September, 2016

• 29 September

  China money rate rises to 14-month high

  

    AFP China’s benchmark money-market rate climbed to a 14-month high as the central bank pulled funds from the financial system and commercial lenders stocked up on cash to meet quarter-end requirements. The seven-day repurchase rate, the benchmark gauge of funding availability in the financial system, rose 12 basis points to 2.75 percent as of 5:07 p.m. in Shanghai. That’s ...

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• 29 September

  Credit Suisse plans Mideast growth

  

    Bloomberg Credit Suisse Group AG expects the Middle East to account for a significant part of its growth in private banking as the number of super wealthy individuals in the region increases. The Zurich-based bank expects to expand in Dubai and Saudi Arabia as millionaires in the region rise to 500,000 from about 330,000, Iqbal Khan, head of its ...

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• 29 September

  EU calls for sweeping changes to Basel Bank-capital proposals

  

    Bloomberg Global banking regulators need to make sweeping changes to proposed new rules on measuring asset risk to protect European Union banks against a spike in capital requirements, said Valdis Dombrovskis, the bloc’s financial-services chief. The Basel Committee on Banking Supervision should rework planned restrictions on how banks estimate the risk from real-estate loans as well as corporate and ...

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• 29 September

  Thousands of Indonesian workers protest tax amnesty

  

    Jakarta / AFP Thousands of workers rallied on Thursday in the Indonesian capital Jakarta against a controversial government scheme to raise revenues that, critics claim, has allowed wealthy tycoons to avoid paying tax. The tax amnesty programme began in July, offering low rates to people who came forward to declare their untaxed wealth stashed at home and overseas. Wealthy ...

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• 29 September

  China punishes coal, steel firms in overcapacity cut drive

    Bloomberg China has punished coal and steel companies for illegal production or unsafe operations as part of the government’s efforts to reduce industrial overcapacity. Following safety checks at 4,624 coal mines, the regulator revoked the licenses of 28 and halted production at 286, the National Development and Reform Commission said in a statement on its website. Thirty-three coal companies ...

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• 29 September

  Samsung to resume S Korea sales of new Note 7 phones

  

    Seoul / AFP Samsung said on Thursday it would resume sales of new Galaxy Note 7 smartphones in South Korea this week, hoping to turn the page on the troubled device after an ongoing global recall prompted by battery explosions. The company on September 2 suspended sales of the oversized “phablet” and recalled 2.5 million units shipped worldwide after ...

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• 29 September

  Thailand suspends seahorse trade

    Bangkok / AP Thailand, the world’s biggest exporter of seahorses, is suspending trade in the animal because of concern about threats to its wild population. The decision was announced at a meeting of the Convention on International Trade in Endangered Species of Wild Fauna and Flora, or CITES. Dr. Amanda Vincent, a seahorse expert at The University of British ...

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• 29 September

  Vietnam’s growth eases off in Q3

  

    Hanoi / AFP Vietnam’s economy dipped slightly in the third quarter year-on-year, data showed Thursday, but analysts say the communist country will remain one of Southeast Asia’s star performers. GDP growth in the three months to September hit 6.4 percent, down from 6.81 percent in the same period in 2015, the Government Statistics Office said in a statement. Vietnam ...

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• 29 September

  Ambani’s son gets Reliance Capital nod

  

    Bloomberg Shareholders at Reliance Capital Ltd. approved the appointment of Jai Anmol Ambani as an executive director, grooming a prospective heir to his billionaire father at parent Reliance Anil Dhirubhai Ambani Group Anmol, the older son of 57-year-old Reliance Chairman Anil Ambani, was appointed as an additional director by the board in August. A majority of institutional investors, which ...

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• 29 September

  Wild weather hits S Australia after mass blackout

  

    Sydney / AFP South Australia braced for a second night of severe weather on Thursday, with tens of thousands of homes still without power after “catastrophic” storms knocked out supply to the entire population. The total blackout caused chaos and widespread damage was reported, as authorities warned of more wild conditions to come including floods, high winds, heavy rain ...

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