Geneva / Emirates Business The International Air Transport Association (IATA) announced slowing global passenger demand growth for July. Total revenue passenger kilometres (RPKs) rose 3.6 percent, compared to the same month in 2018. This was down from 5.1 percent annual growth recorded in June. All regions posted traffic increases. Monthly capacity (available seat kilometres or ASKs) increased by 3.2 percent …

Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a …

Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New …

Bloomberg JPMorgan Chase & Co has landed on six property stocks that can best weather the Hong Kong turmoil after applying a worst-case scenario that envisages home prices plunging 30 percent, retail sales falling by a similar amount and prime office rents sinking 40 percent. While a worst-case scenario may seem a rather grim starting point, analysts at the New …

Bloomberg US equity-index futures rallied alongside European and Asian stocks as traders cheered a reduction in political tension from Italy and Britain to Hong Kong. Treasuries and gold retreated, while the dollar slipped. Contracts on the three major American share gauges jumped, signalling stocks will rebound from declines. All industry groups in the Stoxx Europe 600 index advanced, almost erasing …

Bloomberg The pound rallied 1 percent and gilts slid as investors saw a lower risk of a no-deal Brexit following a defeat for the government in parliament. Sterling led gains among Group-of-10 peers and UK stocks also gained as lawmakers were expected to vote on Wednesday to force Prime Minister Boris Johnson to delay Brexit by three months. Johnson retaliated …

Bloomberg Europe’s top banking executives ratcheted up criticism of negative interest rates ahead of a key European Central Bank (ECB) meeting, warning of severe consequences to asset prices and the broader economy. Deutsche Bank AG Chief Executive Officer Christian Sewing warned that more monetary easing by the European Central Bank, as widely expected next week, will have “grave side effects” …

Bloomberg Two major UK lenders warned that a last-minute rush by compensation-seeking customers will make the most expensive scandal in British banking even costlier. Royal Bank of Scotland Group Plc said it plans to set aside as much as 900 million pounds ($1.1 billion) more for claims related to payment protection insurance (PPI) that customers didn’t want or need. The …

Bloomberg Goldman Sachs Group Inc enlisted another investment banker in the effort to revive its trading unit. Marc Nachmann was named co-head of the firm’s trading division, replacing Marty Chavez, who will leave the firm at the end of this year. Nachmann, a 25-year veteran of the firm, has been co-head of the investment banking business since 2017. David Solomon, …

Bloomberg Argentine banks are willing to pay top dollar to hold onto their customers’ greenbacks. As the country’s financial crisis deepens, savers are withdrawing their dollar deposits from their accounts. But the banks are striving to retain them by paying the highest returns in more than 3 years, while the Central Bank adopts measures to provide liquidity and guarantee supplies …