July, 2020

• 9 July

  India’s ICICI bank to raise $2bn in capital

  

  Bloomberg ICICI Bank Ltd. plans to raise as much as 150 billion rupees ($2 billion) in capital, adding to the list of Indian lenders that are bolstering buffers as the pandemic threatens to push up bad loans. The nation’s second-largest private-sector bank will raise the funds via shares or equity-linked securities in one or more tranches, it said in a ...

  Read More »
• 9 July

  Australian banks extending deferral of loan repayments

  

  Bloomberg Some of Australia’s biggest banks will extend the deferral of loan repayments for up to four months as the nation scrambles to contain the threat of a second wave of coronavirus infections. Customers who can resume paying their loans will be required to do so at the end of their six-month deferral period, the Australian Banking Association (ABA) said ...

  Read More »
• 9 July

  Sri Lanka cuts key rate again to aid economy

  

  Bloomberg Sri Lanka’s central bank lowered borrowing costs for a fifth time this year to support the economy amid the coronavirus crisis. The central bank of Sri Lanka cut the standing lending facility rate by 100 basis points to 5.5%, according to a statement. Two of the five economists surveyed by Bloomberg predicted the move, while all expected a cut. ...

  Read More »
• 9 July

  Nigeria weakens naira as it seeks single rate

  Bloomberg Nigeria’s central bank devalued the naira by 5.5% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency. The official rate to the greenback was pegged at 381 naira from 360, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. ...

  Read More »
• 9 July

  Yes Bank to raise $2bn in share sale

  Bloomberg Yes Bank Ltd., the Indian lender that was rescued this year after being inundated with bad loans, plans to raise as much as $2 billion in a public offering to shore up capital. The share offering will be from July 15 to 17, according to a stock exchange filing on Thursday. The Mumbai-based bank had earlier planned to raise ...

  Read More »
• 9 July

  Zimbabwe’s CBZ to buy small banks in consolidation push

  

  Bloomberg Zimbabwe’s biggest bank plans to buy several smaller lenders in a consolidation drive to leave the troubled southern African nation with fewer, stronger institutions, according to two people with direct knowledge of the matter. CBZ Holdings Ltd., majority-owned by the government, is in talks with the Reserve Bank of Zimbabwe over the acquisitions, the people said, asking not to ...

  Read More »
• 9 July

  European stocks gain amid economic support policies

  

  Bloomberg European stocks snapped a two-day losing streak as investors kept faith with economic support policies, helped by some reassuring earnings news. The dollar fluctuated alongside US equity futures. Shares in Europe’s largest technology company, SAP SE, rose 7% after it reported better-than-expected second quarter revenue on returning demand for software in Asia, boosting hopes for a deeper recovery. It ...

  Read More »
• 9 July

  Malaysia tech stocks on fire with gauge hitting 16-year high

  

  Bloomberg As Malaysia’s benchmark stock index inches closer to erasing its loss for the year, one corner of the market has raced ahead: technology shares. The Bursa Malaysia Technology Index of 38 stocks has soared 95% from a March low to reach the highest level since 2004, led by manufacturers ViTrox Corp. and UWC Bhd. The main FTSE Bursa Malaysia ...

  Read More »
• 9 July

  Flows to India’s stock funds tumble in June

  Bloomberg Flows into Indian stock funds slumped in June as investors pocketed gains from a strong rebound in equities as the pandemic showed no signs of slowing in Asia’s third-largest economy. Equity plans got 2.4 billion rupees ($32 million), according to data from the Association of Mutual Funds in India. That’s down 95% from 52.6 billion rupees received in May, ...

  Read More »
• 8 July

  Initiative launched to make Dubai safest in cyberspace

  

  Dubai / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, on Wednesday launched the Dubai Cyber Index, an initiative aimed at supporting the efforts of Dubai’s government entities to ensure the highest standards of cybersecurity. The first initiative of its kind in the world, the ...

  Read More »