October, 2017

• 17 October

  Corporate tax cut isn’t just a giveaway to rich

  

  Corporate tax cuts are becoming a hot-button issue. Economist Larry Summers, a frequent policy adviser to Democrats, has denounced President Donald Trump’s corporate tax plan as a giveaway to the rich. Meanwhile, Kevin Hassett, the chairman of Trump’s Council of Economic Advisers, has claimed that the plan would increase average wages by anywhere from $4,000 to $20,000 a year. The ...

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• 17 October

  KKR helps call timeout in India’s billionaire dogfight

  

  After a year of bloodletting, India’s telecom industry is on the cusp of a well-deserved breather. But don’t look for the billionaires in this dogfight to declare a truce. Bharti Airtel Ltd., controlled by Sunil Mittal, is still struggling to hold on to price-sensitive customers in smaller cities and towns, whereas Vodafone Plc’s local unit, as well as Idea Cellular ...

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• 17 October

  Tepid demand for latest iPhone a concern for Apple

  

  It was always going to be tough to get a handle on the initial sales success of the latest iPhone models. But some early signs are not encouraging for Apple Inc. The latest dour data came from AT&T Inc.. As part of an early disclosure of selected third-quarter financials, the company said the number of its mobile subscribers that had ...

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• 17 October

  Dollar gains, Treasuries drop on speculation of Fed Chair

  

  Bloomberg The dollar gained and Treasuries slipped on speculation the next Federal Reserve chairman will be more hawkish, while growing concern about the economic impact of Catalonia’s independence movement sent the euro lower. The S&P 500 Index was little changed. Health-care stocks were among the best performers after UnitedHealth Group Inc. and Johnson & Johnson earnings beat estimates. European and ...

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• 17 October

  Gulf mixed, insurers help Saudi Arabia

  

  Reuters Gulf stock markets were mixed despite strong oil prices on Tuesday while Saudi Arabia’s insurance sector continued to recover from last week’s losses. The main Saudi index inched up 0.2 percent. In the insurance sector, which sank last week on expectations for a shakeout in the sector caused by tougher regulation, Malath Insurance surged 9.9 percent after the trading ...

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• 17 October

  China banks sell most short-term debt ever even amid restrictions

  

  Bloomberg China’s banks are still bingeing on short-term financing, defying analyst predictions that they would wean themselves off such debt as regulators intensify a crackdown on leverage. Sales of negotiable certificates of deposit — a key funding source for medium and smaller banks — surged 49 percent from a year ago in the third quarter to a record 5.4 trillion ...

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• 17 October

  Thailand denies ‘unfair currency practices’

  Bloomberg Thailand rejected claims that it engages in unfair currency practices to gain a trade advantage, even as the nation appears close to meeting US criteria on exchange-rate manipulation. In fact, the central bank faces criticism for doing too little to curb gains in the baht, the strongest performer in Asia this year, according to Commerce Minister Apiradi Tantraporn. Countries ...

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• 17 October

  Credit Suisse targeted by activist investor

  

  Bloomberg Credit Suisse Group AG, Switzerland’s second-largest bank, is being targeted by a little-known local activist investor who says he wants to break up the lender into three parts. Rudolf Bohli, who manages 250 million francs ($256 million) at RBR Capital Advisors, has taken a 0.2 percent stake in Credit Suisse, worth about 100 million francs, according to a person ...

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• 17 October

  RBA reaffirms growth to ‘rise gradually’ backed by low rates

  

  Bloomberg The Reserve Bank of Australia (RBA) says economic conditions at home and abroad ‘had been more positive since 2016,’ according to minutes of this month’s policy meeting where interest rates were left unchanged. National accounts indicated private non-mining business investment increased in the June quarter to be almost 10% higher than at the start of 2016. Public consumption had ...

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• 17 October

  Former HSBC trader made $500,000 front-running FX deal

  Bloomberg HSBC Holdings Plc’s former head of currency trading in London made at least $500,000 in commissions by front-running a multi-billion-dollar deal that betrayed the bank’s duty to its client, according to US prosecutors. The allegations, made in court documents handed out at the start of a two-day hearing, form part of the US government’s petition to extradite Stuart Scott ...

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