August, 2018

• 6 August

  HSBC’s equities unit worst among banks amid surge for rivals

  

  Bloomberg HSBC Holdings Plc posted one of the worst equities-trading revenue performances among global banks in the second quarter amid an overall slump at its markets business. Revenue from stock trading at the Asia-focused bank fell 17 percent to $279 million, according to a company presentation. US banks posted a 14 percent average increase for the period and some of …

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• 6 August

  Absa sees improvement in profit measure this year

  Bloomberg Absa Group Ltd. forecast that its return on equity, a measure of profit, will improve slightly this year, helped by the South African lender’s operations in the rest of the continent. While costs will improve by the end of the year, expenses are still likely to grow faster than income, the bank said. Absa, which rebranded from Barclays Africa …

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• 6 August

  Romania leaves rates unchanged

  

  Bloomberg Romania unexpectedly left borrowing costs unchanged, looking past the European Union’s fastest inflation as the economy cools. The National Bank of Romania kept its benchmark interest rate at 2.5 percent on Monday. Three of 18 analysts in a Bloomberg survey predicted the decision, while 15 saw a quarter-point increase. Governor Mugur Isarescu was expected to hold a briefing in …

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• 6 August

  Goldman mulls custody offering for crypto funds

  

  Bloomberg Goldman Sachs Group Inc. could offer a boost for the burgeoning universe of funds betting on cryptocurrencies. The firm is considering a plan to offer custody for crypto funds, according to people with knowledge of the matter. That means the bank would hold the newfangled securities on behalf of the funds, reducing risk for clients seeking to guard against …

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• 6 August

  Social Finance reports second-quarter loss of $200mn

  

  Bloomberg Writedowns of underperforming loans drove Social Finance Inc. (SoFi) to a second-quarter adjusted loss of about $200 million, according to people familiar with the matter. The student-loan refinancer, which has been trying to transform itself into a broader online financial-services company, took a one-time charge on loans originated before the second quarter, one of the people said. The company …

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• 6 August

  Power prices slip below zero as green energy floods grid

  

  Bloomberg Bright and breezy days are becoming a deeper nightmare for utilities struggling to earn a return on traditional power plants. With wind and solar farms sprouting up in more areas — and their power getting priority to feed into the grid in many places — the amount of electricity being generated is outstripping demand during certain hours of the …

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• 6 August

  GCL-poly shares tumble as $1.9bn unit sale collapses

  Bloomberg China’s GCL-Poly Energy Holdings Ltd. sank to the lowest level in more than nine years as a deal for the company to sell a controlling stake in its polysilicon unit worth $1.9 billion to Shanghai Electric Group Co. fell apart. Shares of GCL-Poly in Hong Kong fell 7.6 percent to close at HK$0.61, the lowest since March 2009, paring …

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• 6 August

  US considers oil sanction waivers as new Iran penalties start

  Bloomberg The Trump administration will consider partial exemptions from oil sanctions against Iran for some countries as a first wave of non-oil penalties against the Islamic Republic snap back into effect on Tuesday, US officials said. President Donald Trump is still willing to meet with Iranian President Hassan Rouhani at any time, without preconditions, as the US ramps up economic …

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• 6 August

  House of Fraser seeks funds as China rescuer pulls out

  

  Bloomberg House of Fraser Ltd. needs a new lifeline after a Chinese retailer pulled its plan to buy a majority stake, leaving the UK department-store chain on the brink of collapse and threatening about 17,000 jobs. Would-be rescuer C.banner International Holdings Ltd. shelved plans to raise funds for the purchase of a 51 percent stake in the British chain, citing …

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• 6 August

  Taiwan to hit back at airlines ‘saying island belongs to China’

  

  Bloomberg Taiwan is looking at ways to hit back at foreign airlines that recently caved in to pressure from Beijing to refer to the island as part of China. The transportation ministry is studying countermeasures, according to an official who asked not to be identified because they are not authorised to speak publicly. Taipei-based United Daily News reported earlier the …

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