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☆ Toshiba's preferred bidder to seal $10.6 bln loan deal this week -Yomiuri
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 22 (Reuters) - Japan Industrial Partners (JIP), the preferred bidder to buy out Toshiba Corp (6502.T), is set to sign a loan agreement of about 1.4 trillion yen ($10.6 billion) with lenders this week, the Yomiuri newspaper reported on Thursday. The loans include a commitment line of 200 billion yen, the paper said. Sumitomo Mitsui Banking Corp (8316.T) and Mizuho Bank (8411.T) would provide about 400 billion yen to 500 billion yen each, it said. The deal is expected to value the industrial conglomerate at around 2.2 trillion yen, although the Nikkei business daily reported at the weekend that JIP could lower it to below 2 trillion yen. Sumitomo Mitsui Banking and Mizuho Bank both declined to comment on the Yomiuri report.

U.S. West Texas Intermediate (WTI) crude futures rose $1, or 1.31%, to $76.19 after climbing 90 cents on Monday. Oil prices have been buoyed by U.S. plans announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve after this year's record release of 180 million barrels. A weaker dollar has also supported prices, making oil cheaper for those holding other currencies. "The oil demand outlook will be key for how high crude prices can go," he said, adding that clarity on that could prove elusive given mixed signals on the reopening of China's economy. While China has been relaxing pandemic restrictions, a surge in COVID-19 cases has been bearish for oil markets because of uncertainty over the country's economic recovery, said CMC Markets analyst Tina Teng.

☆ King Charles III bank note designs unveiled
▼ + stars: | 2022-12-20 | by ( ) www.nbcnews.com time to read: +1 min

The Bank of England unveiled its first bank notes featuring King Charles III on Tuesday, which will enter into circulation from the middle of 2024 to gradually replace those featuring his mother Queen Elizabeth II. Charles became king in September following the queen's death after 70 years on the throne. The new five, 10, 20 and 50 pound polymer bank notes feature a portrait of Charles on the front, as well as a cameo of him in the bank notes’ see-through security window, but are otherwise unchanged from their current designs. The queen first appeared on BoE bank notes in 1960, in contrast to British coins which have long featured images of the country’s rulers. Britain’s Royal Mint began issuing the first coins featuring Charles’s profile into general circulation on Dec. 8.

☆ India plans tax waivers for IDBI Bank buyer - sources
▼ + stars: | 2022-12-20 | by ( Nikunj Rajesh Ohri | ) www.reuters.com time to read: +2 min

The federal finance ministry is looking to relax a tax clause, which would require the buyer of IDBI Bank to pay additional tax if the share price rises post the final bid, one of the officials said. In case the share prices of IDBI Bank increase after financial bids are formally placed, the difference in share price may be considered as "other income" for the buyer as per tax laws, explained Om Rajpurohit, a partner at tax firm AMRG & Associates. The government and state-run Life Insurance Corp. (LIC) (LIFI.NS) together hold about 95% in IDBI Bank, and have sought initial bids from investors to buy a 60.72% in the bank. Last week, it extended the deadline for submitting initial bids until Jan. 7. Once the government receives initial bids expressing interest from buyers, the Reserve Bank of India would vet them to see if they meet the central bank's "fit and proper" criteria.

☆ Most Gulf markets ease on economic worries, volatile energy prices
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Dec 20 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday, with the Saudi index falling the most on economic concerns and volatile energy prices. Saudi Arabia's benchmark index (.TASI) declined 1.3%, with Retal Urban Development Co (4322.SE) losing 1.6% and Dr Sulaiman Al-Habib Medical Services (4013.SE) dropped 4.6%. Last week, the U.S. Federal Reserve and European Central Bank raised interest rates and promised more, adding to concerns of a global economic downturn. Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU). The Qatari index (.QSI), however, added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA).

