September, 2019

• 22 September

  China needs flexi yuan, fewer capital controls: Think tank

  

  Bloomberg China needs a more flexible and convertible yuan to improve investors’ confidence in the currency, a financial think tank said. The country should simplify management on the yuan exchange rate and loosen capital controls in an orderly way as part of the efforts to improve the currency’s global use, according to a report published by the China Finance 40 ...

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• 22 September

  China to work with Asia to secure trade rules

  Bloomberg China will work with other Asian countries to safeguard international trade rules, as well as the monetary and financial order, according to its former central bank Governor Zhou Xiaochuan. The country is determined to uphold multilateralism, and is accelerating the pace of its opening-up to integrate more completely into the global economy, Zhou said at the Singapore Summit conference. ...

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• 22 September

  Banks change rules of negative rate game for Danes

  

  Bloomberg Denmark is about to become a test case for what happens when banks start charging a lot of customers to store their money. That’s because one of the country’s biggest banking groups just changed the rules of the game, by removing the floodgate that had shielded most retail depositors. Until recently, only people with roughly $1 million in surplus ...

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• 22 September

  Tax cut gives Modi perfect pitch to win US investments

  

  Bloomberg Prime Minister Narendra Modi arrived in the US a day after delivering a $20 billion tax-cut stimulus for companies, which strengthens his pitch to American chief executives about the ease of doing business in India. His government cut corporate taxes to rival some of the lowest in Asia, helping India compete with the likes of Vietnam and Indonesia to ...

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• 22 September

  Reliance Capital’s $13b debt at risk after default rating

  

  Bloomberg Reliance Capital Ltd’s downgrade to default grade at Care Ratings Ltd places the debt of embattled tycoon Anil Ambani’s conglomerate at risk, reigniting India’s credit scare. Mumbai-based Care cut Reliance Capital’s bonds by eight notches to D from BB, citing a delay in coupon payments on several of the lender’s non-convertible debentures, the rating company said in a statement. ...

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• 22 September

  China cancels America’s ‘goodwill’ farm visit

  Bloomberg In a quick change of events, the Montana Farm Bureau Federation said a planned visit by Chinese officials to its state’s farms is cancelled. The group was told by the Chinese embassy that the delegation “had an adjustment of their agenda” and they’re headed back to China earlier than planned, Rebecca Colnar, a spokeswoman for the Montana bureau, said. ...

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• 22 September

  Drought, wildfires inflict double whammy on Indonesian crops

  

  Bloomberg Wildfires, smoke and drought are inflicting an increasingly painful toll on Indonesian agriculture, hurting everything from oil palm plantations to rubber trees and rice fields. Raging forest fires in Sumatra and Borneo may curb supplies of palm oil and rubber, while a longer than usual dry season in Java has wilted some of the country’s rice crop, which is ...

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• 22 September

  China energy plan sees coal-hauling rail line

  

  Bloomberg There’s nothing quite like a massive coal rail to demonstrate China’s loyalty to the dirtiest of fossil fuels. Almost a decade in the making, the nearly $30 billion Haoji Railway will start around the end of this month and eventually haul as much as 200 million tons from key producing regions in the north to consumers in the south. ...

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• 22 September

  UK Port of Dover says it’s ready for no-deal Brexit disruption

  

  Bloomberg The Port of Dover — through which a sixth of the UK’s trade in goods flows — can cope with any disruption thrown up by a no-deal Brexit, Chief Executive Officer Doug Bannister said, suggesting some of the direr predictions of chaos are wide of the mark. “The Port of Dover is 100 percent ready,” he said in an ...

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• 22 September

  Carcinogen in Zantac leads to another shipment halt, recall

  

  Bloomberg A global effort to remove gastrointestinal medication tainted with a potential carcinogen from the market gained momentum, as one of India’s largest generic drugmakers halted shipments to customers worldwide and Italy ordered a recall of some medicine that originated in India. Dr Reddy’s Laboratories Ltd said it is suspending all distribution of its ranitidine, the generic version of the ...

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