March, 2016

• 22 March

  Fed had ‘major lapse’ in cyber heist: Bangladesh

  

  Dhaka / Bloomberg Bangladesh’s Central Bank has suggested the Federal Reserve Bank of New York had a “major lapse” in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg. The document, dated March 13, sheds new light on Bangladesh Bank’s interpretation of a cyber heist in which ...

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• 22 March

  ECB, BOJ seeking to push down exchange rates, says top banker

  

  Bloomberg The European Central Bank (ECB) and the Bank of Japan (BOJ) are essentially trying to push down the values of their respective currencies with the use of negative interest rates, former Bank of England Governor Mervyn King said. “There are clearly limits” to the effectiveness of negative rates, King said in a interview in New York. “I think you ...

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• 22 March

  HSBC to take loss on Irish oil minnow loans

  

  BLOOMBERG HSBC Holdings Plc is discovering the oil crash extends far beyond the deserts of the Gulf, the plains of west Texas and the shale fields of North Dakota. Even a small energy company in Dublin can inflict pain. The lender led a group of banks that extended up to $500 million three years ago to Petroceltic International Plc, helping ...

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• 22 March

  Citigroup breakup could lift shareholder value 57pc

  

  BLOOMBERG Citigroup Inc., the fourth-largest US bank, should consider breaking itself into smaller pieces because higher capital rules make it difficult to earn acceptable returns, analysts at Keefe, Bruyette & Woods said. A breakup could come in three steps: selling the international consumer businesses excluding Mexico; selling the Mexico franchise; splitting the remaining firm into a US consumer business and ...

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• 22 March

  First US-made Airbus jet makes successful flight test

  

  MOBILE / AP A European aircraft maker Airbus conducted the inaugural test flight on its first US-made jetliner, calling the exercise a success after the plane flew for hours over the Gulf of Mexico. The A321 passenger jet took off and landed at Mobile Aeroplex at Brookley, site of the company’s new plant near downtown Mobile, Alabama. The three-hour flight ...

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• 22 March

  Haier profit growth slows, sees industry rebound in 2016

  

  BEIJING / Bloomberg Haier Electronics Group Co.’s earnings grew last year at the slowest pace since 2008 as sales fell at the China-based maker of washing machines and water heaters, and it predicted industry growth will be restored this year despite a tough 2016. Net income rose 10 percent to 2.7 billion yuan ($416 million) in the year, in line with ...

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• 22 March

  United pilots call Bethune a diversionary tactic by investors

  

  Bloomberg Lining up Continental former Chief Executive Officer Gordon Bethune as part of a board slate for United Airlines is merely a ruse by two hedge funds to “smash and grab from United’s coffers,” according to the carrier’s pilot union. The funds enlisted Bethune “to play on employees’ good will and feelings of nostalgia,” leaders of United’s chapter of the ...

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• 22 March

  Les Berglass: Hiring in the age of change

  

  NEW YORK / AP Hiring top retail executives has long involved a game of musical chairs. But with consumer spending behaviour turned upside down in the era of web shopping, retailers need to look beyond the seasoned industry execs with the long resumes, says veteran executive recruiter Les Berglass. Since founding his firm in 1990, he has been placing top ...

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• 22 March

  Vintage wheels drive tourism in Cuba

  

  DPA The coach carrying tourists passes its third tractor, then a cyclist and horse-drawn cart on the six-lane highway running from Havana towards Vinales some 180 kilometres to the west. The driver brakes to give way to four cows crossing the wide strip of asphalt. “What a highway!” grins John Johnson, one of a party of tourists from California and ...

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• 22 March

  Chuck E. Cheese brings more play to UAE

  

  Dubai / EMIRATES BUSINESS Chuck E. Cheese has launched its second UAE destination at Ibn Battuta Mall, Dubai. Launched in the US during the 1970s, the life-sized animated mouse Chuck E. and his friends have been entertaining kids across the world for nearly four decades, thanks to the safe, family-friendly environment that kids and parents just love coming back to. ...

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