ICYMI – Liu Chong, chairman of Shanghai and Hong Kong listed Cosco Shipping Development Co. Ltd., has been detained by authorities for investigation. Chinese media had the report over the weekend. Details are sparse: COSCO Shipping Development, the finance and leasing arm of the world’s largest shipowner, COSCO, said in a filing earlier this week
Adam posted on the news on Thursday, in summary three officials of the Federal Reserve, Board Governors Cook, Kugler and Jefferson said “the size of the balance sheet could decline considerably further before reserves reach the level consistent with the ample reserves operating framework” Adam’s post here: The language used by the Governors seems innocuous
Former European Central Bank President, and former prime minister of Italy, Mario Draghi was cited in a report on a conference organised by the Financial Times. The FT is gated but other news services have picked up the main points made by Draghi: euro zone is nearly certain to experience a recession by the end
Bank of Japan Governor Ueda was cited in Japanese media over the weekend with ‘exit’ comments featuring. Earlier, in chronological order: Bank of Japan Governor Ueda says his focus is on a ‘quiet exit’ reducing monetary easing USD/JPY indicating a big figure lower than Friday after ‘exit’ comments from BOJ Gov Ueda More on Bank
The Wall Street Journal reported that Saudi Arabia’s Aramco, the world’s most valuable oil company, appears to be considering selling a stake of as much as $50 billion. The Journal cites “people familiar with the potential deal” for the info. The 50bn cited would be the largest offering in the history of capital markets. Says
Thursday evening news from China: China’s Industrial Bank says it’ll cut its yuan deposit rates by 10-25 basis points, effective from Friday, 1 September 2023. one-year deposit rate will be cut by 10 bps to 1.75% two-year deposit rate will be cut by 20 bps to 2.00% three- and five-year rates will be cut by