March, 2016

• 19 March

  Victoria Beckham launches first store outside Britain

  HONG KONG / AFP Fashion designer Victoria Beckham launched her first shop outside Britain in Hong Kong as she seeks to tap the Asia market despite a downturn in luxury spending. Beckham’s store in Hong Kong’s Landmark building lies at the heart of the upmarket Central district, a cluster of high-end brands and five-star hotels. The British designer did a final ...

  Read More »
• 19 March

  Bang & Olufsen outsources TV manufacturing to LG

  Copenhagen / AFP Bang & Olufsen, the Danish maker of upmarket sound systems and televisions, said on it had entered a partnership with LG Electronics to outsource its production of televisions. The struggling Danish firm, which said in November it was in talks with a potential buyer, said the deal “will address Bang & Olufsen’s key challenges related to scale ...

  Read More »
• 19 March

  Hackers stalked Bangladesh Bank for weeks before heist

  

  Bloomberg Hackers who stole $101 million from Bangladesh’s central bank stalked its computer systems for almost two weeks beforehand, according to an interim investigation report seen by Bloomberg. Prepared for Bangladesh Bank by cyber security firms FireEye Inc. and World Informatix, the assessment offers a tantalising glimpse into how cyber criminals can use banks’ own systems against them. The cyber ...

  Read More »
• 19 March

  BOE’s proposed level for bank buffer is ‘peanuts’: Ex-policymaker

  

  LONDON / Bloomberg The Bank of England (BOE) should force banks to set aside more capital to support lending in a downturn, former policy maker Charles Goodhart said. The countercyclical capital buffer is currently set at zero and while the Financial Policy Committee (FPC) has said it intends gradually to increase the level to 1 percent, Goodhart said such a ...

  Read More »
• 19 March

  Big banks need tougher audits: US regulator

  New York / AFP US banking supvervisors should beef up their oversight of large banks beyond stress tests with deep-dive audits and greater use of outside examiners, a top regulator said. Under a ‘full-scope’ exam, a team of regulators would converge on the largest US banks to pull ledgers, check whether loan payments are on time and “systematically review a ...

  Read More »
• 19 March

  Italy bank chiefs rush to reach deal as ECB raises pressure

  

  BLOOMBERG Executives at Banco Popolare SC and Banca Popolare di Milano Scarl are racing to reach a merger accord that meets the European Central Bank’s (ECB) capital demands as Italy’s biggest banking deal in years threatens to unravel. After a month of talks with the lenders failed to assuage the ECB’s concerns over capital and governance, the central bank sent ...

  Read More »
• 19 March

  Green Bank moves to choosing golden shareholders

  

  LONDON / Bloomberg The UK Green Investment Bank Plc moved closer to selecting special shareholders who can veto changes to its environmental mission after the institution is privatised. The national science academy known as the Royal Society, Scotland’s Institute of Chartered Accountants and Scotland’s Law Society will help create a committee to protect the mandate of the bank, according to ...

  Read More »
• 19 March

  Coffee, comfort on tap at Montreal cafes

  

  AFP Sitting on sofas with laptops balanced awkwardly on their knees as they sip from bottomless cups of tea and coffee, customers have turned an off-the-beaten-path café in Montreal into their personal workspace. And the owners couldn’t be happier. “Here, you are at home,” said Anti Café manager David Chevrier, talking up the new breed of coffee shop that charges ...

  Read More »
• 19 March

  Paris to go greener with urban farms

  

  DPA Graffiti, broken windows, crumbling masonry: the former Gare Masséna railway station in south-east Paris boasts none of the French capital’s famous charm. Only the overgrown tracks near the station building and a small blue sign marked “SNCF” — the French national railway — hint at its former use by travellers and trains. The dilapidated building has become an object ...

  Read More »
• 19 March

  Literature, nature and fairy tales

  

  RITIKA SHARMA / EMIRATES BUSINESS For those on lookout for more creativity in fashion shows, for those who dare to think beyond set principles of designing and for those whose want to make fashion ‘inspirational’, Arab Fashion Week 2016 (AFW) was the place to be. From Shakespeare’s shy Juliet to Jane Austin’s endearing Elizabeth, from futuristic architecture to earthy colours ...

  Read More »