August, 2019

• 14 August

  China stocks cling to tariff-driven gains

  

  Bloomberg Stocks in China and Hong Kong pared earlier advances as relief that the US will delay imposing tariffs on some consumer goods was tempered by weak economic data. The yuan climbed the most since June 20. The Hang Seng Index overcame an afternoon wobble to close 0.1 percent higher, rising for the first time in four days, while protests ...

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• 14 August

  China’s $55b MLF maturity will give a signal on easing

  

  Bloomberg China’s central bank will likely roll over maturing debt to ease liquidity in the financial system as the economy slows amid the trade dispute with the US. The People’s Bank of China is expected to roll over 383 billion yuan ($55 billion) of medium-term lending facility loans due to mature on Thursday, analysts said, after July industrial output growth ...

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• 14 August

  ECB blasts banks for slow-walking their Brexit preparations

  

  Bloomberg The European Central Bank (ECB) blasted banks for slow-walking their Brexit preparations, telling them they must move additional staff and resources to the European Union in case Britain leaves without a deal on October 31. The central bank said that firms have transferred “significantly fewer activities, critical functions and staff” to their EU operations than originally foreseen as part ...

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• 14 August

  OCBC weighs bid for control of Indonesia’s Bank Permata

  

  Bloomberg Oversea-Chinese Banking Corp. (OCBC) is weighing a bid for a controlling stake in PT Bank Permata, an Indonesian lender backed by Standard Chartered Plc, according to people with knowledge of the matter. OCBC is considering an offer for almost 90% of the $1.9 billion bank, said the people, asking not to be named as the deliberations are private. Singapore’s ...

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• 14 August

  Nordic banks buckle under negative rates

  

  Bloomberg Ever since negative interest rates became a thing, banks have been too afraid to pass them on to retail depositors. That may be about to change. In Scandinavia, where sub-zero rates have been the norm longer than most other places, the finance industry has undergone several drastic adjustments to survive the regime. Banks have relied more on asset management ...

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• 14 August

  RBS may name Alison Rose as its next CEO

  Bloomberg Royal Bank of Scotland Group Plc may appoint Alison Rose as chief executive officer, succeeding Ross McEwan, possibly as soon as next week, Sky News reports, citing unidentified people in the industry. Rose, currently deputy CEO of Natwest Holdings Ltd., would be the first woman to head a major UK high-street bank, Sky said. Banking regulators are considering the ...

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• 14 August

  Brazil central bank caught between trade war, weak growth

  

  Bloomberg Brazil’s central bank will have to weigh potential price pressures from the US-China trade war against prospects of a disappointing recovery when determining how long its easing cycle will last. On one hand, worsening trade tensions may push Brazil’s real lower and consequently dissuade policy makers from more aggressive benchmark interest rate cuts. On the other, fresh signs of ...

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• 14 August

  Coach, Givenchy feel China backlash over t-shirt designs

  

  Bloomberg Western fashion brands are coming under fire in China for designs perceived to run afoul of local political sensitivities, sparking calls for boycotts in a market that accounts for a third of global luxury demand. Less than 24 hours after Versace apologised for t-shirts that were accused of defying the One-China Policy, American fashion label Coach and French luxury ...

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• 14 August

  Boeing Max buyer posts record profit over ‘compensation’

  

  Bloomberg Indian budget carrier SpiceJet Ltd booked income on the expectation of receiving compensation from Boeing Co for grounded 737 Max jets, posting its highest-ever profit in the process. Airlines around the world have sought compensation from Boeing for order delays and losses caused by the grounding of the 737 Max in the wake of two deadly crashes. There’s no ...

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• 14 August

  Sports Direct plunges after its auditor leaves

  Bloomberg Sports Direct International Plc plunged after its auditor quit without a replacement, heightening corporate governance concerns at the British retailer controlled by billionaire Mike Ashley. The shares fell as much as 11 percent in London, bringing their decline over the past 12 months to more than 45 percent. Auditor Grant Thornton UK LLP will end its role on September ...

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