Indonesia’s Petroleum Association signed a deal of 20% stake from Shell
The US FDIC has pressed banks to approve Shell and Chevron’s deals to sell shares in Indonesian gas assets to Pertamina, Petronas, and Eni. This move aims to boost the country’s declining supply and support Indonesia’s production target of one million barrels of oil per day and 12 billion standard cubic feet of gas by…
US FDIC warn banks to correct their report as new fee is coming
The FDIC has ordered banks to restate financial statements that incorrectly decreased uninsured deposits before proposing a specific fee based on deposit size. The warning and modifications came after banks complained about an FDIC fee aimed at major corporations to recover their losses from Silicon Valley Bank and others. Since 2022, banks have reduced their…
UniCredit gain higher revenue and resisted on leaving Russia
UniCredit, a top-15 Russian lender, is expected to report higher revenue on Wednesday due to rising interest rates. However, its exposure to Russia is causing regulatory attention. The European Central Bank (ECB) has expressed concern about UniCredit’s position but has not taken any action. UniCredit has resisted leaving Russia, as asset sales require presidential permission…
Banc of California and PacWest will merge and raise $400 million in stock capital.
Banc of California and PacWest Bancorp have announced a stock-for-stock merger to create a $36 billion bank. The lenders will sell $400 million of new shares to Warburg Pincus and Centerbridge Partners to fund the combination. The combined bank will have $25.3 billion in loans and over 70 California branches. Banc of California CEO Jared…
Yuan surges as Beijing pledges to strengthen the economy
The euro experienced a two-week low on Tuesday due to a deteriorating economic slowdown, while the yuan surged as China’s top leaders pledged to provide policy support for the economy. The Politburo meeting praised China’s statements, sending the yuan up over 0.5% in both onshore and offshore Asian trade. China’s optimism bolstered the Australian dollar,…
Investors believe dividend stocks are more profitable
As the Federal Reserve approaches its ultimate stopping point, investors are reevaluating dividend-rich stocks. The Fed’s aggressive rate rises have pushed short-term Treasury yields above 5%, their highest level since 2007. This has put pressure on many dividend-paying stocks, which investors preferred when rates were lower. Some investors believe dividend payers are starting to appear…
Bank Indonesia will maintain stable interest rates
Indonesia’s central bank may keep its benchmark interest rate at a four-year high to preserve the rupiah despite the Federal Reserve’s expected monetary tightening. On Tuesday, Bank Indonesia will keep its reverse repurchase rate at 5.75%. Policymakers may emphasize the rupiah over Indonesia’s slow disinflation before Thursday’s key Fed meeting, which will raise borrowing prices…
China hopes that higher oil prices will result from tighter supply.
Oil prices rose for the third consecutive day due to tighter supplies and Chinese promises to boost the world’s second-largest economy. Brent futures and WTI advanced over 2%, closing at their highest levels since April. Global central bank tightening is expected to end soon, providing support for global growth. China committed to raising domestic demand…