14/08/2026

FRIDAY | AUG 14, 2026

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BIZ & FINANCE

BIZ & FINANCE

Bank of America pledges US$250b in financing for US projects NEW YORK: Bank of America pledged Wednesday to mobilise US$250 billion for critical US infrastructure, tying an 18-month initiative to the 250th anniversary of the United States. The push, through direct lending and investment as well as banking and advisory solutions, targets three broad areas: digital infrastructure, including data centres; energy and power; and other “core” infrastructure, including transportation and critical minerals. “As America marks its 250th year, this initiative reflects our confidence in the country’s future,“ said Jim DeMare, co-president of Bank of America, adding that the project will “drive growth, create jobs and define America’s next chapter”. The 18-month stretch covers all of 2026 and runs through July 4, 2027. Bank officials did not immediately respond to a query about the size of funds mobilised thus far. The second largest US bank by assets after JPMorgan Chase, Bank of America serves as a financial advisor to Related Digital’s US$16 billion data centre project in Saline Township, Michigan. Oracle will be the tenant for the massive data centre, which was announced in April. Karen Fang, the bank’s global head of infrastructure and sustainable finance, told BloombergNEF earlier this month that the debt for the Michigan project would be structured through 19-year bonds instead of through banks. The financing was structured that way to attract investors while allowing for potential refinancing, said Fang, who told the publication the bank has a “robust” pipeline of AI data center projects. Bank of America’s announcement follows an October 2025 pledge by JPMorgan to mobilise US$1.5 trillion to promote US “critical industries.” – AFP ZURICH: Switzerland’s government, drawing on the lessons of the collapse of Credit Suisse, on Wednesday launched consultations on new banking rules that could limit bankers’ bonuses. The Federal Council said the consultations would cover measures designed to “strengthen corporate governance”, ensure banks are prepared for crises, and grant greater powers to the financial market supervisory authority (FINMA). “The aim is to strengthen resilience and confidence in the Swiss financial system whilst protecting our economy, taxpayers and the state,“ Finance Minister Karin Keller-Sutter told journalists. The proposed measures focus in particular on bankers’ bonuses. They propose to withhold or recover bonuses from “the most senior or most highly paid managers at systemically important

median forecast of US$2.12 billion in a company-provided poll and up from US$2.30 billion a year ago. The company now expects underlying EBITDA of between US$10.5 billion and US$12.5 billion this year, up from a previous US$8 billion to US$10 billion, and underlying operating profit between US$4.5 billion and US$6.5 billion, up from a previous US$2 billion to US$4 billion. Global container trade demand exceeded expectations in the second quarter as growth elsewhere more than offset a 40% contraction in Middle East imports, with Chinese exports the main engine. “This strength may extend into the third quarter of 2026, as exports from China show no signs of abating. However, the unresolved conflict in the Middle East

continues to warrant caution,” Maersk said. German rival Hapag-Lloyd also recently raised its outlook for the financial year, citing strong market demand and positive freight rate developments. Mideast disruption pushed Maersk’s Ocean division operating costs up 19%, with the average bunker price rising 44% year-on-year, though the firm offset the impact through optimised fuel consumption and commercial measures. Some analysts have cautioned the recent strength in the freight market is a short-term tailwind masking bigger risks ahead, and that any normalisation of Red Sea traffic would put significant downward pressure on freight rates. The Asia-Europe trade corridor through the Suez Canal was abandoned by most shippers after Houthi attacks in the Red Sea, though Maersk and Hapag-Lloyd have in recent months announced a gradual return. – Reuters

o Middle East disruptions and robust demand lift freight rates

COPENHAGEN: Danish shipping group Maersk yesterday smashed profit forecasts and raised its full-year earnings guidance for a second time this year as the Middle East conflict, port congestion and strong demand pushed freight rates higher. Maersk, a bellwether for global trade given its position as the world’s second-largest container shipper, said the global container market remained on track for around 4% growth this year despite geopolitical turmoil. Shares in the company, whose customers include Walmart, Target and Nike, rose 8% at market open. “Maersk has benefited from sharply rising

freight rates, trade disruptions and export growth out of China, while at the same time the company has been able to pass on higher fuel costs to customers,” Jyske Bank analyst Haider Anjum said in a research note. Maersk’s second-quarter profit before interest, taxes, depreciation and amortisation stood at US$3 billion, well above a

Shipping containers sit on a Maersk vessel docked at the port of Los Angeles. – REUTERSPIC

Trump sued over Truth Social fast access sale NEW YORK: Donald Trump was sued on Wednesday by two media entities seeking to shut down a new service that sells paid access to the US president’s posts, including some that can move markets, on his Truth Social platform. The complaint filed in Manhattan federal court by the Intercept and the Freedom of the Press Foundation challenges Truth API, a feed offered by Trump Media & Technology Group that charges up to US$100,000 a month for early access to 10 high-profile Truth Social accounts, including Trump’s own. Truth API launched on Aug 1, four days after Democratic Senators Elizabeth Warren of Massachusetts and Adam Schiff of California called on the US Securities and Exchange is not. Trump has long used Truth Social to disclose news, such as on tariffs and Middle East conflicts, that can move prices of stocks, oil and other markets. Wednesday’s lawsuit seeks to block the White House from posting official government announcements exclusively on Truth Social while the paid feed exists. In the complaint, the plaintiffs called the Truth API service “profoundly corrupt” because the president stands to gain financially when subscribers sign up. They also said the service violated the US Constitution’s First Amendment because everyone deserved equal access to Trump’s announcements, and there was no legitimate government interest in selling Trump’s posts to private subscribers and letting him profit. “countless” platforms and news outlets, including many offering subscription feeds, already disseminate information from Trump, a Republican. “Now, left-wing activists are trying to wrongfully weaponise the courts to censor him” and harm shareholders, the spokesperson said. On an earnings call on Monday, Trump Media interim chief executive Kevin McGurn said Truth API enabled subscribers to get news “fractionally faster” than others. The president is Trump Media’s largest shareholder, with a 41.3% stake worth approximately US$950 million through his Donald J. Trump Revocable Trust, Reuters data show. His oldest son Donald Trump Jr. is a Trump Media director and oversees the trust.

Switzerland seeks to tighten rules on bankers’ bonuses

banks” in the event of rule-breaking or mismanagement. The goal is to avoid payment packages that encourage excessive risk-taking. “The Federal Council wants remuneration to be geared towards long-term profit,“ said Keller-Sutter. The consultation will start in late August and run until November. In March 2023, the Finance Ministry, the central bank and FINMA were forced to find an emergency solution for Credit Suisse as it teetered on the brink of bankruptcy. They opted for a takeover by its domestic rival, UBS. However, given the size of UBS following this merger, the government is pushing the bank to strengthen its capital base so it can withstand a crisis or market shock. In particular, it wants to tighten capital requirements for overseas subsidiaries. – AFP

Commission to investigate whether it undermined the integrity of financial markets while enriching Wall Street, wealthy insiders and Trump. The White House did not immediately respond to a request for comment. Other White House officials are also defendants but Trump Media

Other accounts offered through Truth API include those of Vice-President JD Vance, Health and Human Services Secretary Robert F. Kennedy Jr., FBI director Kash Patel and the White House itself, the complaint said. – Reuters

According to the complaint, many of Trump’s 9,000 to 11,000 Truth Social posts and reposts during his second White House term were never followed by official White House statements. A Trump Media spokesperson said