October, 2020

• 18 October

  HDFC’s Q2 profit tops estimate as loans jump, bad debt drops

  

  Bloomberg HDFC Bank Ltd., India’s largest private lender, posted second-quarter profit that beat analysts’ expectations on strong loan growth and fall in bad loans. Net income was 75.1 billion rupees ($1.02 billion) for the three months to September, up from 63.4 billion rupees a year earlier, the lender said in a filing. The profits were 17% higher than the 64.1 ...

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• 18 October

  Westpac cuts 150 jobs as it exits China, India

  

  Bloomberg Westpac Banking Corp. is cutting more than 150 jobs as Australia’s second-largest lender consolidates its international operations, according to people familiar with the matter. The cuts will impact employees in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta where the Sydney-based bank is exiting its operations. Most staff are locally employed and the process will take one to two years, ...

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• 18 October

  Goldman Sachs warns of more job losses

  

  Bloomberg Wall Street’s top matchmaker for megadeals sees a wave of corporate takeovers coming with a worrying implication for the workforce: a jump in job losses. “Politicians are going to be faced with the uncomfortable reality that you’re going to have more big business doing better and that there’s going to be more losses of jobs along the way,” Goldman ...

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• 18 October

  New currency notes gets 1m Ethiopians into banking system

  

  Bloomberg Ethiopia’s effort to stamp out counterfeiting by introducing new currency notes is pulling people who’ve never had a bank account into the financial system. Over the past four weeks, almost 1 million previously unbanked Ethiopians have handed in their two-decade-old banknotes, according to the central bank. In exchange, they were given a bank account from which they can draw ...

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• 18 October

  Singapore’s central bank keeps policy unchanged

  Bloomberg Singapore’s central bank signaled it would keep monetary policy unchanged for longer to complement a massive fiscal stimulus supporting the economy’s recovery. The Monetary Authority of Singapore, which uses the exchange rate as its main tool rather than a benchmark interest rate, kept its policy settings unchanged, in line with economists’ forecasts. The slope of the currency band was ...

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• 18 October

  Brexit no match for pandemic’s grip over European markets

  

  Bloomberg European investors started the past week preparing for a Brexit showdown. They ended up getting blindsided by a fresh wave of virus restrictions, in a reminder of the pandemic’s power to thrash markets. The announcements of Paris curfews and London curbs on activity was what ultimately drove the Stoxx 600 to its first weekly loss in three and sent ...

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• 18 October

  Canadian transport shares rally over e-commerce blitz

  

  Bloomberg A rally in Canadian transport stocks is gaining momentum, backed by a pick-up in e-commerce as consumers favour online shopping amid a resurgence of coronavirus in parts of the country. The ongoing pandemic, coupled with strong demand from online retail sales in the third quarter and Amazon.com Inc.‘s two-day Prime Day sale this week, turned investors’ attention to shares ...

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• 17 October

  Oil gains as resurgence of virus threatens demand

  

  Bloomberg Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market. Futures in New York edged lower, but still managed to record an advance of 0.7% this week on shrinking US crude stockpiles and signs of improving demand in China and India. ...

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• 17 October

  Wizz Air Abu Dhabi all set to launch operations

  

  Abu Dhabi / WAM Wizz Air Abu Dhabi, the new national airline of the UAE’s, officially received its Air Operator Certificate (AOC) from the UAE General Civil Aviation Authority (GCAA). Receiving the AOC completes the last step in the regulatory processes for starting the airline and is the confirmation from the GCAA that Wizz Air Abu Dhabi is in compliance ...

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• 17 October

  Aldar signs deal to support UAE’s frontline professionals

  Abu Dhabi / WAM Aldar Properties (Aldar) signed a Memorandum of Understanding (MoU) with the Frontline Heroes Office (FHO) to recognise and support UAE’s frontline professionals. The agreement allows Aldar to directly support the Frontline Heroes Office’s mission to raise awareness of the key role played by frontline professionals during crises and emergencies in 2020 and beyond. The FHO supports ...

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