Bloomberg When Nicko Widjaja was hired to run the venture capital arm of Indonesia’s biggest telecommunication services provider in 2015, corporate venture capital investing had a reputation for being slow, bureaucratic and generating lackluster returns. But in four years, he has made it work. The first venture fund of state-owned PT Telekomunikasi Indonesia, called MDI Ventures, has returned 40 percent …

Bloomberg While corporate America’s profit engine is about to cool, Goldman Sachs Group Inc. says a Federal Reserve interest-rate cut will continue to boost stock prices this year. The bank cut 2019 earnings estimates for the S&P 500 Index to $167 a share from $173, citing an economic slowdown, lower oil prices and weak margins, according to a note from …

Bloomberg Bank of America Corp. (BofA) said it will end a payments joint venture with First Data Corp. next June when a contract between the two firms expires. The firms will continue to provide delivery of products and services for existing clients through at least June 2023, but will otherwise pursue in-dependent merchant-services strategies next year, Bank of America said in …

Bloomberg Banco Bilbao Vizcaya Argentaria SA’s (BBVA) Mexican business shrugged off an economic slowdown in the country, helping the Spanish bank make up for the effect of ultra-low interest rates in Europe. The Mexico unit posted its highest quarterly profit in at least a decade, helping BBVA report group earnings that beat analyst estimates. That bucks a trend among Spanish …

Bloomberg Airbus SE earnings surged in the second quarter, helped by a ramp up in deliveries of a narrow-body model that rivals Boeing Co’s grounded 737 Max. Adjusted profit before interest and tax increased 72 percent to $2.2 billion, beating estimates, as Airbus handed over close to 300 of the A320 planes. Four-fifths of the jets were the revamped Neo …

Bloomberg British Airways (BA) lost a UK court bid to halt a pilot strike, in a ruling that may clear the path for walkouts at the height of the busy summer travel season. Wednesday’s decision raises the risk of the airline’s first pilot strike in about four decades, in a dispute about pay, profit sharing and a stock-awards programme. Brian …

Bloomberg Ryanair Holdings Plc Chief Executive Officer Michael O’Leary told workers the budget airline needs 1,500 fewer pilots and cabin crew than originally envisaged amid a slump in earnings and delays to expansion plans forced by the grounding of Boeing Co’s 737 Max jetliner. In a video message to staff seen by Bloomberg, O’Leary said the carrier has an excess …

Bloomberg Singapore Airlines Ltd posted a 20 percent decline in first-quarter earnings, weighed down by rising fuel costs and expenses from the grounding of six Boeing 737 Max aircraft. Net income in the three months to June fell to S$111.1 million ($81.2 million), from S$139.6 million a year ago, Singapore Air said in a statement. Sales climbed 6.7 percen to …

Bloomberg L’Oreal SA shares tumbled as a drop in North American sales raised concerns that a makeup boom fuelled by beauty bloggers and selfies has lost steam. The stock fell as much as 4.9 percent in Paris trading, the most in three years. The sales decline in a crucial region came even as demand from China lifted the world’s biggest …

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has entered into a further follow-on pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. GIC will invest $600 million in select Adnoc crude pipeline infrastructure, following BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) who earlier this year …