☆ King Charles III banknote images revealed for first time
▼ + stars: | 2022-12-20 | by ( Lauren Kent | ) edition.cnn.com time to read: +1 min

London CNN Business —The first images of banknotes featuring Britain’s King Charles III were unveiled on Tuesday by the Bank of England. Charles’ portrait will appear on English notes of £5, £10, £20 and £50. Image of King Charles III on the English £50 note. “This is a significant moment, as The King is only the second monarch to feature on our banknotes,” Bank of England Governor Andrew Bailey said ahead of the release. Earlier this month, the first coins bearing the official effigy of King Charles III entered circulation.

☆ Asian FX bulls return as easing China COVID curbs improves outlook - Reuters poll
▼ + stars: | 2022-12-15 | by ( Upasana Singh | ) www.reuters.com time to read: +4 min

Long positions on most other emerging Asian currencies also firmed, with those on the Malaysian ringgit and South Korean won at around two-year highs, a fortnightly poll of 10 analysts showed. Elsewhere, sentiment on China's yuan was mostly neutral, while investors turned bullish on the Philippine peso for the first time since July 2021. Long positions on the Thai baht were at their highest level since late February, while those on the Singaporean dollar were highest since early February. A turnabout of that impulse should benefit high-beta, risk-sensitive and commodity-linked FX," Barclays' analysts wrote in a note. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ India bank sale sharpens valuation rivalry
▼ + stars: | 2022-12-15 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Sumitomo Mitsui Financial (8316.T), Carlyle (CG.O) and Fairfax Financial (FFH.TO) may each be eyeing some of the 61% stake on offer in $7 billion IDBI Bank (IDBI.NS), per reports by The Economic Times and Mint. These latecomers’ share of outstanding loans fell to 55% in March 2022 from 70% in 2016, per Reserve Bank of India data. CONTEXT NEWSIndia on Dec. 14 extended the deadline to submit preliminary bids for the sale of a controlling stake in IDBI Bank to Jan. 7 from Dec. 16. New Delhi intends to sell 30.48%; Life Insurance Corporation of India, which is almost entirely government-owned, will sell a 30.24% stake. Carlyle, Fairfax Financial and DBS Bank are considering bidding for at least 10% each in IDBI Bank, Mint reported on Nov. 7, citing unnamed sources.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

TOKYO/HONG KONG, Dec 8 (Reuters) - Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp (6502.T), has moved closer to securing financing from banks, three people with knowledge of the matter said. JIP's bid has called for Toshiba management to retain their jobs - a proposal which initially made some of the banks cautious about lending, sources have said. The sources all declined to be identified as the talks are private. Sumitomo Mitsui Banking Corp, the core unit of Sumitomo Mitsui Financial Group Inc (8316.T), and Mizuho Bank Ltd, the core unit of Mizuho Financial Group Inc (8411.T) declined to comment. ($1 = 137.0500 yen)Reporting by Kane Wu, Makiko Yamazaki and Ritsuko Shimizu; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi bourse at 19-month low on growth fears; Egypt extends gains
▼ + stars: | 2022-12-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - Saudi Arabia's stock market led declines in much of the Gulf region on Wednesday, hitting its lowest since April last year as worries mounted about a global economic downturn. The Saudi bourse could see more losses while concerns remain around the developments in oil markets, Daniel Takieddine, CEO MENA at BDSwiss, said. In Abu Dhabi, the index (.FTFADGI) lost 0.7%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) down 1.9%. The Qatari index (.QSI), which wiped out its year-to-date gains in the previous session, retreated a further 1.3%. Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 2% higher, gaining for a seventh session.

