Bloomberg Canadian Imperial Bank of Commerce (CIBC) is seeing an uptick in bad loans, providing validation to short-seller concerns that credit conditions are worsening. Investors and analysts have been watching for signs of deteriorating loans since short sellers earlier this year said that CIBC and other banks are ill-prepared for worsening credit conditions. CIBC’s soured-loan provisions totaled C$291 million ($219 ...

Bloomberg HSBC Holdings Plc cut about 10 banking jobs in Japan and Australia, eliminating the merger advisory teams based in those countries. The London-based bank will instead serve clients out of Hong Kong, Singapore and Southeast Asia, the person said, asking not to be identified because the matter is private. The debt capital markets group and sector teams were largely ...

Bloomberg Amid the astonishing recovery this year by most of the world’s biggest cryptocurrencies, one stands out. The token known as XRP has tumbled about 20%, while eight of the other 10 biggest coins are posting outsized gains. Even after losing about $3 billion in market capitalisation in 2019, XRP remains the third-largest digital asset after Bitcoin and Ethereum. Many ...

Bloomberg Target Corp will create a dedicated section for Walt Disney Co products inside some of its stores just in time for the holidays, looking to boost sales of everything from dolls to lightsabers. The discount retailer will open Disney-themed sections in 25 stores in early October, with another 40 coming within the next year, the companies said in a ...

Bloomberg British Airways pilots will strike for three days next month after their union said the latest pay proposals from the carrier are insufficient. Members of the British Airlines Pilots’ Association (Balpa) will walk out on September 9, 10 and 27, the labour group said in a statement. Balpa had been considering its position since mediated talks with management at ...

Bloomberg The year has been one for the record books when it comes to Canadian airline stocks. The country’s four biggest carriers have seen double-digit share price growth amid a myriad of deals and stake purchases. The corporate transactions have added a total of about $5.3 billion in market value to the companies, according to data compiled by Bloomberg. Amazon.com ...

Bloomberg Walmart Inc isn’t the only corporation that has seen its Tesla Inc solar panels catch fire. Amazon.com Inc said a June 2018 blaze on the roof of one of its warehouses in Redlands, California, involved a solar panel system that Tesla’s SolarCity division had installed. The Seattle-based retail giant said by email that it has since taken steps to ...

Bloomberg South Africa’s seizure of an Air Tanzania aircraft was linked to a land compensation claim that dates back to the 1980s, the East African nation’s government said. The case doesn’t involve the airline and is part of a wider dispute between Tanzania and Hermanus Steyn, a South African investor, Hassan Abbasi, a spokesman for the Tanzanian government, said in ...

Bloomberg Kraft Heinz Co could end up as one of the biggest junk issuers if it doesn’t take its debt load by mid-2021. S&P Global Ratings said it could cut the packaged-food company to speculative-grade if it doesn’t boost earnings, pay down some of its more than $30 billion of long-term debt, or both. Roughly two-thirds of those borrowings currently ...

RIYADH / WAM The joint government services training programme organised by the UAE and Saudi Arabia, titled, ‘UAE-Saudi Capacity Building Programme’, has begun in the Saudi capital, Riyadh. The programme aims to build the capacities of government services employees from the two countries, according to specialised services criteria and as part of their partnership, as represented by the Saudi-Emirati Coordination ...