August, 2017

• 1 August

  Banks may face extra $50bn capital needs after Brexit

  

  Bloomberg Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc. The extra money is equivalent to 15 percent to 30 percent of the capital ...

  Read More »
• 1 August

  Turkey raises its inflation forecast, policy remains tight

  

  Bloomberg Turkey’s central bank raised its inflation forecast for this year on higher food prices, and reiterated its policy not to loosen monetary conditions until the outlook improves. The bank revised its prediction for year-end inflation to 8.7 percent from 8.5 percent and maintained its forecast for 2018 at 6.4 percent, according to its quarterly inflation report. Food prices, which ...

  Read More »
• 1 August

  Australia’s central bank holds rate

  

  Bloomberg Australia’s central bank kept interest rates unchanged and warned a rising currency is expected to subdue inflation and weigh on the outlook for growth and employment. The Australian dollar has surged more than 11 percent this year, hampering the Reserve Bank’s efforts to transition the economy to growth led by exports like education and tourism. That prompted Governor Philip ...

  Read More »
• 1 August

  M&A may slow on ‘record’ high valuations, says UBS’ Vereker

  Bloomberg Mergers and acquisitions may be headed for a slowdown amid high valuations and an uncertain outlook around monetary policy, says William Vereker at UBS Group AG. “I look at record-high valuations across many exchanges, I look at a very liquid backdrop with the ongoing easing of monetary policy, you’ve got an uncertain outlook on interest rates,” said Vereker, global ...

  Read More »
• 1 August

  New chiefs at China’s top banks signal more reshuffles

  

  Bloomberg The reshuffle at the top of two of China’s largest state-controlled banks is the latest phase of a management change for the country’s $40 trillion financial industry, as the government seeks to restrain any turbulence ahead of a twice-a-decade meeting of the ruling Communist Party. Tian Guoli, formerly chairman of Bank of China Ltd., has been named as the ...

  Read More »

July, 2017

• 31 July

  Venezuela awaits Trump’s move after opposition claims fraud

  

  Bloomberg Venezuela’s government, striving to legitimize President Nicolas Maduro’s grab for control, said that more than 8 million people participated in a vote to rewrite the constitution even though polling places and streets were mostly empty and quiet. The constituent assembly chosen on Sunday will meet as soon as this week to discuss changing the charter rewritten under former socialist ...

  Read More »
• 31 July

  Abe swipes at China, Russia after Trump call on N Korea

  Bloomberg Japanese Prime Minister Shinzo Abe called on China and Russia to do more to stop North Korea after the isolated regime test-fired its second intercontinental ballistic missile in a month. Abe, speaking after a phone call with US President Donald Trump, told reporters on Monday that they agreed more action was needed to mitigate the threat from North Korea. ...

  Read More »
• 31 July

  Brazil’s Temer rallies allies for Congress vote on graft trial

  Bloomberg Brazil President Michel Temer is rounding up allies for this week’s lower house vote on whether he’ll stand trial, marking a shift from a previous strategy to stall the congressional decision. Temer wants to hold the session rather sooner than later to return attention on economic bills needed to kick-start a sluggish economy, according to interviews with half a ...

  Read More »
• 31 July

  Putin says he hopes ousting 755 US staff ends retaliation

  

  Bloomberg Vladimir Putin said he hoped there wouldn’t be a need for further retaliation against Washington after his government ordered the US to slash staff at its diplomatic missions in Russia by 755, or nearly two-thirds, in retaliation for new sanctions approved by Congress. “We waited for a rather long time, thinking that things might improve, nourished the hope that ...

  Read More »
• 31 July

  Sharif brother to carry Pakistan political dynasty

  

  Bloomberg To continue his family’s political dynasty ahead of next year’s vote, ousted Pakistani premier Nawaz Sharif is looking to his younger brother Shehbaz—widely seen as the more disciplined sibling with a reputation for forcing through economic reforms. Pakistan’s ruling party over the weekend was quick to nominate Shehbaz, the chief minister of Punjab province, to take over his brother’s ...

  Read More »