March, 2023

• 30 March

  Japanese banks have little risk of AT1 bonds wipeout, says Suzuki

  

  BLOOMBERG  Japanese banks have little risk of facing a situation like Credit Suisse Group AG’s recent Additional Tier 1 (AT1) bonds wipeout, Japan’s finance minister reassured onlookers who may be concerned about their holdings. Finance Minister Shunichi Suzuki said in parliament that Japanese banks’ AT1s do not have a clause which recently triggered $17 billion worth of junior debt being ...

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• 30 March

  Credit Suisse seeks to soothe Swiss clients on UBS worries

  

  BLOOMBERG  Credit Suisse Group AG’s top executives in Switzerland sought to reassure local clients over worries stemming from the takeover by UBS Group AG, and underlined the importance that the domestic business has for the new combined bank. The Swiss bank held a 45-minute webcast, hosted by Andre Helfenstein, chief executive of the Swiss business, and Roger Suter, head of ...

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• 30 March

  Macy’s CEO to retire in 2024, succeeded by Tony Spring

  

  BLOOMBERG Macy’s Inc Chief Executive Officer (CEO) Jeff Gennette will retire in February after nearly seven years of navigating a difficult department-store landscape, ceding the position to Bloomingdale’s CEO Tony Spring. Spring, 58, who has been CEO at the high-end Bloomingdale’s chain since 2014 and joined the company in 1987, will serve as president of Macy’s until the 61-year-old Gennette’s ...

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• 30 March

  Lululemon rises after annual outlook exceeds expectations

  

  BLOOMBERG Lululemon Athletica Inc shares jumped after the company gave an annual outlook that surpassed analysts’ expectations, driven by high demand for activewear, even as it deals with nagging inventory issues that ate into margins. The stock rose 16% in early trading in New York. If the gain holds, it would be Lululemon’s biggest rise since March 2020. The retailer ...

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• 30 March

  Ryanair resumes talks with Boeing for 200-plane fleet

  

  BLOOMBERG Ryanair Holdings Plc has entered talks with Boeing Co for an order of as many as 200 narrow-body aircraft, in negotiations that stand to last 6-12 months, Chief Executive Officer Michael O’Leary said. The discount carrier has resumed talks with Boeing for the order, with potential delivery slated for the period between 2027 and 2031, O’Leary said in Brussels ...

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• 30 March

  Hong Kong chain Sa Sa raises doubts over tourism revival

  

  BLOOMBERG Hong Kong’s biggest cosmetics chain plans to open just a handful of new stores this year after shutting dozens during the pandemic as doubts remain that the city will return to its pre-Covid heights as a shopping paradise. The cautious outlook from Sa Sa International Holdings Ltd reflects broader pessimism over the pace of the financial hub’s economic recovery ...

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• 30 March

  US futures, European stocks rise as traders eye peak rates

  

  BLOOMBERG US equity futures climbed on investor bets that a peak in interest rates is near and bank turmoil will ease further. European stocks rose and the dollar declined in the risk-on mood. S&P 500 contracts and those on the tech-heavy Nasdaq 100 advanced at least 0.5% after an earlier rally that pushed the latter into a bull market. Retail ...

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• 30 March

  Tech set for one of its best quarters, thanks to Federal Reserve

  

  BLOOMBERG The Nasdaq 100 is heading for its second-best quarter in a decade  — and it has the Federal Reserve’s recent largess to thank for its gains. The tech gauge soared 17% in the first quarter, buoyed by the Fed’s loosening of its balance sheet after Silicon Valley Bank’s (SVB) collapse earlier this month led to worries about monetary conditions ...

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• 30 March

  CEOs possess poor view of Britain, says pharma lobby head

  

  BLOOMBERG Britain’s ambition to become a “science superpower” will fail unless the government reverses the country’s reputation as a poor place to invest, the head of the UK’s biggest pharmaceutical lobby group has warned. “I’m very concerned about the sentiment towards the UK among global leadership right now,” Richard Torbett, chief executive officer of the Association of the British Pharmaceutical ...

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• 30 March

  US, EU near critical minerals accord to unlock US subsidies

  

  BLOOMBERG The European Union (EU) and the US are nearing an agreement on critical minerals that would provide EU companies access to some of the massive green subsidies offered in President Joe Biden’s Inflation Reduction Act (IRA). The deal will likely be similar to an agreement the US signed with Japan that also included a commitment to not impose restrictions ...

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