☆ Foreign equity funds pile into Indian financials as credit cycle picks up
▼ + stars: | 2022-12-06 | by ( Anushka Trivedi | ) www.reuters.com time to read: +4 min

MUMBAI, Dec 6 (Reuters) - Foreign investors are buying into Indian financial firms, lured by the prospects of a fresh credit cycle that may boost the stocks of the country's largest lenders. The optimism is reflected in inflows, with foreign investors buying a net of $1.74 billion worth of Indian financial stocks in November, data released by the National Securities Depository Ltd this week showed. Reuters Graphics"PALATABLE" VALUATIONIndian financial stocks are trading at a premium to their historical average, but that is not necessarily the comparison investors are looking at. This has prompted local and foreign investors to pour money into the domestic equity markets, which hit all-time highs last week. The optimism comes despite financial stocks trading at a premium to their two-year historical average on a price-to-book valuation basis.

☆ Mukesh Ambani will take credit where it’s due
▼ + stars: | 2022-12-06 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Boss Mukesh Ambani might do precisely that to fund a push by his $220 billion Reliance Industries (RELI.NS) conglomerate into consumer lending. The company is spinning off and listing its little-noticed non-bank financial company. More than rivals, Ambani is sitting on a treasure trove of data to assess the credit worthiness of borrowers. As a home-grown tycoon, Ambani has a better chance of success than other late entrants to financial services. On Oct. 21, Reliance revealed plans to spin off Reliance Strategic and rename it Jio Financial Services.

BlockFi users must still account for gains and/or losses on their 2022 taxes, but there are ways to reduce your tax bill. The crypto lender says it's requesting approval from the Court to restore withdrawal activities for those with BlockFi Wallet accounts. BlockFi also asked users not to submit any deposits to the BlockFi Wallet or its interest accounts. Georgia Quinn, General Counsel of Anchorage Digital, believes coverage for crypto users could be stronger. In addition, users are typically last to receive payouts in the event of crypto bankruptcy, since companies settle debts with creditors first.

[1/2] Zambia's Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. Zambia's Finance Minister Situmbeko Musokotwane told Reuters that China had sought clarification from the Zambian government and the IMF on their debt agreement, he said. At the end of 2021, Chinese creditors accounted for almost $6 billion of Zambia's external debt, which was then $17.27 billion. The Export-Import Bank of China is representing all Chinese creditors in their restructuring negotiations with Zambia, Musokotwane said. These include commercial banks, the Industrial & Commercial Bank of China (601398.SS), Jiangxi Bank (1916.HK) and China Minsheng Bank (600016.SS).

S&P 500 stocksAll 11 S&P 500 sector indexes declined, led by real estate (.SPLRCR), down 2.81%, and a 2.74% loss in energy (.SPNY). The S&P 500 declined 1.54% to end the session at 3,963.95 points. With two trading days left in November, the S&P 500 is on track for a gain of 2.4% for the month. Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O). The S&P 500 posted 12 new highs and two new lows; the Nasdaq recorded 93 new highs and 174 new lows.

S&P 500 stocksAll 11 S&P 500 sector indexes declined, led by real estate (.SPLRCR), down 2%, followed by a 1.91% loss in energy (.SPNY). In afternoon trading, the S&P 500 (.SPX) was down 1.20% at 3,977.86 points. Trading was mixed in other heavyweight growth stocks, including Microsoft Corp (MSFT.O), Meta Platforms Inc (META.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 7.7-to-one ratio. The S&P 500 posted 11 new highs and two new lows; the Nasdaq recorded 75 new highs and 120 new lows.

☆ Major Gulf markets track Asian shares, oil prices lower
▼ + stars: | 2022-11-28 | by ( Roxanne Liu | Yantoultra Ngui | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Major stock markets in the Gulf fell on Monday, with the Qatari index leading the drop, as investors tracked sluggish crude prices and Asian equities lower after rare protests in China against the country's zero-COVID curbs roiled sentiment. Crude prices - a key catalyst for the Gulf's financial markets - slumped as street protests against strict curbs in China, the world's biggest crude importer, stoked concerns about the outlook for fuel demand. In Qatar, the index (.QSI) dropped 1.5%, as all stocks were trading in negative territory including petrochemical maker Industries Qatar (IQCD.QA), which was down 1.9%. Saudi Arabia's benchmark index (.TASI) retreated more than 1%, with Retal Urban Development Co (4322.SE) losing 1% and oil giant Saudi Aramco (2222.SE) declining 0.9%. Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ 3 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. The decentralized finance models used proper collateralization and they're intact. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed."

