October, 2017

• 4 October

  World Bank sees more currency risk in Southeast Asia

  

  Bloomberg Malaysia, and to a lesser degree Indonesia, Thailand and the Philippines, remain more exposed to exchange rate risk than other developing economies in East Asia and the Pacific as global financial conditions tighten, the World Bank said. Companies and banks in these countries have sizeable external debt, although foreign exchange reserves currently appear adequate, the Washington-based multilateral lender said ...

  Read More »
• 4 October

  Bonds slide in India after RBI holds rates

  

  Bloomberg India’s sovereign bonds dropped, reversing earlier gains, after the Reserve Bank of India (RBI) kept interest rates unchanged as expected and lowered the proportion of deposits that lenders must invest in specified securities such as government notes. The benchmark repurchase rate was left at 6%, with five on the six-member monetary policy committee voting for no change. The outcome ...

  Read More »
• 4 October

  ‘Half of Iran’s banks should close or merge, says top banking official

  

  ZURICH / Reuters The number of banks in Iran should at least halve over the next six years, with closures and mergers needed to modernise an industry laden with toxic loans, one of the country’s top bankers said on Tuesday. Parviz Aghili, chief executive of Middle East Bank, estimated at a conference in Zurich that a full re-organisation of the ...

  Read More »
• 4 October

  Saudi processing 3 applications for banking licences

  RIYADH / Reuters The Saudi central bank has received three applications for banking licences and processing them is at an advanced stage, central bank governor Ahmed al-Kholifey told a news conference on Wednesday. Kholifey did not name the applicants. Another central bank official said no more bank mergers were expected. Alawwal Bank and Saudi British Bank agreed in April to ...

  Read More »
• 4 October

  Ghana’s banks face daunting race to meet capital rules

  

  Bloomberg Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Lenders will need to raise 9 billion cedis ($2 billion), which the local equity and debt market is too small to supply, according to George Bodo, the head of banking research at Ecobank Capital Ltd. in Nairobi, Kenya. While it may trigger ...

  Read More »
• 4 October

  Deutsche Bank may suffer most in MiFID trading hit

  Bloomberg Deutsche Bank AG could take the biggest hit to trading revenues when Europe’s MiFID II rules come into force because of its exposure to the continent, according to a UBS Group AG report. In its most severe “bear case” scenario, where growth in European trading revenue slows by 9 percent next year, Deutsche Bank would see growth cut by ...

  Read More »
• 4 October

  UK sees Canada responsible in Bombardier-Boeing spat

  

  Bloomberg The UK is said to see Canada as primarily responsible for the trade dispute between Boeing Co. and Bombardier Inc. because of the level of its state aid to the aerospace company. Publicly, the British government has said that the US imposition of punitive duties on Bombardier is disproportionate, and Prime Minister Theresa May even lobbied US President Donald ...

  Read More »
• 4 October

  Ryanair pilots offered American backing, cash in union bid

  

  Bloomberg Ryanair Holdings Plc pilots campaigning for unionisation amid a staffing crisis that’s led to the cancellation of 20,000 flights have been offered financial backing from American Airlines Group Inc.’s cockpit-crew association. The Allied Pilots Association has offered to support Ryanair crews in forming a union or joining an existing body such as the Irish Air Line Pilots’ Association, according ...

  Read More »
• 4 October

  EasyJet founder set to launch EasyFood

  Bloomberg EasyJet founder Stelios Haji-Ioannou is launching a takeout delivery service to rival Just Eat Plc, as the British entrepreneur seeks to grab a slice of the UK’s fast-growing online market. EasyFood will let Britons order home deliveries from local restaurants and takeouts through its website or a mobile app. The service will initially target Birmingham and London, with a ...

  Read More »
• 4 October

  Wal-Mart expands NY delivery, acquires parcel

  

  Bloomberg In a sign of the intensifying battle for New York’s online shoppers, Wal-Mart Stores Inc. acquired Parcel, a company specialising in same-day deliveries of groceries and meal kits. The world’s largest retailer plans to use the business to offer free, same-day delivery in New York City—the most populous city in the US—as it continues to push into e-commerce to ...

  Read More »