions from big Wall Street banks including Citigroup Inc, Goldman Sachs Group Inc and Bank of America Corp. The biggest US bank is selling bonds in a single-tranche transaction, according to a person with knowledge of the matter. ...

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• 8 November

  Thai Credit Retail Bank weighing Bangkok IPO

  

  Bloomberg Thai Credit Retail Bank Pcl, a provider of microfinance loans, is exploring an initial public offering in Bangkok that could raise as much as $400 million, according to people with knowledge of the matter. The lender, which is part of the Thai Life Insurance group, is interviewing banks on the potential first-time share sale, said the people, who asked ...

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• 8 November

  Italy’s Monte Paschi rules out capital shortfall

  Bloomberg Italy’s Banca Monte dei Paschi di Siena posted its third straight quarterly profit and said it’s ruling out a capital shortfall on a one-year horizon. The world’s oldest bank reported net income of 186 million euros in the third quarter as it wrote back 132 million euros of loans to performing status and after extraordinary charges weren’t repeated, according ...

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• 8 November

  Credit Suisse agrees to direct prime services clients to BNP

  

  Bloomberg Credit Suisse Group AG said it agreed to recommend its hedge fund clients move to BNP Paribas SA after the Swiss bank decided to get out of that business. The referral agreement announced on Monday is part of Credit Suisse’s exit from the prime brokerage unit that lost billions in the collapse of Archegos Capital Management. Moving capital from ...

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• 8 November

  Tesla falls as Twitter users back Musk selling $21 billion stake

  

  Bloomberg Elon Musk’s social media followers have spoken: The Tesla Inc chief should sell 10% of his stake in the electric-car maker. A majority of 3.5 million Twitter users — 58% — said they’d support such a sale in a Twitter poll that Musk ran during the weekend. The stake would be valued at about $21 billion based on 170.5 ...

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• 8 November

  Lost decade lingers as emerging-market stocks trail US peers

  

  Bloomberg The beginning of the end of cheap money was heralded as the moment emerging-market stocks would reverse a decade spent in the shadow of their developed-nation peers. It’s turning out to be anything but. After a three-week rally in October that briefly raised hopes of a comeback, the benchmark gauge for the group has sunk back, reaching a 20-year ...

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• 8 November

  UAE introduces new personal status law for non-Muslims

  

  Abu Dhabi / WAM In his capacity as the Ruler of the emirate of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law to regulate personal status matters for non-Muslims in Abu Dhabi to provide a flexible and advanced judicial mechanism for the determination of personal status disputes for non-Muslims. The decision, which is ...

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