FinanceMonthly September edition
September edition
In this blog, You can read about every major news in the financial world which took place in July 2024. This is the perfect place to brush up on the recent financial news because you will find every important news announced in the business world in one place.. So, buckle up and get ready to dive into the financial world with this blog. This is the "Blog that never sleeps" (If you get the reference, then that tells me you're already into finance!). Doesn't matter if you're a novice or a pro. Doesn't matter if you know nothing about finance or you know everything. This is the perfect financial blog for you!
Authored by D Sai Karthik5 September 2024
China property developer Country Garden removes PwC as auditor -
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Country Garden Holdings said on Thursday that PwC has agreed to resign as its auditor, as the property developer became the latest Chinese company to sever ties with the firm. Country Garden said in an exchange filing that it had appointed Hong Kong-based Zhonghu Anda CPA as its new auditor, at least until the conclusion of its next annual general meeting. PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs.
Credit Agricole CIB appoints Atul Sodhi as senior country officer for UK -
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Credit Agricole CIB has appointed Atul Sodhi as senior country officer for the United Kingdom effective September 1, with the move making the veteran banker one of the senior most Indian-born executives in the European banking landscape. Sodhi will report to Georg Orssich, senior regional officer for Europe excluding France. Sodhi will oversee the business development and strategy of the bank’s commercial franchise in the UK, Credit Agricole CIB said in a statement. Sodhi will also join the bank’s management committee. A banker with more than 32 years of experience, Sodhi has been with Credit Agricole CIB since 1997.
4 September 2024
Blackstone to buy Australia's AirTrunk in $16 billion deal -
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Blackstone will buy Australian data Centre group AirTrunk for an implied enterprise value of over A$24 billion ($16.10 billion), it said on Wednesday, in what would be Blackstone's largest investment in the Asia Pacific region. The alternative asset manager, along with the Canada Pension Plan Investment Board, is acquiring AirTrunk from Macquarie Asset Management (MAM) and the Public Sector Pension Investment Board (PSP).The transaction needs approval from the Australian Foreign Investment Review Board (FIRB), given the asset is being bought by overseas parties.
The two signs stoking recession fears in US, and when it might begin -
The US is flashing two major red signals that it could be on the verge of a recession, many frontline analysts have warned. The forecasts have become increasingly starker after the July jobs report triggered the dreaded Sahm Rule, which is widely seen as a clear early sign of an impending recession. Worries about the US economy rose after latest data hinted that the labour market is probably slowing down faster than expected. The jobs data had showed that unemployment is trending higher. While alarm bells have not exactly begun ringing at the moment, there are enough signs that a recession could hit the world's biggest economy in 2025, if not 2024.
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3 September 2024
China to launch anti-dumping probes into Canadian canola, chemicals -
China said Tuesday it would launch an anti-dumping probe into Canadian canola and chemical products, in apparent retaliation for Ottawa's new restrictions on imports of Chinese electric vehicles (EVs). Canadian Prime Minister Justin Trudeau last month announced tariffs of 100 percent on Chinese EVs, accusing Beijing of "not playing by the same rules as other countries" in areas like environmental and labor standards. The United States and the European Union have also respectively slapped tariffs of 100 percent and 36 percent on Chinese EVs, arguing that Beijing unfairly subsidies domestic producers who se products then flood foreign markets and undercut local competitors.
Volkswagen considers historic German plant closures in cost drive -
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Volkswagen is considering closing factories in Germany for the first time, in a move that shows the mounting price pressure Europe's top carmaker faces from Asian rivals.
Monday's move marks the first major clash between Chief Executive Oliver Blume, who analysts have described as more of a consensus builder than his often combative predecessor Herbert Diess, and unions that command substantial influence at VW. VW considers one large vehicle plant and one component factory in Germany to be obsolete, said its works council as it vowed "fierce resistance" to the executive board's plans.
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2 September 2024
ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say -
Silicon Valley Bank exits China joint venture, local partner takes full control -
Silicon Valley Bank's Chinese joint venture will become a wholly owned unit of Shanghai Pudong Development Bank, following approval to change its name to Shanghai Innovation Bank, a Chinese financial regulator said late on Friday. Silicon Valley Bank's (SVB) collapse last year was one of the largest in U.S. banking history and left its joint venture with Shanghai Pudong Development Bank (SPD) - SPD Silicon Valley - in the lurch after no buyers emerged to acquire SVB's stake. In a statement on Friday, the National Financial Regulatory Administration's Shanghai branch said it had agreed the bank could adjust its shareholder ratios so that SPD holds 100% of the shares, effectively approving SVB exiting the joint venture.
1 September 2024
Billionaire Buffett again sells BofA shares worth about $845 million -
Billionaire Warren Buffett's Berkshire Hathaway has once again cut its stake in Bank of America with a share sale worth roughly $845 million, a regulatory filing showed on Friday.
The conglomerate run by one of the world's most revered investors has offloaded shares worth more than a combined $6 billion in the second largest U.S. bank in seven rounds of share sales since July. Berkshire, BofA's top shareholder, disclosed that it had sold roughly 21.1 million shares of the bank between Aug. 28 and Aug. 30.
Brazil targets banks in income tax hike bill -
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Brazil's government submitted a bill to Congress on Friday that increases some income taxes as part of a revenue-raising effort, including a more pronounced rate hike for banks. The bill proposes changes to the social contribution tax on corporate income (CSLL) and interest on equity payments (JCP). Last week, Finance Minister Fernando Haddad said the two proposals would be sent to Congress to ensure compliance with budgetary rules, in case compensation measures outlined by Congress are insufficient to offset the effects of payroll tax exemptions approved by senators.
