July, 2019

• 21 July

  ‘Taiwan 2020 vote will be a test of democracy’

  

  Bloomberg Taiwan’s presidential election next year will be a test of its democracy and value system, President Tsai Ing-wen said at the end of a US trip that drew rebuke from China. “Voters in Taiwan will be focussed on the future of our country, especially whether we can keep our democratic and freedom way of life,” she said at a ...

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• 21 July

  China defends Xinjiang policies amid US criticism

  

  Bloomberg China issued a defense of its policies in the Xinjiang region where its detention of ethnic Uighurs has drawn criticism from the US and other western nations. Xinjiang is an “inseparable part” of China, and internal and external hostile forces including separatists, religious extremists and terrorists are distorting history and facts to split the country apart, the official Xinhua ...

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• 21 July

  Investors risk getting tangled in Fed-markets feedback loop

  

  Bloomberg The Federal Reserve is preparing to deliver what the market expects to be the first of multiple interest-rate cuts. The others are sure to follow if policy makers can’t break what’s starting to look like a vicious circle. The Fed isn’t simply bending to the market’s will with this cut: It highlighted the risks of weak inflation and global ...

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• 21 July

  Morgan Stanley posts steep trading slide, drops 14%

  

  Bloomberg Morgan Stanley, the biggest stock-trading shop on Wall Street, is losing some of its lead. The company posted a 14 percent drop in equities-trading revenue, the steepest decline among major US banks, as it cited lower client balances in its prime-brokerage business. While the firm had a surprise jump in wealth-management fees, the trading slump caused overall revenue to ...

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• 21 July

  Nordea slumps after hinting to cut shareholder rewards

  

  Bloomberg Nordea Bank Abp said the pressure of negative interest rates and a tougher regulatory environment will force it to review its financial targets this year after delivering a set of quarterly results it characterised as “not satisfactory.” The environment has changed, “with expected lower rates for longer,” Nordea said. On top of that, management is awaiting “more clarity on ...

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• 21 July

  N26 bank valued at $3.5b amid US launch

  

  Bloomberg A German smartphone bank backed by billionaires Peter Thiel and Li Ka-shing has raised new funds at a valuation of $3.5 billion, making the company one of Europe’s highest valued non-listed fintech firms. N26 GmbH extended its Series D funding round by $170 million to a total $470 million, the Berlin-based company said. The round was originally announced in ...

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• 21 July

  Kapoor’s wealth erodes by $1b as Yes Bank slumps

  

  Bloomberg A 78 percent drop in Yes Bank Ltd shares since August has left founder and former chief executive officer Rana Kapoor some $1 billion poorer. The Indian lender, which reported earnings that showed its capital buffers had weakened and bad loan ratio widened, plunged as much as 20 percent. That’s contributed to a drop in Kapoor’s net worth to ...

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• 21 July

  StanChart’s whistleblower says US missed $56 billion in Iran deals

  

  Bloomberg Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistleblower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of US sanctions. The whistleblower, a bank executive who has not been named in court papers, was the bank’s global head of transaction banking and foreign ...

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• 21 July

  Fed’s Eric Rosengren signals his opposition to interest-rate cut

  Bloomberg Federal Reserve Bank of Boston President Eric Rosengren said he doesn’t believe the US economy needs an interest-rate cut, given the positive data that’s rolled in since mid-June. “The economy’s doing actually quite well,” Rosengren said in an interview with CNBC. “We’re not really having an economic slowdown.” Rosengren, who votes this year on the policy-making Federal Open Market ...

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• 21 July

  Dubai to host region’s first conference on ‘AI in sports’

  

  DUBAI / WAM Dubai Sports Council has announced the region’s first-ever conference on artificial intelligence (AI) in the global sports industry to be held in Dubai, on October 14 and 15, at the World Trade Centre. The Dubai Artificial Intelligence in Sports (Dais), conference, and exhibition is being held under the patronage of HH Sheikh Hamdan bin Mohammed bin Rashid ...

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