April, 2022

• 25 April

  Copters to East Hampton cost 30% more in new rule

  

    Bloomberg New Yorkers looking to fly into the East Hampton Airport this summer will still be able to — but there will be fewer flights, and it’ll be costly. Blade Air Mobility Inc expects 60% of its typical volume to be diverted to neighbouring towns of Montauk, Southampton and Sag Harbor, according to the New York-based company. That’s because …

  Read More »
• 25 April

  Kering falls after lockdowns in China weigh on Gucci sales

    Bloomberg Kering SA shares tumbled after growth at Gucci, its biggest brand, missed estimates in the first quarter, hindered by lockdowns in China. Sales at Gucci, which generated more than half of Kering’s revenue in the period, rose about 13% on a comparable basis, the Paris-based company said. Analysts had predicted a gain of almost 19%. The stock fell …

  Read More »
• 25 April

  Travel searches for S’pore pick up as curbs eased

   Bloomberg More people are looking to travel to Singapore as the city-state eases virus rules. Travel-related searches on Google for the island destination have jumped, particularly from neighboring Malaysia, as well as Indonesia, India and Australia, according to data tracked by economists at Maybank Investment Bank Bhd. Singapore has led other Southeast Asian nations in scrapping pandemic travel curbs after …

  Read More »
• 25 April

  BofA strategists see US equity outflows just getting started

  

    Bloomberg Massive outflows from US equity funds are just getting started as the Federal Reserve ramps up its hawkish rhetoric, according to Bank of America Corp (BofA) strategists. In the week through April 20, investors pulled $19.6 billion from US large caps, the largest exit since February 2018, the strategists wrote in a note, citing EPFR Global data. The …

  Read More »
• 25 April

  Zimbabwe’s central bank says no plan to ‘raid’ forex accounts

  

    Bloomberg Zimbabwe’s central bank said it has “no reason or appetite to raid” foreign-exchange accounts and denied allegations from the country’s largest industry lobby group of US dollars being raided and a bank run. The Confederation of Zimbabwe Industries in a position paper had asked the central bank to dump its weekly foreign currency auction and also highlighted the …

  Read More »
• 25 April

  PBOC governor signals policy caution with focus on inflation

  

    Bloomberg China’s central bank governor stressed the importance of keeping inflation under control in two separate speeches and pledged more targeted support for small businesses, reinforcing policy makers’ cautious approach to monetary stimulus. The People’s Bank of China’s “policy is to maintain price stability,” Governor Yi Gang said on a panel at the Boao Forum for Asia. In separate …

  Read More »
• 25 April

  MB bank to sell 49% of its Cambodia unit to Shinsei

    Bloomberg Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd for an undisclosed amount as early as the fourth quarter, according to CEO Luu Trung Thai. The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said. MB, which targets profit growth …

  Read More »
• 25 April

  JPMorgan Chase loses lead role on China deal

  

    Bloomberg JPMorgan Chase & Co was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half. The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing. JPMorgan is still a sponsor of the …

  Read More »
• 25 April

  ICICI Bank posts 59% rise in profit

    Bloomberg ICICI Bank Ltd posted a 59% rise in profit in the March quarter, helped by a drop in bad loans and growth in income from lending. Net income stood at 70.2 billion rupees ($918 million) for the three months ended March, compared with 44 billion rupees a year ago, according to an exchange filing. That beat the average …

  Read More »
• 25 April

  Credit Suisse expects Q1 loss on Russia, legal provisions

  

    Bloomberg Credit Suisse Group AG said it expects to post a first-quarter loss due to a $210 million hit to revenues from Russia’s invasion of Ukraine, and a previously-indicated increase in legal provisions. The Zurich-based lender said that its results, due next week, would be negatively affected by its exposure to the war both with respect to counterparty and …

  Read More »