August, 2020

• 31 August

  Credit Suisse plans to double China headcount in five years

  

  Bloomberg Credit Suisse Group AG plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that’s engulfed once-favoured client and Luckin Coffee Inc. founder Lu Zhengyao. The bank has largely normalised approvals for Chinese companies, ending the increased scrutiny on loans that followed allegations ...

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• 31 August

  South Africa says no extra money available for next three years

  

  Bloomberg South Africa’s National Treasury says there are no additional resources available for government departments in the next three years. Any additional allocations will have to be funded from reductions in other programs, either within the department’s budget, or from another department’s budget, according to the document presented by Edgar Sishi, the acting head of the budget office, to the ...

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• 31 August

  Chinese borrowers face fresh tests

  

  Bloomberg Chinese firms that delayed debt payments during the coronavirus crisis are about to get the check. At least 10 companies will face fresh repayment tests on a combined 10.68 billion yuan ($1.5 billion) of bonds over the next two quarters or so, after they postponed maturities or swapped old debt for new notes to alleviate immediate pressure earlier this ...

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• 31 August

  Two Goldman officials quit Asia merchant bank division

  

  Bloomberg Two senior executives at Goldman Sachs Group Inc.’s Asia merchant banking division have retired, a year after the firm combined its multiple private investing units into one team. Jonathan Vanica, who headed credit in Asia and real estate investing in India, Southeast and Korea, left this month after 19 years at bank. David Chou, a 15-year veteran who looked ...

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• 31 August

  IOOF plans $1bn raising to buy NAB’s wealth unit

  

  Bloomberg IOOF Holdings Ltd. has agreed to buy National Australia Bank Ltd.’s (NAB) wealth management unit for A$1.44 billion ($1.1 billion) as its transformation gathers pace. The Melbourne-based investment group will seek to raise A$1.04 billion through a share sale to help finance the purchase of MLC, IOOF said in a statement on Monday. The rest will be funded through ...

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• 31 August

  BlackRock to set up mutual fund company in China

  Bloomberg BlackRock Financial Management, Inc. received approval from the China Securities Regulatory Commission to set up a wholly-owned mutual fund management company in the country. BlackRock is the first foreign business to receive the approval in China. The new company is based in Shanghai and has registered capital of 300 million yuan ($43.7 million), according to a statement on the ...

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• 31 August

  European stocks climb with US equity futures; yen weakens

  

  Bloomberg Stocks in Europe began the week advancing alongside the US futures after equities set fresh record highs. The yen weakened. Mining shares led gainers in Europe along with utilities including Suez SA, which jumped after an approach by rival Veolia Environnement SA. Contracts on the three main American stock indexes pointed to a strong open on Wall Street. Markets ...

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• 31 August

  India stocks decline as troops clash with China

  

  Bloomberg Indian stocks reversed gains, halting a six-day advance, after the government said troops clashed with Chinese counterparts. The main stock index remained on course to cap its best run of monthly gains in four years. A gauge of implied stock volatility surged after the announcement and the S&P BSE Sensex slipped 0.8% to 39,166.6 at 1:02 pm. The measure’s ...

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• 31 August

  Saudi Aramco discovers two new oil, gas fields

  

  Bloomberg Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate of 16 million standard cubic feet, in addition to 1,944 barrels of condensates, which are ...

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• 31 August

  UAE first Arab nation to grant paternity leave

  

  Abu Dhabi / WAM His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has approved the amendments to the Labor law, granting the employees in the private sector a paid leave to care for the child. The UAE will be the first Arab country to grant parental leave to employees in the private sector. The decree aims ...

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