August, 2022

• 10 August

  A wave of analyst optimism is a red flag to Citigroup strategists

  

  Bloomberg Highly optimistic analyst stock recommendations are flashing a warning signal for equity market rally, according to Citigroup Inc. strategists. An index of global sell-side ratings “is back to peak bullishness levels reached in 2000 and 2007, after which global equities halved,” strategists led by Robert Buckland wrote in a note. While analysts always have more buys than sells, “they …

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• 9 August

  Rolls-Royce’s exiting CEO posts earnings miss as long-haul lags

  

  Bloomberg Rolls-Royce Holdings Plc CEO  Warren East unveiled lackluster first-half results in his final earnings presentation while saying a mounting recovery in long-haul travel means the jet-engine maker should still hit its full-year financial targets. The UK engineering giant posted an underlying operating profit of 125 million pounds ($152 million) for the first six months, down from 307 million pounds …

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• 9 August

  HK needs roadmap to end quarantine: Cathay

  

    Bloomberg Hong Kong should urgently provide a clear roadmap for the complete removal of all Covid-19 travel restrictions, the city’s main carrier Cathay Pacific Airways Ltd said. The airline’s statement followed the government saying it will cut mandatory hotel quarantine to three days from a week, effective from August 12. A clear plan to lift all restrictions is needed …

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• 9 August

  Ryanair fined over Hungary tax its CEO called ‘beyond stupid’

  

  Bloomberg Ryanair Plc was slapped with a fine in Hungary over a windfall tax the airline’s Chief Executive Officer had called “beyond stupid.” Hungary’s Consumer Protection Office levied a 300 million forint ($781,270) penalty for Ryanair’s decision to pass on the cost of the tax to its customers, Justice Minister Judit Varga said in a Facebook post on Monday. Ryanair …

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• 9 August

  Qantas asks execs to temporarily work as baggage handlers

  

    Bloomberg Qantas Airways Ltd needs executives from head office to leave their jobs for three months and haul luggage full-time to address a stubborn labour shortage that’s disrupting flights. The airline is looking for at least 100 volunteers to carry out shift work at Sydney and Melbourne airports, Chief Operating Officer Colin Hughes wrote in a note to managers …

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• 9 August

  Air New Zealand carried 10% fewer passengers in last fiscal

    Bloomberg Air New Zealand carried 10% fewer passengers in the last financial year, while volumes remain less than half pre-Covid levels. Passengers carried fell to 7.7 million in the year ended in June 30 from 8.6 million a year earlier, the carrier said in Wellington. The total slumped from 17.7 million in the year through June 2019. New Zealand …

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• 9 August

  Next in talks to acquire stake in Joules

    Bloomberg British clothing and housewares chain Next Plc is in talks to acquire a minority stake in troubled retailer Joules Group Plc for about £15 million ($18.1 million). The potential investment will be made “at no less than” its current market price, Joules said in a statement responding to a report it was looking to sell a roughly 25% …

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• 9 August

  BOE governor tips into political storm over surging UK inflation

  

    Bloomberg In the midst of the UK’s worst inflation crisis for four decades, Bank of England (BOE) Governor Andrew Bailey has found himself at the heart of a growing political storm. After a little more than two years in the job, Bailey is under attack from members of the ruling Conservative Party and the press. It’s a dramatic turnaround …

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• 9 August

  Citigroup’s Mexican unit seen selling above $7b as Slim eyes bank

  

  Bloomberg Citigroup Inc.’s Mexican unit, Banamex, is likely to attract offers of about $7 billion to $8 billion as the field of bidders narrows, according to people familiar with the matter. Grupo Financiero Banorte, Carlos Slim’s Grupo Financiero Inbursa, mining tycoon German Larrea and Grupo Financiero Mifel are still in the running. Slim, with a net worth of $73.5 billion, …

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• 9 August

  Fintech firm Paytm’s quarterly loss widens over 70% on costs

  

    Bloomberg Paytm, India’s leading digital payments brand, said its first-quarter loss widened by almost 70% on higher costs, and reiterated that the company is on track to hit operational profitability by September 2023. The loss in the April-June period climbed to 6.44 billion rupees ($81 million) from 3.8 billion rupees a year earlier, the company said. Revenue rose 89% …

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