October, 2022

• 22 October

  Airbus targets US with its smallest A220 business jet

    Bloomberg Airbus SE is targeting the US with its smallest A220 business jet in a bid to make up for Russian sales lost after the invasion of Ukraine. The European planemaker will put extra resources into promoting the A220 when the corporate version, or ACJ, enters service in the first half of next year, betting that the aircraft is …

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• 22 October

  Amsterdam’s Schiphol Airport to limit passenger flow until April

  

    Bloomberg Amsterdam’s Schiphol Airport is further limiting passenger numbers until the end of March as it continues to struggle with staff shortages. The Dutch arm of Air France-KLM said the newly announced caps will mean a reduction of as much as 22% for the winter season and the period up until March. The airport operator had already reduced the …

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• 22 October

  UK consumers rein in luxury spending

    Bloomberg British consumers are reining in unnecessary purchases after a leap in energy prices ate into their discretionary spending, forcing people to cut back on new clothes, evenings out and lunches out. Barclaycard, which manages about half of the nation’s credit and debit card transactions, said outlays on non-essential items in rose 1% from a year ago in September, …

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• 22 October

  J&J sales grow, but strong dollar tugs at expectations

  

    Bloomberg Johnson & Johnson (J&J) reported third-quarter earnings that beat analyst estimates as revenue grew in its drugs and medical-device businesses despite pressure from the stronger dollar. The diversified health-care company, which is in the process of separating out its consumer division, reported sales results that were roughly in line with Wall Street’s estimates for the pharmaceutical and medical-device …

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• 22 October

  A $58.6bn jump in mortgage costs fuels risk for UK lenders

  

    Bloomberg A surge in bad loans awaits UK banks as higher interest rates saddle homeowners with an estimated £52 billion ($58.6 billion) of added mortgage payments over the next three years, an analyst warned as he downgraded his ratings on several lenders. The jump in costs will help push the personal debt service burden towards about 10% of post-tax …

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• 22 October

  Bank of Japan announces unscheduled bond buying

  

  Bloomberg Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rises 0.5 basis points to 0.255% as the Bank of Japan (BOJ) held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders …

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• 22 October

  Indonesia’s central bank wants to ‘control’ rupiah in tougher stance

  

    Bloomberg Indonesia’s central bank hardened its wording around its currency interventions, saying it would look to “control” the rupiah with the dollar expected to stay strong in the coming months. “What we will continue to do is to control the exchange rate,” Bank Indonesia Governor Perry Warjiyo said after the policy rate decision. “We don’t want the strengthening dollar …

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• 22 October

  US banks’ credit-card businesses are enjoying Goldilocks moment

    Bloomberg US banks seem to be having a Goldilocks moment with their credit card portfolios. Spending is up — partly due to inflation and partly due to the fact consumers are embracing travel and dining out as the pandemic recedes — and that means fees they collect from merchants each time a customer swipes their cards are also up. …

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• 22 October

  ING’s unit probed over money laundering case

  

  Bloomberg ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations. The probe is related to actions dating from the period before ING bought Payvision, the bank said in a statement in response to a report by Dutch newspaper Financieele Dagblad. ING said it is aware of the Payvision probe but is not itself a subject of …

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• 22 October

  PBOC names new deputy governor

  Bloomberg The People’s Bank of China (PBOC) appointed a new deputy governor, ahead of a possible reshuffle of economic leadership during the Communist Party’s twice-a-decade congress. Xuan Changneng, 55, whose most recent role was deputy head of the State Administration of Foreign Exchange, was appointed as the PBOC’s sixth deputy governor, according to a statement on the central bank’s website. …

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