August, 2016

• 16 August

  China to drop quota for ‘Shenzhen-Hong Kong link’

    Bloomberg Chinese authorities are planning not to impose an aggregate quota on trading via the Shenzhen-Hong Kong stock exchange link, according to two people familiar with the matter. Daily trading will still be subject to a cap, the people said. Officials are also considering removing the overall limit for equity trades through Hong Kong’s existing link with Shanghai, one ...

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• 16 August

  Honda sees 20% sales jump on Indonesian tax amnesty

  

    Bloomberg Indonesia’s tax amnesty could boost industrywide car sales in the country by a fifth as people spend their newly declared wealth on big-ticket items, according to the local unit of Honda Motor Co. “The car ownership ratio in Indonesia is relatively low and there’s enough room for producers to sell more,” Jonfis Fandy, head of sales and marketing ...

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• 16 August

  Indonesia to destroy 71 boats in display of maritime sovereignty

  

    Bloomberg Indonesia will cap Wednesday’s Independence Day celebrations by scuttling as many as 71 impounded foreign vessels —mostly Vietnamese but also a handful of Chinese —to signal its determination to protect its sovereignty over lucrative fishing grounds in the South China Sea. The destruction of the boats comes amid simmering regional tensions over territorial disputes in the water. Former ...

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• 16 August

  Singapore’s Temasek Holding invests in ICICI

  

    Bloomberg Temasek Holdings Pte bought shares in ICICI Bank Ltd., India’s largest private-sector lender by assets, as the nation’s central bank pushes lenders to clean up bad debts that have weighed on earnings. The Singapore state-owned investor bought 2.55 million American depositary receipts of ICICI in the second quarter, worth $18 million at the end of June, according to ...

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• 16 August

  Sweden’s Handelsbanken fires CEO

  

    STOCKHOLM / Bloomberg Svenska Handelsbanken AB removed its chief executive officer after less than 18 months and said the top role at the bank has become so complex that a traditional management profile was no longer adequate. Frank Vang-Jensen, a 48-year-old who was only appointed to the role of CEO in March last year, is being replaced by Anders ...

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• 16 August

  PBOC tells investors: Don’t focus on short-term concerns

  

    Bloomberg China’s central bank urged investors not to focus too much on short-term concerns and said the diverging pace of credit expansion doesn’t mean monetary policy is losing steam. July credit growth slowing to a two-year low was a distortion and the reports for August and September will show it rebounding, the People’s Bank of China (PBC) said in ...

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• 16 August

  Brexit fallout: London banks make relocation plans

  

    London / Bloomberg Big investment banks with their European headquarters in London will start the process of moving jobs from the UK within weeks of the government triggering Brexit, a faster timeline than their public messages of patience would imply, according to people briefed on the plans being drawn up by four of the biggest firms. Dismayed by the ...

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• 16 August

  Economists are getting real jobs

  

    John Maynard Keynes wrote in 1930 that “if economists could manage to get themselves thought of as humble, compe tent people on a level with dentists, that would be splendid.” Almost a century later, he’s getting his wish. Economists tend to be a grandiose bunch. They advise presidents and billionaires. They are generally unashamed about offering semi-professional opinions on ...

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• 16 August

  Macy’s store closings should start a fashion trend

  

    Shelly Banjo America’s largest department store chain pleasantly surprised Wall Street last week by announcing plans to close 100 stores. At 12 percent of its total store base, that’s more locations than it shuttered during all of the last six years. Macy’s shares spiked 17 percent on the news, as investors shrugged off a sixth straight quarter of declining ...

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• 16 August

  China’s latest stocks gambit

    Nisha Gopalan Buy on rumour, sell on fact? China has given its blessing to a pipe that links the stock exchanges of Shenzhen and Hong Kong, opening the nation’s market further to foreign investors and allowing more funds to flow in the opposite direction. Anyone hoping the news will juice a rally in Chinese shares may be disappointed, though. ...

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