November, 2016

• 14 November

  India raises cash limits as banks get $44bn in deposits

  

    Bloomberg India raised the limits on withdrawals and exchange of old banknotes after the government’s surprise move to ban high-denomination bills on November 8 resulted in customers across the country queuing for hours to deposit the old bills. Banks have received 3 trillion rupees ($44.4 billion) in deposits in the first four days, the finance ministry said in a ...

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• 14 November

  ‘Australia should scrap big bank notes’

  

    Bloomberg Australia should follow India’s lead and scrap its biggest bank notes, UBS Group AG said. “Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and ...

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• 14 November

  Japanese bank profits slide as margins shrink

  

    Bloomberg Making money from lending remains a tough task for Japan’s biggest banks. Profit at Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. probably fell about 20 percent last quarter as negative interest rates pressured loan income at home and the stronger yen dented earnings abroad, according to analysts surveyed before results due Monday. Sumitomo Mitsui Financial ...

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• 14 November

  Australia’s hidden stimulus boosts economy

  Bloomberg Australian policy makers were publicly frustrated by the currency’s stubborn strength when commodities tumbled earlier this decade. Now they’re conspicuously quiet as it fails to keep pace with resurgent resource prices. Since the end of June, JPMorgan Chase & Co.’s real effective exchange rate for the Aussie has risen 4 percent, while Westpac Banking Corp.’s Australian export commodity index ...

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• 14 November

  It’s not just Deutsche Bank;German banking gloom in charts

  

    Bloomberg Deutsche Bank AG Chief Executive Officer John Cryan’s troubles range from the company’s mounting legal costs to stricter regulation that’s eroding returns. And there’s at least one challenge he shares with his German rivals: Europe’s most competitive market. “Deutsche Bank still has a lot to deal with, but the German market as a whole is pretty rotten,” said ...

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• 14 November

  Analyst who foresaw crash sees OPEC uniting in self-interest

  

    Bloomberg OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation. It’s in the interest of all producers to reach a deal that’s aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary ...

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• 14 November

  Egypt eases wheat checks once blocking imports on fungus

  

    Bloomberg Egypt made an official trade agency responsible for inspecting imported wheat, a step that could end disruptions in the purchases of world’s biggest wheat buyer by replacing quarantine officials who rejected several shipments this year for containing the ergot fungus. The General Organization for Export and Import Control, or GOEIC, will be the sole state body authorized to ...

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• 14 November

  Saudi sovereign fund PIF mulls stake in ACWA Power

  

    Reuters Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter said. PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role ...

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• 14 November

  Israel to launch bids for gas exploration blocks

  

    AFP Israel will on Tuesday launch a bidding process for oil-and-gas exploration licences off its coast in the Mediterranean, the first such offers in four years. The government has high hopes for the new blocks being offered following the discoveries of the Tamar and Leviathan natural gas fields off its coast since 2009. Israel hopes the Leviathan field will ...

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• 14 November

  Winter’s heavy pollution shuts down schools in Iran’s capital

    AFP Tehran officials shut schools on Monday as the first of the wint- er’s heavy pollution hit the Iran- ian capital. A blanket of choking brown-white smog descended on the city on Sunday, blocking out the view of the mountains that line its northern edge and leading many of its 14 million residents to retreat indoors or don face ...

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