August, 2021

• 28 August

  PBOC signals reserve ratio cut to boost rural finance

  

  Bloomberg China’s central bank signaled it may reduce the reserve requirement ratio for banks to spur rural finance, a targeted move that would help cushion the economy as it slows. The People’s Bank of China (PBOC) said it will use monetary policy tools including the reserve ratio, and relending and rediscounting measures for rural development, according to a statement. That ...

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• 28 August

  Top Indonesia bank bolsters digital arm to fend off tech giants

  

  Bloomberg PT Bank Central Asia (BCA) will invest $200 million into its digital arm to fend off competition from tech giants Gojek and Sea Ltd that are expanding into one of world’s largest unbanked markets. The Southeast Asian nation’s biggest lender by market value will use the funds to help Blu, its one-month old digital unit, to increase market share ...

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• 28 August

  BOJ sees Delta variant delaying recovery more than expected

  

  Bloomberg Japan’s economic recovery will be delayed more than previously expected as the delta variant pushes up infections to record levels, according to a Bank of Japan (BOJ) board member. “The current spread of infections is more than expected at the time of the July policy meeting,” Toyoaki Nakamura, one of nine members on the board, told reporters in Tokyo. ...

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• 28 August

  Bank of Korea hikes rates

  

  Bloomberg South Korea became the first major Asian economy to raise interest rates, with more hikes in the pipeline as its central bank indicated that financial risks pose a bigger threat to the economy than the latest virus outbreak. Governor Lee Ju-yeol said the quarter-percentage-point hike to 0.75% still left rates in an accommodative position that supports the economy. He ...

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• 28 August

  Barclays buys $3.8b Gap credit card portfolio

  Bloomberg Barclays Plc acquired a $3.8 billion portfolio of credit cards from retailer Gap Inc., giving it a new route to American consumers. The British bank will issue co-branded and private label credit cards in the US to Gap customers from the second quarter next year, Barclays said in a statement. While Chief Executive Officer Jes Staley has made the ...

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• 28 August

  BlackRock faces key test in $15trn China asset market

  

  Bloomberg BlackRock Inc is gearing up for the first test of Chinese investor appetite for its own mutual fund products, more than 15 years after entering the world’s most promising wealth market. The company’s new China unit is launching its debut product on August 30, just two months after winning regulatory approval to become the nation’s first wholly foreign-owned mutual ...

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• 28 August

  Microsoft cloud databases vulnerable for years

  

  Bloomberg A vulnerability in Microsoft Inc.’s cloud database system left data at thousands of clients exposed to potential cyberattacks for about two years, according to the Israeli cybersecurity firm that discovered the bug. More than 3,300 of the software giant’s customers were exposed to a flaw in its Azure Cosmos DB database product that could have granted a malicious actor ...

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• 28 August

  Apple to repair iPhone 12 devices with audio problems free of cost

  

  Bloomberg Apple Inc said a “very small percentage” of iPhone 12 and iPhone 12 Pro devices have an audio problem and pledged to repair the products for affected customers. The phones in question, manufactured between October 2020 and April 2021, have a defect with a component on the receiver module, Apple said on its website. The repair will be free ...

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• 28 August

  Facebook adds calling to main app

  Bloomberg Facebook Inc is bringing voice and video calling to its flagship social networking service, the latest attempt to fine-tune its communications features after spinning off Messenger as a separate app in 2014. Some users, including those in the US, will be able to place voice or video calls from the Facebook app. The new feature is just a test, ...

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• 28 August

  Chip crunch to last through 2022, warns Toyota supplier

  

  Bloomberg Japan’s Rohm Co. says that vital semiconductors for automobiles and industrial machinery will likely remain in short supply at least throughout next year, adding to ominous warnings about further fallout from the global chip crisis. The Kyoto-based chipmaker, whose customers include Toyota Motor Corp, Ford Motor Co and Honda Motor Co., has been hampered by a severe shortage of ...

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