India slams BBC documentary on 2002 riots in Modi’s Gujarat

  Bloomberg India dismissed as a “propaganda piece” a recently broadcast BBC documentary about the 2002 Gujarat riots and Prime Minister Narendra Modi’s role in the violence in his home state. More than 1,000 people — mostly Muslims — were killed in sectarian violence across the state after a train carrying Hindu pilgrims was burned allegedly by a Muslim mob. ...

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Taiwan premier resigns leaving Tsai with key cabinet decision

Bloomberg Taiwan’s Premier Su Tseng-chang has tendered his resignation, leaving President Tsai Ing-wen to make a crucial appointment for the ruling Democratic Progressive Party as it seeks an unprecedented third straight term in power in next year’s presidential election. Su, Taiwan’s longest-serving premier since its first democratic elections in 1996, requested the president form a new Cabinet in a statement ...

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Ardern resignation a loss to small club of women leaders

Bloomberg The surprise resignation of New Zealand Prime Minister Jacinda Ardern is a major loss to the small club of women leaders around the world. Though other women lead bigger countries, Ardern was one of the highest profile heads of government and a beacon for many feminists around the world. She became the youngest female government leader when she took ...

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Credit Suisse to pay upfront cash bonuses to senior staff

  Bloomberg Credit Suisse Group AG will pay its senior bankers an upfront cash award again this year, as executives attempt to incentivise staff to stick with the troubled lender as it undergoes a broad restructuring. Managing directors and directors in most locations will be paid the cash component of their variable 2022 compensation straight away, according to an internal ...

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StanChart trader sees yuan resuming gains

  Bloomberg China’s yuan is poised to resume its advance as the removal of Covid curbs supercharges economic recovery in 2023, according to a veteran trader at Standard Chartered Plc. “The yuan is more likely to go to 6.5 per dollar than to 7 within the next three to six months,” said Charles Feng, head of macro trading for Greater ...

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BMO, CIBC may raise new equity to build firewalls

  Bloomberg Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) may need to raise new equity over the medium term to build capital levels as the bank regulator bolsters its requirements, according to analyst Nigel D’Souza. BMO issued shares in December 2022 and there’s been talk of CIBC doing the same after Canada’s financial watchdog boosted the minimum ...

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BofA freezes most hiring to control costs, guard against downturn

  Bloomberg Bank of America Corp (BofA) started telling executives to pause hiring except for the most vital positions, as it tries to keep a lid on costs and prepare for a possible economic downturn. The move is an escalation of the company’s decision late last year to slow hiring after fewer employees decided to leave of their own accord, ...

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Norway’s central bank pauses rate hiking

  Bloomberg Norway’s central bank paused monetary tightening while signalling a likely quarter-point increase in borrowing costs in March is still needed to bring inflation under control. Norges Bank kept the key deposit rate on hold at 2.75% on Thursday, as forecast by the majority of economists in a Bloomberg survey. Governor Ida Wolden Bache said the benchmark “will most ...

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Treasuries rise, stocks slide on global recession worries

  Bloomberg Treasuries rallied and equities declined as growing signs of a global economic slowdown raised investor concern that the start-of-the-year rally in risk assets may have gone too far. Contracts on the S&P 500 Index dropped 0.4% after the benchmark slumped the most in a month on Wednesday amid weaker-than-expected economic data. Nasdaq 100 futures also lost 0.4%. Europe’s ...

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Tesla drops out of top ten stocks in $1.3bn Korean EV fund

  Bloomberg Tesla Inc dropped out of the top 10 holdings of a South Korean electric-vehicle (EV) mutual fund for the first time ever amid its epic selloff last year. The Korea Investment Management Co. fund has steadily reduced its Tesla exposure to less than 2% of its net asset value in order to reduce volatility. The US EV giant previously ...

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