December, 2022

• 13 December

  Bank of England recommends ‘urgent and robust’ LDI rules

  

    Bloomberg The Bank of England (BOE) has recommended the UK take swift regulatory action to strengthen the pensions market after recent bond market turmoil exposed shortcomings in its oversight. The central bank’s Financial Policy Committee said the pensions regulator and Financial Conduct Authority (FCA) should work with overseas regulators to ensure liability-driven investment (LDI) funds are more resilient to …

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• 13 December

  Goldman to cut more jobs as it rehauls consumer business

  

    Bloomberg Goldman Sachs Group Inc aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead. The bank is drafting plans that could eliminate at least 400 positions from its loss-making retail banking operations, according to people familiar with the …

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• 13 December

  ‘Investors may need to pare back on reopening China trades’

    Bloomberg A sharp increase in China’s Covid infections following an abrupt end to strict pandemic control measures suggests investors may need to pare back on reopening trades, according to Morgan Stanley. “We would recommend that investors put on hedges in the markets where investors are almost fully pricing in reopening trades,” strategists including Min Dai and Gek Teng Khoo …

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• 13 December

  Shopify’s $118 billion rout slows Canada’s stellar stock-market run

  

    Bloomberg Shopify Inc.’s 70 percent plunge has almost single-handedly dragged the Canadian stock market into the red this year, taking the shine off what would otherwise be one of the world’s top-performing major equity benchmarks. The e-commerce software provider has lost C$161 billion ($118 billion) in market value in 2022, causing a 978-point drag on the S&P/TSX Composite Index. …

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• 13 December

  Stocks, US futures up as traders await CPI

  

    Bloomberg US index futures and European equities rise amid forecasts inflation in the world’s largest economy will post the lowest figure this year, warranting a less hawkish Federal Reserve. Contracts on the S&P 500 and Nasdaq 100 advanced at least 0.1% each after the underlying indexes climbed on December 12 by the most in December. The Stoxx 600 gauge …

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• 12 December

  UK’s small jets one of largest sources of lead pollution

  

    Bloomberg Over 370,000 UK homes could be “at risk” from toxic pollution near airports which the government underestimated by 14,000 times, according to a University of Kent study. The research suggests small piston-powered private planes which typically run on leaded fuel are one of the UK’s single largest sources of lead pollution, amounting to 11% of the total since …

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• 12 December

  Cathay brings back first class on some key, popular routes

  

    Bloomberg Cathay Pacific Airways Ltd is bringing back first class seating on a handful of routes, joining several other carriers in reviving their high-end offerings as air travel recovers. Cathay relaunched first class on one of its daily Hong Kong-London flights last week, with Paris to be added from January 18 and Tokyo Haneda on February 1. First-class return …

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• 12 December

  Holiday rush sparks chaos at India’s busiest airport in Delhi

  

    Bloomberg The holiday rush has crippled India’s busiest airport in Delhi, with irate passengers complaining on social media about missed flights and serpentine pre-boarding lines. Pictures posted on Twitter showed overcrowding at Delhi International Airport Ltd, with passengers grumbling about long waits for security check and mismanagement by airport staff. The government has even stepped in to help ease …

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• 12 December

  Unilever weighs sale of US ice cream brands for $3bn

  

    Bloomberg Unilever Plc is weighing the sale of a portfolio of US ice cream brands that could be valued at as much as $3 billion, people familiar with the matter said. The UK consumer giant is working with advisers to review local brands such as Klondike and Breyers that may be considered for divestment, according to the people. International …

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• 12 December

  UK fashion chain M&Co enters insolvency

    Bloomberg UK fashion chain M&Co Trading Ltd has gone into administration after struggling to cope with higher costs and waning consumer appetite. The retailer appointed Teneo to oversee the administration, seeking a possible sale of the business while M&Co’s 170 stores and website continue to operate, according to a statement. Around 1,900 staff are at risk of redundancy. M&Co …

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