☆ 2 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. COMMENTS:MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed." "From a customer standpoint it serves as another reminder to be skeptical of any crypto yield products on offer, particularly those that sound too good to be true.

☆ Most Gulf markets track oil prices, global shares lower
▼ + stars: | 2022-11-28 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Most stock markets in the Gulf ended lower on Monday, as investors tracked sluggish oil prices and global shares after rare protests in China against the country's zero-COVID curbs roiled sentiment. China has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Saudi Arabia's benchmark index (.TASI) fell 0.5%, hit by a 2.8% fall in Retal Urban Development Co (4322.SE) and a 2.6% decline in oil giant Saudi Aramco (2222.SE). Europe's benchmark STOXX index (.STOXX) fell 0.9% in early trading after MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% as COVID protests raised investors' concerns about growth implications for China. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.7%, with top lender Commercial International Bank (COMI.CA) falling 0.8%.

☆ Saudi, Qatar indexes extend losses on weak oil, Egypt up
▼ + stars: | 2022-11-27 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Nov 27 (Reuters) - Saudi Arabia and Qatar stock markets closed lower on Sunday, as uncertainties in oil prices amid Chinese COVID-19 curbs and haggling over a cap on Russian oil prices, weighed on investors' sentiments, although Egypt rose, bucking the trend. Saudi Arabia's benchmark index (.TASI) fell 1.3%, with Al Rajhi Bank (1120.SE) retreating 1.2%, while Sabic Agri-Nutrients (2020.SE) was down 3.9%. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. The Qatari index (.QSI) also dropped 1.1%, extending losses from previous session, led by its financial stocks with Qatar Islamic Bank (QISB.QA) and Commercial Bank Qatar (COMB.QA) plunging 1.9% and 2.1% respectively. "Egyptian stock market, supported by the large trading volumes by local investors, continue to maintain its strong performance" added Takieddine.

☆ Gulf bourses slide on Fed rate hike prospects; Egypt edges up
▼ + stars: | 2022-11-20 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Most stock markets in the Gulf fell on Sunday with fears about sharp U.S. interest rate hikes and the prospect of weaker oil demand weighing on sentiment. Saudi Arabia's benchmark index (.TASI) fell 0.8%, pressured by banking stocks, with Al Rajhi Bank (1120.SE) down 1.2% and Saudi National Bank (1180.SE) dropping 1.7%. The Qatari index (.QSI) also dropped 0.8%, extending losses to five sessions in a row, with financials and industrial stocks leading the losses. Qatari conglomerate Industries Qatar (IQCD.QA) lost 1.6% while Qatar Islamic Bank (QISB.QA) was down 1.2%. Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1% for a sixth session of gains, with Elsewedy Electric (SWDY.CA) advancing 2.7%.

☆ New Zealand's RBNZ seen raising rates by historic 75 bps
▼ + stars: | 2022-11-17 | by ( Devayani Sathyan | ) www.reuters.com time to read: +3 min

Reuters Poll: RBNZ monetary policy outlookThe largest banks in the country - ANZ, ASB, Kiwi Bank, Bank of New Zealand and Westpac - expect a 75 bp hike on Wednesday, matching the recent pace of the U.S. Federal Reserve. "We are forecasting the OCR to peak at 5.0%, via another 75 bp hike in February on a 'let's just get it done' basis. If data cools more rapidly than expected the RBNZ could well slow the pace at that point." Rates were expected to peak at 4.75% and remain unchanged until the end of next year, according to the median view in the poll. According to the latest RBNZ survey, inflation is expected to ease only modestly over the coming year and will be higher than previously predicted.

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

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