October, 2019

• 15 October

  JPMorgan posts surprise increase in banking fees

  

  Bloomberg JPMorgan Chase & Co’s traders and investment bankers emerged from a messy third quarter with a few surprise wins. Fixed-income trading jumped 25% and investment-banking fees posted an unexpected increase, the company said on Tuesday in a statement. That led the corporate and investment bank division to its best third quarter in three years. JPMorgan seized on some late-quarter ...

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• 15 October

  Bank of Korea expected to cut rates

  

  Bloomberg South Korea’s first-ever drop in consumer prices and a relentless decline in exports are adding to the case for the central bank to cut interest rates on Wednesday. The Bank of Korea (BOK), which lowered its key rate in July and left it unchanged in August, will reduce the seven-day repurchase rate by 25 basis points to 1.25%, matching ...

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• 15 October

  BOE’s Carney defends Facebook’s Libra concept

  

  Bloomberg Bank of England (BOE) Governor Mark Carney has defended the concept behind new crypto currencies like the Facebook Inc-led Libra. Asked by lawmakers in London on Tuesday why firms like the social media company should be getting involved in such projects given the associated risks, Carney pointed to the shortcomings of existing payments systems. He said the high costs ...

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• 15 October

  Wirecard drops on ‘accounting misdeeds’ report

  Bloomberg Wirecard AG fell the most since February in Frankfurt after a news report said it found repeated questionable accounting practices at the German payments firm. Wirecard fell as much as 23% in early trading after the Financial Times said it’s published internal company documents and correspondence that “appear to indicate a concerted effort to fraudulently inflate sales and profits” ...

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• 15 October

  Paytm nears SoftBank, Ant fundraising at $16bn valuation

  

  Bloomberg Paytm is close to scoring $2 billion of new financing from investors including Jack Ma’s Ant Financial and SoftBank Group Corp, a person familiar with the matter said, describing a mega-deal that will raise the temperature in India’s increasingly heated financial payments arena. Rob Citrone’s Discovery Capital Management is also in discussions to join a funding round that values ...

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• 15 October

  Stocks gain as earnings for third quarter roll in; Treasuries rally

  

  Bloomberg US equity-index futures rose with stocks in Europe as major Wall Street names began reporting earnings for the third quarter. Contracts on the S&P 500 trimmed some of their advance and Treasuries rallied as Bloomberg reported China may struggle to buy the volume of American goods proposed in the “phase one” trade deal. The three main American equity indexes ...

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• 15 October

  Pound rebounds after EU sparks hopes for ‘Brexit’

  

  Bloomberg The pound climbed towards a three-month high after European Union chief negotiator Michel Barnier rekindled optimism for a Brexit deal before the week is out. Sterling is leading gains among of Group-of-10 currencies, after Barnier said a deal is possible this week but talks remain tough. Options prices showed that investors are positioning for further wider swings in the ...

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• 15 October

  South Korea speeds up plans for autonomous, electric cars

  

  Bloomberg South Korea unveiled plans to speed up the adoption of electric cars, self-driving vehicles and even flying automobiles in the coming years to help revive a sagging economy. President Moon Jae-in said in a speech on Tuesday Korean companies will invest 60 trillion won ($50 billion) over the next decade into the future of transportation. The government will spend ...

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• 15 October

  Singapore’s home sales rise 13% in September

  

  Bloomberg Sales of private apartments in Singapore jumped 13% in September to the highest in more than a year even as home-price growth moderated. Developers in the city-state sold 1,270 apartments last month versus a revised 1,123 in August, according to data from the Urban Redevelopment Authority released on Tuesday. That’s the most since July 2018, when the government shocked ...

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• 15 October

  India plans to train women to combat water challenge

  

  Bloomberg Prime Minister Narendra Modi’s government plans to employ women across villages to test water quality to combat rising challenges, amid scarcity of the resource across India. Women in villages across 256 water-scarce districts will receive training to ensure clean water supplies, Smriti Irani, the federal minister for women & child development, said in Mumbai. The programme will be expanded ...

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