September, 2016

• 26 September

  Saudi Arabia bolsters banks with $5.3bn to boost financial stability

  

    Bloomberg Saudi Arabia’s central bank stepped up efforts to support lenders in the Arab world’s biggest economy as they grapple with the effects of low oil prices. The Saudi Arabian Monetary Agency, as the central bank is known, said it decided to give banks about 20 billion riyals ($5.3 billion) in the form of time deposits “on behalf of ...

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• 26 September

  Ex-IMF boss on trial over bankers’ luxury sprees

  

    Bloomberg Former IMF chief Rodrigo Rato was jeered as he arrived at court on Monday for his trial for alleged of misuse of funds when he was the boss of two of Spain’s top banks. Rato is standing trial with 64 other former executives and board members at Caja Madrid and Bankia, whose near-collapse sparked an EU bailout of ...

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• 26 September

  France asks Switzerland to hand over 45,000 UBS accounts

  

    AFP French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud, Le Parisien daily said on Monday. Swiss banking giant UBS said in July that the Swiss authorities had asked it to provide client information following a French request for international administrative assistance in ...

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• 26 September

  BofA to cut senior Asia banking jobs

  

    Bloomberg Bank of America Corp. (BofA) plans to eliminate about a dozen senior positions at its corporate and investment banking operations in Asia, the second time the U.S. bank cuts jobs in the region this year, according to people with knowledge of the matter. The reductions by the Charlotte, North Carolina-based bank will involve managing directors and directors and will ...

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• 26 September

  PBOC drains most funds amid debt curb speculation

  

    Bloomberg China’s central bank drained the most funds from the financial system in six months, adding to speculation that it is keeping a tight rein on cash supply as part of efforts to curb excessive leverage. The People’s Bank of China pulled a net 245 billion yuan ($37 billion) from the financial system through reverse-repurchase agreements, the biggest one-day ...

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• 26 September

  Japan PM vows to accelerate economic measures, TPP

  

    TOKYO/ AP Japanese Prime Minister Shinzo Abe pledged on Monday to accelerate his mix of policies to prop up Japan’s economic recovery and speed up parliamentary approval of the Trans-Pacific Partnership trade pact. In his policy statement opening the 66-day parliamentary session, Abe outlined an extra set of stimulus measures to help the economic recovery and spur more consumer and ...

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• 26 September

  ChemChina seeks EU okay for $43bn Syngenta deal

  

    Bloomberg China National Chemical Corp. sought European Union approval for its $43 billion takeover of Syngenta AG, one of a trio of mega-deals reshaping the global agrichemicals industry already described as “quite concentrated” by the bloc’s antitrust chief.The European Commission set an initial Oct. 28 deadline to rule on the deal, according to a website filing on Monday. ChemChina ...

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• 26 September

  Philippines wants closer economic ties with China, Russia: Duterte

  

    Manila / AFP Philippine President Rodrigo Duterte said on Monday he would seek closer economic ties with China and Russia, as the local currency and stock market extended declines following Western criticism of his deadly war on crime. The peso hit a seven-year low to the dollar on Monday and foreign investors pulled out from local shares for a ...

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• 26 September

  Singapore scion buys 49% stake in Rolling Stone

  

    Singapore / AFP A Singapore firm headed by a scion of one of Asia’s richest families has bought a 49 percent stake in Rolling Stone, with plans to diversify the iconic magazine into new business including live events and merchandising. BandLab Technologies, a music and technology start-up headed by 28-year-old Kuok Meng Ru, bought the stake for an undisclosed ...

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• 26 September

  Australia to send biz team to Iran

    CANBERRA / AFP Australia’s trade minister will lead the country’s first business delegation to visit Iran in 14 years after sanctions over Tehran’s nuclear program were eased. Steven Ciobo said he will leave on Tuesday for the visit that will include reopening an Australian trade office that closed in 2010. Ciobo said he will be accompanied by 20 representatives ...

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