December, 2022

• 7 December

  Vans sneakers owner VF cuts forecast

    Bloomberg VF Corp, the owner of Vans sneakers and the Supreme streetwear brand, fell the most in more than two years after cutting its forecast and announcing the retirement of Chairman and CEO Steve Rendle. The retailer now sees sales for the full year rising no more than 4%, excluding the impact of currency, down from its previous guidance ...

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• 7 December

  China factories struggle with slow Covid curbs dismantling

  

    Bloomberg Before October, Qiang had about 30 workers in his garment factory in Guangzhou’s Haizhu, a district often dubbed the apparel manufacturing capital of China. After more than a month of Covid lockdowns, all of them have fled, bringing production to a halt. “Those who went home are watching to see when to come back,” said Qiang, declining to ...

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• 7 December

  India trade ministry planning to reduce import taxes on gold

  

    Bloomberg India’s trade ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter. The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the Finance Ministry to consider reducing the tariff to about 10% from 12.5%, two of the ...

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• 7 December

  S Korea sees space exploration as shaping global economy

  

  Bloomberg Space development can reshape the world economic order, a South Korean official said, as Seoul works to expand its prowess among a small group of countries capable of developing and launching their own space vehicles. Titanium, platinum and rare-earth materials are among commodities South Korea should be able to independently excavate in space missions given their importance for future ...

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• 7 December

  Top Xiaomi India executive resigns

    Bloomberg One of Xiaomi Corp’s top executives in India is leaving the smartphone maker just as it faces intensifying regulatory scrutiny and competitive pressure in the country. Chief Business Officer Raghu Reddy, who helped the Chinese company to the top of India’s smartphone and smart-television markets, resigned to “pursue different growth opportunities externally,” Xiaomi India said in an email ...

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• 7 December

  Labour shortage to cost Malaysia palm oil sector $4.6 billion

  

    Bloomberg A chronic shortage of plantation workers in Malaysia may cost palm oil producers about 20 billion ringgit ($4.6 billion) this year, according to the Malaysian Palm Oil Association, curbing supply and potentially boosting global prices. Palm growers hired around 14,000 foreign workers this year through November, just a fifth of the industry’s needs and about half of the ...

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• 7 December

  Goldman warns on job cuts, as US recession fear looms large

  

    Bloomberg Morgan Stanley is embarking on a fresh round of job cuts as rival banks sounded caution that a looming US recession will dampen hiring. Goldman Sachs Group Inc Chief Executive Officer David Solomon said the bank may have to prune staff in certain areas and exercise caution with its financial resources amid mounting economic uncertainty. As fewer Bank ...

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• 7 December

  Credit Suisse offers higher rates to rebuild assets

  

    Bloomberg Credit Suisse Group AG bankers are trying to entice rich clients with higher-yield notes and bonus deposit rates in a bid to quickly recoup as much as possible of the almost $90 billion recently pulled from the bank. The head of the Swiss lender’s wealth unit, Francesco de Ferrari, is mobilising his 1,800 relationship managers in a mass ...

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• 7 December

  Deutsche Bank investment boss wants to ‘tone down’ ESG hype

  

  Bloomberg The chief executive of Deutsche Bank’s investment unit, DWS Group, said it’s time to dial back the “exuberant” language used in ESG sales pitches. Stefan Hoops, who took over as CEO after allegations of greenwashing expedited the departure of his predecessor earlier this year, acknowledged there’s been a need to rethink how DWS markets environmental, social and governance investing ...

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• 7 December

  SMFG faces $670m tax on Fullerton India deal

  

    Bloomberg Sumitomo Mitsui Financial Group (SMFG) Inc is facing a 55 billion rupee ($670 million) tax bill from India on its roughly $2 billion acquisition of Fullerton India Credit Co, far outweighing what the Japanese lender has set aside, according to people familiar with the matter. The South Asian government’s tax department has asked the bank to pay the ...

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