April, 2021

• 17 April

  Morgan Stanley’s record quarter stained by Archegos collapse

  

  Bloomberg Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit. “The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of ...

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• 17 April

  Bank of Thailand unfazed by US currency watchlist inclusion

  

  Bloomberg The Bank of Thailand has responded to the US decision to keep the nation on watch for currency manipulation by asserting it has stepped into the market only to curb volatility in the baht. The central bank is committed to exchange-rate flexibility, with “interventions limited only to curbing excessive volatility and rapid movements of the baht on both sides,” ...

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• 17 April

  Credit Suisse sued over Greensill Capital, Archegos

  

  Bloomberg Credit Suisse Group AG was sued by a small pension fund that alleges the bank misled investors and let “high-risk clients” including Greensill Capital and Archegos Capital Management take on too much leverage, in one of the first lawsuits since the twin debacles. The Michigan pension fund, City of St. Clair Shores Police & Fire Retirement System, filed the ...

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• 17 April

  UBS is victim of own success in bid to cut $4.4bn fine

  

  Bloomberg A ruling slashing a record French fine against a bank seemed to bode well for UBS Group AG as it fights an even larger 3.7 billion-euro ($4.4 billion) penalty in front of the same judges. But the Swiss lender might be a victim of its own success. According to details of the April 6 decision only revealed earlier this ...

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• 17 April

  SNB says its ready for forex intervention

  Bloomberg Switzerland’s central bank said it will continue with its policy of foreign-exchange interventions while seeking dialog with the US after the Biden administration dropped the country from its list of currency manipulators. The Treasury Department said that although the Swiss fulfilled the criteria for the manipulator label, there was “insufficient evidence” of the country trying to gain an unfair ...

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• 17 April

  EU set to ban surveillance, start fines under new AI rules

  

  Bloomberg The European Union (EU) is poised to ban artificial intelligence systems used for mass surveillance or for ranking social behaviour, while companies developing AI could face fines as high as 4% of global revenue if they fail to comply with new rules governing the software applications. The rules are part of legislation set to be proposed by the European ...

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• 17 April

  TSMC says trade tensions could disrupt supply of chip equipment

  

  Bloomberg Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, warned for the first time that trade tensions may disrupt its access to key production equipment and hit its operations, amid increasing friction between the US and China. The company, which produces semiconductors for Apple Inc. and other major global tech companies, said in its annual report that “ongoing trade ...

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• 17 April

  Apple working on joint TV box, HomePodspeaker to revive its home efforts

  

  Bloomberg Apple Inc has been a laggard in the smart-home space, but a versatile new device in early development could change that. The company is working on a product that would combine an Apple TV set-top box with a HomePod speaker and include a camera for video conferencing via a connected TV and other smart-home functions. The device’s other capabilities ...

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• 17 April

  Geely’s iconic Lotus Cars mulls raising $1 billion

  Bloomberg Zhejiang Geely Holding Group Co. is considering raising about $1 billion to help expand its iconic British sports and racing automotive business Lotus Cars into the electric vehicles market in China. Geely is working with advisers to sound out potential investor interest in a funding round that could value Lotus’s EV operations at about $5 billion, the people said. ...

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• 17 April

  Microsoft to acquire Nuance for $19.6bn in health-care bet

  

  Bloomberg Microsoft Corp. is buying speech-recognition pioneer Nuance Communications Inc. in an all-cash deal valued at $19.6 billion, gaining artificial-intelligence technology aimed at helping doctors predict patients’ needs and upgrading hospitals’ digital record-keeping. The software giant is offering to purchase Nuance at $56 a share, ccording to a statement, which confirmed an earlier Bloomberg report. The deal marks Microsoft’s largest ...

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