February, 2019

• 20 February

  India to inject $6.8bn into state banks

  

  Bloomberg India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, Rajeev Kumar, secretary at ...

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• 20 February

  PBOC makes first use of tool to boost bank capital

  

  Bloomberg China’s central bank announced the first of a new kind of market operation which aims to encourage financial institutions to issue perpetual bonds to boost their capital. The People’s Bank of China swapped 1.5 billion yuan ($223 million) of 1-year central bank bills for perpetual bonds with a coupon of 2.45 percent, according to a statement on its website ...

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• 20 February

  Danske thrown out of Estonia after nation drawn into laundering probe

  

  Bloomberg It’s not every day that a bank gets thrown out of a country. But, Estonia took the extraordinary step of telling Danske Bank A/S to get out. Within two hours, Danske did the country’s financial watchdog one better: the harassed Danish lender annou- nced a retreat from the entire Baltic region as well as Russia. It’s the latest dramatic ...

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• 20 February

  Deutsche Bank plans to rebuild S Africa staff

  Bloomberg Deutsche Bank AG plans to start rebuilding its South African workforce just months after scaling back staff and cutting costs as part of a global restructuring. “The hiring we’re currently pursuing is geared towards enhancing the areas where we have global and local strengths, such as fixed income,” South Africa Chief Executive Officer Muneer Ismail said in an interview. ...

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• 20 February

  Alberta expects $1.7bn profit from giant crude-by-rail plan

  

  Bloomberg Alberta is preparing a giant crude-by-rail operation to help its oil-sands producers cope with a pipeline crunch, and it expects a big profit from the venture. The Canadian province, which holds the world’s third-largest crude reserves, plans to net C$2.2 billion ($1.7 billion) after investing C$3.7 billion to lease tank cars and buy service from rail providers, generating C$5.9 ...

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• 20 February

  US shale boom rolls on despite spending cuts

  

  Bloomberg America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less. Almost all the independent producers have reduced their budgets for 2019, but many still expect to deliver double-digit growth in production this year, fourth-quarter earnings reports show. Growth is slowing but still strong: the US will add ...

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• 20 February

  Brexit threatens to dull UK oil’s allure

  Bloomberg Brexit is threatening to spoil the appeal of the UK’s crude in the world’s biggest regional oil market. Seoul-based SK Innovation Co., an Asian buyer of North Sea Forties crude, sees a lower probability of purchases if the UK and South Korea don’t roll over an existing trade deal before Brexit. That’s after British Business Secretary Greg Clark admitted ...

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• 20 February

  US seeking stable yuan as China trade talks progress

  

  Bloomberg The US is asking China to keep the value of the yuan stable as part of trade negotiations between the world’s two largest economies, a move aimed at neutralising any effort by Beijing to devalue its currency to counter American tariffs, people familiar with the ongoing talks said. Officials from the two countries are discussing how to address currency ...

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• 20 February

  Chinese traders freeze Australia’s coal orders

  

  Bloomberg China has delayed customs clearance of coal imports from Australia by as long as 40 days, according to a leading industry body, raising speculation that the world’s biggest shipper of the commodity is being targeted at a time of strained relations between the two nations. Customs officials are taking longer to clear Australian coking coal imports, especially in northern ...

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• 20 February

  Indian billionaire Anil Ambani ordered to pay Ericsson or face jail

  

  Bloomberg India’s top court warned billionaire Anil Ambani he’ll be put behind bars unless his group pays its dues to Swedish supplier Ericsson AB, the latest twist in a dispute that helped push the tycoon’s mobile-phone carrier to file for bankruptcy. Ambani, 59, disobeyed an earlier Supreme Court order for his Reliance Communications Ltd. to pay 5.5 billion rupees ($77 ...

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