April, 2023

• 3 April

  Bed Bath warns of bankruptcy risk in $300m equity offering

  

  BLOOMBERG Reeling from a collapse in its stock price and at the mercy of Wall Street banks, Bed Bath & Beyond Inc warned it will likely go bankrupt if a last-gasp $300 million equity offering fails. The retailer filed to sell new shares to stay afloat and repay creditors after a hedge-fund rescue effort faltered and as day traders — ...

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• 3 April

  Lufthansa nearing deal with Italy’s ITA Airways

  

  BLOOMBERG Italy state-owned carrier ITA Airways approved a business plan shared with Deutsche Lufthansa AG, a further step towards selling a minority stake to the German airline. The plan envisages the development of ITA Airways’ fleet, network and strategic goals and it has been discussed by Italy’s Finance Minister Giancarlo Giorgetti, ITA Chairman Antonino Turicchi and Lufthansa’s Chief Executive Officer ...

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• 2 April

  Manila to ‘do everything’ to boost maritime sector: Marcos

  

  BLOOMBERG Philippine President Ferdinand Marcos Jr said his government will “do everything” to address outstanding issues confronting its maritime industry after the European Commission agreed to continue recognising government certificates issued to its seafarers. The Philippines is one of the world’s top suppliers of maritime labour and Marcos cheered the commission’s move, saying it averted the potential loss of 50,000 ...

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• 2 April

  Australian prime minister wins by-election

  

  BLOOMBERG Australian Prime Minister Anthony Albanese won a historic victory at a by-election in the state of Victoria, becoming the first government in more than 100 years to take a district off the opposition outside a national vote. The ruling Labor party’s candidate, Mary Doyle, was set to win the district of Aston in eastern Melbourne, according to Australian Broadcasting ...

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• 2 April

  Bulgarians vote to end deadlock, mounting crises as war weighs in

  

  BLOOMBERG Bulgarians are voting in their fifth election in two years, seeking to end turmoil that has paralysed the political system and put at risk European Union (EU) unity over Russia’s invasion of Ukraine. The Balkan country has been grappling with a political stalemate after a series of inconclusive votes — most recently in October — has given no political ...

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• 2 April

  North Korea close to completing new nuclear reactor, says 38 North

  

  BLOOMBERG Satellite images indicate North Korea may be close to completing a new reactor in its major nuclear complex in Yongbyon, according to 38 North, a Washington-based website that tracks events in the country. Construction crews are working on a support building at the site’s Experimental Light Water Reactor (ELWR) development and water discharges have been spotted near the ELWR’s ...

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• 2 April

  China ready to speed up talks with Asean on South China Sea

  

  BLOOMBERG China is ready to work with Malaysia and other Southeast Asian nations to speed up consultation for a South China Sea code of conduct, Xinhua reported, citing Premier Li Qiang. Beijing is prepared to collaborate to jointly maintain peace and stability of the area, Li was cited as saying during a meeting with visiting Malaysian Prime Minister Anwar Ibrahim. ...

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• 2 April

  ICICI plans to double wealth bankers, eyes $60b of assets

  

  BLOOMBERG ICICI Securities Ltd aims to double its wealth managers and boost the assets from rich clients to $60 billion in the next two years, as competition ramps up in India’s rapidly growing wealth industry. The current crisis at Credit Suisse Group AG and the uncertainty around its wealth business in India could provide some hiring opportunities, said Anupam Guha, ...

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• 2 April

  UBS to slash workforce by 20-30% after CS takeover

  

  BLOOMBERG UBS Group AG will cut its workforce by between 20% and 30% after completing its takeover of Credit Suisse Group AG, slashing as many as 36,000 jobs worldwide,  SonntagsZeitung reported, citing a senior manager at UBS. As many as 11,000 employees will be laid off in Switzerland, the Swiss newspaper said. The two lenders together employed almost 125,000 people ...

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• 2 April

  US bank deposits, lending drop sharply in two years amid turmoil

  

  BLOOMBERG Deposits at US banks fell sharply and lending declined by the most in nearly two years amid financial turmoil triggered by the collapse of several banks in March. Commercial bank deposits dropped by $125.7 billion in the week ended on March 22, marking the ninth-straight period of declines, according to data by the Federal Reserve. At domestically chartered banks, ...

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