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Bloomberg Bank of America Corp. (BofA) and JPMorgan Chase & Co. were the winning bidders on $900 million of New York Metropolitan Transportation Authority (MTA) debt to finance subway, bus and commuter-rail capital projects as the transit agency seeks federal aid to avoid major service cutbacks. The sale shows the MTA, the largest mass-transit system in the US, can raise ...
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September, 2020
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17 September
Sweden’s biggest bank cost cuts to hit 1,000 employees
Bloomberg Svenska Handelsbanken AB unveiled a series of cost cuts as part of a digital revamp it says will affect about 1,000 employees. Sweden’s biggest bank intends to almost halve its branch network, which has long been a hallmark of its business model, according to a statement on Wednesday. At the same time, management will invest about 1 billion kronor ...
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16 September
ING Groep-led banks win access to accounts of Citi
Bloomberg A group of banks led by ING Groep won a court order compelling Citigroup Inc. and Sumitomo Mitsui Financial Group Inc. to reveal account details linked to failed commodities firm Agritrade International Pte. The Singapore ruling makes the two lenders share client names, bank statements and fund transfer instructions, according to court documents obtained by Bloomberg News. The information ...
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16 September
Shadow banks ride out crisis while virus ravages India
Bloomberg The health of India’s shadow banks remained resilient in August, suggesting that record stimulus steps by the nation’s authorities are helping the crisis-hit sector ride out the coronavirus pandemic. Premiums on non-bank lenders’ bonds narrowed to a two-year low, according to an index of AAA rated five-year notes. Three other indicators compiled by Bloomberg, covering areas including liquidity and ...
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16 September
Barclays sets up electronic forex trading system in Singapore
Bloomberg Barclays Plc will start a foreign exchange trading and pricing engine in Singapore in mid-2021, marking the British lender’s fourth electronic currency trading hub globally. Barclays will build out a local version of the trading system, known as BARX, adding to hubs in New York, London and Tokyo, the London-based bank said in a statement on Wednesday. “FX is ...
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16 September
JPMorgan says $200bn may flow out of stocks this quarter
Bloomberg Pension and sovereign wealth funds are set to offload about $200 billion of equities as they rebalance their portfolios, posing a risk for global shares, according to JPMorgan Chase and Company. This would be the most negative quarterly adjustment since the pandemic hit, strategists led by Nikolaos Panigirtzoglou said on Tuesday. The overall figure stems from calculations spanning US ...
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16 September
Stocks rally to revive Indian IPOs from the lowest in four years
Bloomberg A drought in India’s initial public offerings (IPOs) might be easing with companies preparing to tap a buoyant stock market after investors piled into two recent sales. A bunch of firms — ranging from a drugmaker to a jeweller — will likely test investor demand over the next few months, helping revive fundraising through first-time sales from the lowest ...
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16 September
South African stocks little changed in early trading
Bloomberg South Africa’s main stock benchmark was little changed in early trading on Wednesday as weakness in banks and index heavyweight Richemont countered gains in miners and index giant Naspers Ltd. Investors are awaiting the conclusion of a Federal Reserve meeting to gauge the extent of central bank support for the economic recovery. The Fed is expected to maintain its ...
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16 September
IEA: Oil market more fragile as resurgent virus hurts demand
Bloomberg The outlook for global oil markets has grown “even more fragile†as a resurgent pandemic derails the recovery in demand, the International Energy Agency (IEA) said. The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories — which rebounded to record levels in July — won’t subside ...
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16 September
Dubai’s dnata quadruples catering capacity in Dublin
DUBAI / WAM Dubai’s dnata, one of the world’s leading air services providers, has commenced operations at its new catering unit in Dublin. The state-of-the art facility quadruples dnata’s catering capacity in the Irish capital, enabling the company to deliver 40,000 quality inflight meals a day for customers. Already serving six airlines from its existing facility in Dublin, dnata’s continued ...
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