July, 2022

• 27 July

  Lufthansa turmoil to worsen with ground staff strike

  

  Bloomberg Deutsche Lufthansa AG’s ground-crew union called a strike for Wednesday, escalating a crisis at Europe’s biggest airline after staffing shortages caused thousands of flights to be cancelled earlier in the summer. The Verdi labour group called for members to take part in industrial action at Lufthansa’s German airport bases, a move that could see check-in personnel and other staff …

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• 27 July

  Boeing’s 777 jets at risk of fuel-tank explosion

    Bloomberg Regulators are directing US operators of Boeing Co 777 widebody jets to repair aircraft to address concerns about potential fuel-tank explosions, according to a filing. A proposed airworthiness directive from the US Federal Aviation Administration (FAA) calls for operators to inspect the jets and install Teflon sleeves and cap fasteners to certain parts of the centre, left and …

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• 27 July

  Zenith watches on waitlists as sales surge

    Bloomberg Customers seeking to buy Zenith brand watch models including the Chronomaster Sport and Defy Skyline are now having to join waitlists as sales for the Swiss brand surge. “We have a shortage and there is very little chance to get one without a long waiting time,” Julien Tornare, the president and CEO of LVMH-owned Zenith, said. The Zenith …

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• 26 July

  UBS profit misses estimates as investors flee market slump

  

    Bloomberg UBS Group AG reported weaker-than-expected profit in the second quarter, as the global market sell-off kept wealthy clients on the sidelines and institutional investors pulled funds. The Zurich-based bank reported net income of $2.1 billion, compared with analyst estimates of $2.4 billion. The quarter was impacted by lower revenues at the key wealth management business, outflows in asset …

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• 26 July

  Barclays to start buy back $17.6b of wrongly sold notes

  

    Bloomberg Barclays Plc will start to buy back as much as $17.6 billion of securities, a process that should determine its losses from a paperwork blunder that saw it accidentally sell more structured and exchange-traded notes than it had registered. The bank said the repurchase period will start on August 1 and will expire on September 12, according to …

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• 26 July

  Coinbase faces US SEC probe on cryptocurrency listings

  

    Bloomberg Coinbase Global Inc is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. The US Securities and Exchange Commission’s (SEC) scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said …

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• 26 July

  Trade boosts yuan’s reserve status

  

    Bloomberg China’s dominance of global trade provides a path to increase its currency’s share in global central bank reserves even if it retains tight capital controls, but Beijing will need to maintain large dollar reserves for that to happen, according to new research. While the yuan isn’t on course to displace the dollar as the world’s dominant currency, it …

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• 26 July

  Morgan Stanley’s trading executive to exit

  

  Bloomberg David Russell, a senior Morgan Stanley trading executive, who helped lead the firm’s equities business to the top of the pack on Wall Street, is leaving the firm. Russell, who joined the bank in 1990 and has been co-head of the unit since 2018, will retire at the end of the year, according to an internal memo. His fellow …

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• 26 July

  Stocks, futures mixed ahead of earnings, Fed rate increase

  

    Bloomberg Stocks and US futures were mixed on Tuesday amid caution in global markets ahead of the Federal Reserve interest-rate hike. European energy and mining stocks rallied with oil and metals, while retailers and banks fell after disappointing reports from Walmart Inc and UBS Group AG. The Stoxx 600 fluctuated as S&P 500 and Nasdaq 100 futures slipped. Stocks …

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• 26 July

  With another Fed rate hike looming, Bitcoin sinks to one-week low

  

    Bloomberg Bitcoin sank to a one-week low, buffeted by investor skittishness ahead of a looming Federal Reserve interest-rate hike and amid harsher regulatory scrutiny of the cryptocurrency sector. The largest token dropped as much as 5.9% on Tuesday and was trading at around $21,100 in London. The MVIS CryptoCompare Digital Assets 100 gauge shed more than 4%. Equity markets …

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