November, 2016

• 3 November

  PBOC shifts to selective tightening to curb financial risks

  

    Bloomberg While you wait for the next interest-rate increase in the world’s largest economy, policy has quietly tightened in the second-biggest: China. The People’s Bank of China has allowed a steady increase in money market rates in recent weeks to squeeze leverage in the murky shadow banking realm. A side benefit: higher short-term rates cushion a weakening yuan, which ...

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• 3 November

  Facebook projects greater costs, slowdown in ad sales

  

    Bloomberg Facebook Inc. reported a quarter that blew past expectations. But its shares fell after executives suggested they won’t be able to repeat the performance. The stock dropped as much as 7.1 percent on Thursday in premarket trading after two sobering comments on its conference call the night before. First, Chief Financial Officer David Wehner said revenue growth rates ...

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• 3 November

  Court deals blow to UK government’s Brexit plans

  

    AFP The High Court struck a blow on Thursday to the British government’s plans for leaving the EU, ruling it must seek parliament’s approval before starting exit talks in a landmark judgement that could delay Brexit. Three senior judges said Prime Minister Theresa May’s government does not have the power on its own to trigger Article 50 of the ...

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• 3 November

  Ford reaches consenses on Canada investment

    Ottawa / AFP The Ford Motor Company reached a new labor agreement with the union representing more than 6,400 auto workers at the company’s plants in Canada, averting a strike. The deal includes a commitment from Ford — similar to those offered by General Motors and Fiat Chrysler in earlier talks — to invest more than Can$630 million (US$470 ...

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• 3 November

  TAG Heuer enters Silicon Valley

  

    Bloomberg TAG Heuer will open an office in Silicon Valley, marking the first time a big Swiss watchmaker has expanded into the cradle of the US technology sector and cementing its smartwatch alliance with Google and Intel Corp. The office, which opened Nov. 1 and is located on Intel’s campus in Santa Clara, California, will house about a dozen ...

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• 3 November

  IMF in Ukraine with tough demand for new loan

    AFP An International Monetary Fund team arrived in Kiev on Thursday to check on cash-strapped Ukraine’s books and set out a series of tough conditions for the disbursement of further loans. The IMF approved a $17.5-billion (15.8-billion-euro) rescue package for the war-scarred former Soviet republic in 2015 to help it recover from two years of savage recession and allow ...

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• 3 November

  Egypt inks $662 million solar deals amid currency crunch

  

    Bloomberg Egypt has agreed to buy about 400 megawatts of solar capacity, a sign that developers are slowly moving forward with clean-energy projects after a currency crisis in the country this year slowed the industry. The power-purchase contracts are worth about 600 million euros ($662 million), according to Mohamed Salah El Sobki, executive chairman of Egypt’s New and Renewable ...

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• 3 November

  Egypt non-oil business activity falls to lowest since 2013

  

    Bloomberg Business activity in Egypt hit its lowest level in more than three years in October, shrinking for a 13th month amid a foreign currency shortage, the pound’s weakness in the black market and accelerating inflation. The Emirates NBD Purchasing Managers Index for non-oil activity fell to 42 from 46.3 the month before, the weakest since July 2013, according ...

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• 3 November

  Egyptian council okays investment boost plans

    Reuters Egypt’s Supreme Investment Council approved a host of measures to boost investment that included an extended suspension of capital gains tax on shares and tax exemptions for producers in strategic sectors. Egypt has been trying to attract investment to restore growth since an uprising in 2011, which ushered in protracted political turmoil and scared away tourists and foreign ...

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• 3 November

  Oil rebounds as OPEC uncertainty spurs volatility

  

    Bloomberg Oil rebounded from its longest losing streak in two months as uncertainty over an OPEC output deal amid growing US crude stockpiles and the upcoming American election kept markets volatile. US inventories rose by a record last week, and OPEC members claiming exemption from an agreement to limit supplies boosted production in October. While the stockpile gain was ...

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