October, 2022

• 27 October

  Hong Kong Airlines bondholders to oppose $6.2b debt restructuring

  

  Some bondholders of Hong Kong Airlines are seeking to block a $6.2 billion debt restructuring plan, which they say treats them unfavorably compared with the company’s owner and its affiliates. The ad-hoc group, representing some holders of perpetual notes and advised by law firm Allen & Overy, will vote down a proposal to reduce the debt of the embattled carrier ...

  Read More »
• 27 October

  Gap pulls Yeezy products from its stores, website

  

  After ending its partnership with Ye’s Yeezy label last month, Gap Inc. is now pulling all remaining Yeezy Gap products from its stores and online after the rapper and designer made antisemitic remarks. In a statement, Gap said it would take immediate steps to remove Yeezy Gap items and shut down e-commerce site YeezyGap.com. It now redirects to Gap.com. Last ...

  Read More »
• 27 October

  Air Canada agrees to add more A220 planes to Airbus order

  

  Air Canada agreed to expand a plane order from Airbus SE as the carrier looks to enlarge bits fleet amid the post-Covid rebound in air travel. The carrier said it’s adding 15 A220-300 jets by converting options into firm orders, according to a statement that confirmed an earlier report by Bloomberg News. The order follows a deal closed in 2016 ...

  Read More »
• 27 October

  Brazil race tightens in poll assessing runoff voters

  

  Brazil’s presidential race is still tightening according to a new opinion poll that takes into account voters most likely to show up on election day. The Quaest poll published Wednesday followed a trend seen in other surveys this week that showed President Jair Bolsonaro’s overall momentum fading, but it also gauged the possible impact of abstention rates on Sunday’s runoff ...

  Read More »
• 27 October

  Macron, Olaf Scholz seek a reset after lingering tensions

  

  German Chancellor Olaf Scholz and French President Emmanuel Macron met in Paris Wednesday to try and iron out wide-ranging tensions from energy and economic issues to the future of European defense. A Macron aide said the two leaders were set to discuss defense, macroeconomic issues and energy over a working lunch at the presidential palace. They had no plans for ...

  Read More »
• 27 October

  Russia holds nuclear drills after Joe Biden warning

  

  Russia carried out military exercises simulating a retaliatory nuclear strike as President Joe Biden warned Vladimir Putin that any use of an atomic weapon would be an “incredibly serious mistake.” As he oversaw the drills, Putin was told by his defense chief that the maneuvers on Wednesday were meant to simulate a “massive nuclear strike” in response to an attack, ...

  Read More »
• 27 October

  UBS profit beats estimates as rate hikes help buck market slump

  

  UBS Group AG posted a robust quarter on the back of surging rates and cost control, enabling the Swiss bank to confirm a plan to return around $5.5 billion to investors this year. UBS said net income in the three months to September was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue ...

  Read More »
• 27 October

  Digital-currency plan falters as Nigerians defiant on crypto

  

  A year after launching Africa’s first digital currency, Nigeria’s central bank is turning to the nation’s three-wheeler taxi operators to speed the adoption of the eNaira, as regulators across the world scrutinise its every move. It’s offering a 5% discount to drivers and passengers of the motorised rickshaws — known locally as Keke Napep — who use the eNaira. It’s ...

  Read More »
• 27 October

  Bank of Canada set for fifth outsized rate hike

  

  The Bank of Canada is set to deliver a fifth — but possibly final — outsized interest-rate hike this week amid signs its inflation-fighting efforts may be dragging the country’s economy into a recession. Markets are pricing in a 75 basis-point increase in the central bank’s rate at its decision in Ottawa. That would bring the benchmark to 4%, a ...

  Read More »
• 27 October

  StanChart profit jumps 32% to $1.42bn in Q3

  

  Standard Chartered Plc reaped the benefits of rising rates and market volatility as it reported third-quarter profits ahead of analysts’ estimates, even as it increased provisions to deal with the worsening economic outlook. Retail banking gained from increasing interest rates as Standard Chartered reported an uplift in its net interest income, while its traders’ revenue were boosted by the volatile ...

  Read More »