November, 2022

• 18 November

  Singapore’s retail rentals yet to see gains from reopening

  

    Bloomberg Singapore’s retail space rentals are lagging the recovery seen in broader economic activity after the city-state ended Covid-19 curbs. Official data showed retail rents contracted 0.4% from the previous quarter — the third straight quarterly decline since 2021. That compares to an 11% average growth in retail sales during the same period, data compiled by Bloomberg show. Singapore …

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• 18 November

  Adidas seeks cash from rare bond after Yeezy split, new CEO

  

    Bloomberg Adidas AG is raising debt from Europe’s bond market for the first time since dropping Ye, the artist formerly known as Kanye West, and just days after slashing profit expectations for a fourth time. The German sportswear brand is seeking €1 billion ($1 billion) from its debt sale, according to a person familiar with the matter, who asked …

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• 18 November

  Estee Lauder seeks to buy Tom Ford for $2.8 billion

    Bloomberg Estée Lauder Cos. is close to a deal to buy US luxury brand Tom Ford, founded by the former longtime creative director for Gucci, the Financial Times reported. The transaction would value Tom Ford, a fashion empire that spans across menswear, eyewear, beauty and fragrance, at $2.8 billion, the report said. Ford, a 61-year-old Austin, Texas, native, started …

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• 18 November

  UK retailer Joules set to file for insolvency

    Bloomberg Joules Group Plc is set to file for insolvency after the British retailer failed to secure bridge financing or raise equity, putting around 1,600 jobs at risk. The clothing chain, known for its colourful coats and Wellington boots, said it will appoint Interpath Advisory as administrators to protect the interest of creditors. Shares have been suspended. Joules warned …

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• 18 November

  China banks face $200bn in losses from property: UBS

  

  Bloomberg China’s property slump is estimated to cost the nation’s banking system as much as 1.5 trillion yuan ($212 billion) in losses on loans, bonds and other assets, according to UBS Group AG. Such a loss will be “digestible by the banking system as the banks have strong earnings power and high” reserves against non-performing assets, May Yan, the bank’s …

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• 18 November

  JPMorgan set to grow in buyout financing after rivals lost billions

  

    Bloomberg JPMorgan Chase & Co is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars. Executives across JPMorgan made a decision last year to cut back on risk in leveraged finance, a choice that surprised customers and …

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• 18 November

  Credit Suisse cuts senior bank jobs in Asia

  

    Bloomberg Credit Suisse Group AG has started cutting senior bank jobs in Asia including three managing directors across investment banking and financing as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said. Among the bankers let go were Johnson Chui, Asia-Pacific head of equity capital markets, Karen Yap from …

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• 18 November

  Euro has scope to top $1.10 by end next year

  

    Bloomberg The euro has scope to bounce back above $1.10 by the end of next year, taking it to levels last seen in the early months of the Russia-Ukraine war, before energy and economic concerns helped drag the common currency below parity with the greenback for the first time in decades. Deutsche Bank AG’s Alan Ruskin and George Saravelos …

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• 18 November

  Nigeria expected to devalue its currency

    Bloomberg Africa’s largest economy is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Nigeria operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many businesses and individuals, which in turn …

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• 18 November

  Fund titans buying Chinese stocks on bets worst is over

  

    Bloomberg Franklin Templeton Investments and Eastspring Investments are joining a growing list of money managers snapping up Chinese stocks on bets that Beijing’s pivot away from Covid Zero will bring significant gains. China’s world-beating rally this month has solidified convictions that recent losses are a thing of the past as a property rescue plan and easing on virus controls …

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