August, 2021

• 4 August

  Malaysia’s political woes worsen as key party leaves ruling bloc

  Bloomberg Malaysia’s largest political party said it is retracting support for the ruling coalition shortly after one of its lawmakers resigned as a minister, putting the administration of embattled Prime Minister Muhyiddin Yassin in a limbo. Shamsul Anuar Nasarah, a member of the United Malays National Organisation, resigned as the nation’s energy minister Tuesday, shortly before a briefing by UMNO ...

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• 4 August

  SocGen lifts outlook as loan worries fade, equities rebound

  

  Bloomberg Societe Generale SA gave an upbeat outlook for the year as the economic recovery allows it to set aside less for soured loans and a rebound in equities trading fueled earnings that beat analysts’ estimates. The Paris-based lender expects to set aside 10 basis points less — equal to about 500 million euros ($593 million) — for souring debt ...

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• 4 August

  Dai-Ichi nearing $1b deal for Westpac unit

  

  Bloomberg Dai-ichi Life Holdings Inc is nearing a deal for Westpac Banking Corp’s life insurance unit that could value the business at about $1 billion, according to people with knowledge of the matter. Dai-ichi Life is in exclusive talks with Australia’s second-largest bank and an announcement could come as soon as this month, the people said, asking not to be ...

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• 4 August

  Peso may extend drop on Philippine rating risk

  Bloomberg July was a brutal month for the Philippine peso and there appears to be little respite on the horizon. After capping its steepest monthly decline in over three years, the currency could extend losses due to a worsening virus outbreak and the risk of a sovereign rating downgrade. It may drop towards 51 per dollar, a level last reached ...

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• 4 August

  Goldman Sachs, Credit Suisse raise junior banker pay, joining rivals

  

  Bloomberg Goldman Sachs Group Inc and Credit Suisse Group AG are joining rivals in bumping pay for junior bankers, following uproar earlier in the year over the work-till-you-drop culture exposed by the pandemic. Goldman Sachs will now pay first-year analysts at least $110,000 up from $85,000, according to people familiar with the matter. Their second-year counterparts will get $125,000 up ...

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• 4 August

  Banking Circle is seeking funding at $5.9b valuation

  

  Bloomberg Banking Circle, a financial technology startup, is seeking to raise new funding at a valuation of around $5.9 billion, according to people with knowledge of the matter. The company, led by Anders la Cour and Laust Bertelsen, is working with advisers to solicit interest from investors for a roughly $500 million funding round, the people said, asking not to ...

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• 4 August

  Paschi bondholders to be shielded in UniCredit takeover

  

  Bloomberg Banca Monte dei Paschi di Siena SpA’s bondholders are expected to be shielded from any losses in the event of a takeover by UniCredit SpA, according to people familiar with the matter. UniCredit and the Italian Treasury are looking at options to protect holders of Paschi debt from losses if the deal is finalised, including the possibility for Italy’s ...

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• 4 August

  Stocks gain as earnings offset fresh China clampdown worries

  

  Bloomberg Stocks in Europe extended a record advance on Tuesday as positive earnings from some of the region’s biggest companies helped offset fresh concerns about China’s clampdown on the gaming and technology sector. Energy shares led a modest gain in the Stoxx Europe 600 index after BP Plc followed its Big Oil peers by increasing dividends and share buyback, while ...

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• 4 August

  Chinese auto-chip stocks fall after official probe into pricing

  

  Bloomberg Chinese automobile-chip maker stocks tumbled after the government launched a probe into possible price manipulation, putting a brake on share surges buoyed by a global semiconductor shortage that’s approaching the 12-month mark. Chip developers GigaDevice Semiconductor (Beijing) Inc, Wuxi NCE Power Co. and Hangzhou Lion Electronics Co plunged by their 10% daily trading limit in Shanghai on Tuesday after ...

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• 4 August

  Overseas investors buying China stocks by long stretch

  Bloomberg Overseas investors have loaded up on Chinese stocks by the longest stretch since late April, following a rout last week that pushed the country’s benchmark index to its lowest in almost nine months. Foreigners bought a net 21.5 billion yuan ($3.3 billion) over the past five trading sessions via trading links with Shanghai and Shenzhen, according to Bloomberg-compiled data. ...

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