July, 2019

• 24 July

  World’s largest AI startup to open Abu Dhabi hub

  Bloomberg SenseTime Group Ltd., one of the world’s most valuable artificial-intelligence startups, is setting up a hub in Abu Dhabi for Europe, Middle East and Africa with plans to hire hundreds of engineers. The Chinese facial recognition firm, which counts Alibaba Group Holding Ltd. as an investor, will start work on the research and development center this year and build …

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• 24 July

  Oil rallies as US stockpiles plunge

  

  Bloomberg Oil’s rally picked up steam as US crude stockpiles shrank and domestic output plunged the most in more than a year, adding to supply concerns as tensions escalate in the Middle East. Futures jumped as much as 1.5% after the Energy Information Administration said domestic oil inventories slipped for a sixth straight week, the longest contraction since January 2018. …

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• 24 July

  India plans $10b global bond sale in October

  Bloomberg India is considering an option to raise $10 billion in one go from its first overseas bond sale as early as October, according to people with knowledge of the matter. The government would prefer to sell yen or euro-denominated debt so as to offer lower yields. A dollar bond isn’t ruled out given there would be more liquidity, while …

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• 24 July

  Trade war and US shale to keep lid on oil: Indian refiner

  

  Bloomberg The US-China trade war and the growth of American oil supply will keep crude prices in check, notwithstanding Middle East tensions, according to the head of one of India’s biggest refiners. Brent crude will likely remain in a range of $60 to $70 a barrel and could fall towards $60 if demand worsens, said Mukesh Kumar Sura-na, the chairman …

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• 24 July

  Stocks turn mixed on results, Treasuries gain with bonds

  

  Bloomberg US stocks were mixed as investors mulled weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. Treasuries advanced along with bonds in Europe. In addition to Boeing, Caterpillar weighed on the Dow Jones Industrial Average after the equipment maker projected earnings at the low end of forecasts. UPS helped to keep the S&P 500 …

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• 24 July

  Health insurers sink as rising spending gauge alarms investors

  

  Bloomberg Health-insurance stocks sank across the board after Anthem Inc became the third insurer to report it is paying out a higher percentage of the premiums it takes in to cover patients’ medical claims. Investors watch the so-called medical-loss ratio reported by health insurers closely. The number is a key measure of the companies’ financial health; when the ratio goes …

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• 24 July

  Deutsche turnaround fizzles as lower rates loom longer

  

  Bloomberg Just a few weeks into Deutsche Bank AG’s biggest restructuring yet, the complications are already starting. Germany’s largest lender posted the worst second-quarter trading result of the big Wall Street banks. The bottom line was below expectations after a $3.8 billion restructuring charge. In an interview with Bloomberg Television, finance chief James von Moltke signaled that some turnaround targets …

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• 24 July

  EU lenders may face tough laundering rules

  

  Bloomberg European Union (EU) officials called for a further tightening of the bloc’s anti-money laundering rules after identifying a host of failures that led to scandals across the financial system. Banks at times completely ignored requirements to stop illicit financial flows and supervisors were ill-equipped and often slow to deal with the issues, the European Commission said on Wednesday. Handing …

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• 24 July

  Bill Evans sees RBA cutting to 0.5%, possible extra measures

  

  Bloomberg Australia’s central bank will lower interest rates twice more and could adopt a package with the second easing to allow lenders to pass on the reduction in full, Westpac Banking Corp Chief Economist Bill Evans said. Evans brought forward his forecast for the next cut to October from November — saying by then the labour market will have deteriorated …

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• 24 July

  Standard Life, Lloyds settle ‘fund row’

  Bloomberg Lloyds Banking Group Plc and Standard Life Aberdeen Plc have reached a settlement in what was one of the most high-profile disputes in the UK fund management industry’s history. Lloyds, which wanted to pull a 104 billion-pound ($129 billion) mandate, will pay the asset manager 140 million pounds in cash as compensation, according to a statement from Standard Life. …

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