October, 2021

• 5 October

  Banks start dropping clients to dodge costs tied to ESG risk

  

  Bloomberg European banks are beginning to drop clients that pose a climate risk rather than face possibility of higher capital requirements, according to the watchdog overseeing the development. Banks are raising prices, denying loan requests, “de-selecting industries and in some cases clients,” said Jacob Gyntelberg, director of the economic and risk analysis department at European Banking Authority (EBA). There’s already ...

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• 5 October

  Colombia increases interest rate for first time in five years

  

  Bloomberg Colombia raised interest rates for the first time in five years, following in the footsteps of all the other major inflation-targeting economies in Latin America struggling to curb a surge in prices. The seven-member board voted to lift the benchmark rate by a quarter percentage point to 2% in a split decision, central bank Governor Leonardo Villar told reporters ...

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• 5 October

  RBNZ to raise rates as Delta outbreak shackles economy

  

  Bloomberg New Zealand’s central bank (RBNZ) is expected to embark on a series of interest-rate increases to tame inflation and rein in soaring house prices, even as a coronavirus outbreak that has now spread beyond Auckland poses a greater risk to economic growth. Reserve Bank policy makers will raise the official cash rate by a quarter percentage point to 0.5% ...

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• 5 October

  China tells bankers to support property market, homebuyers

  

  Bloomberg China has urged financial institutions to help local governments stabilise the rapidly cooling housing market and ease mortgages for some homebuyers, another signal that authorities are worried about fallout from the debt crisis at China Evergrande Group. At a meeting chaired by central bank Governor Yi Gang, authorities told financial institutions to cooperate with governments “to jointly maintain the ...

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• 5 October

  Ex-Credit Suisse trader plans $1b fund launch

  

  Bloomberg Hamza Lemssouguer, a former top debt trader at Credit Suisse Group, is raising hundreds of millions of dollars from Squarepoint Capital as he starts his own hedge fund. Lemssouguer, 31, known for amassing large, risky bets on corporations, will manage the money as part of a venture with London-based Squarepoint. The Moroccan-born trader, who hopes to attract other investors, ...

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• 5 October

  Morgan Stanley plans to invest $1.36mn in five startups

  

  Bloomberg Morgan Stanley is preparing to invest $1.36 million in five startups led by women or ethnic minorities in Europe, the Middle East and Africa, expanding a program that’s run for the past four years in the US. The Wall Street bank aims to help groups that often struggle to find seed capital. According to Morgan Stanley, less than 3% ...

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• 5 October

  Global tech stock rout worsens as China index set for record low

  

  Bloomberg The global selloff in technology equities continued in Asia on Tuesday amid fears of higher interest rates, with a benchmark tracking Chinese technology stocks in Hong Kong set to close at a record low. The Hang Seng Tech Index, which officially started in July last year, dropped as much as 2.5% to slip below the previous closing low on ...

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• 5 October

  Japan’s stocks extend losing streak as new PM underwhelms

  

  Bloomberg Japanese equities fall, pushing the Nikkei 225 Stock Average to a seventh-daily loss and the brink of a technical correction, amid market disappointment with a new government and a host of threats to global economic growth. The blue-chip measure closed 2.2% lower, capping its worst longest losing streak since May 2019 and extending its loss from a September high ...

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• 5 October

  Opec+ choice to drip-feed crude supply sends price to 7-year high

  

  Bloomberg Opec+ agreed to maintain its schedule of gradual monthly production increases, triggering a surge in crude prices. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for November after a short video conference on Monday. Going into the talks, there had been speculation that they could opt for a larger supply increase, but no such proposal was made, delegates said, ...

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• 5 October

  UAE reiterates its support to transitional period in Sudan

  NEW YORK / WAM A UAE delegation, headed by Salem Mohammed Al Zaabi, Director of International Security Cooperation at the Ministry of Foreign Affairs and International Cooperation, participated in the high-level side event on Sudan, convened by the UN and the Government of Norway on the margins of the 76th session of the United Nations General Assembly. In attendance were ...

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