April, 2022

• 15 April

  Ex-Swiss bank chief faces jail

    Bloomberg The former boss of one of Switzerland’s top banks was sentenced to three years and nine months in jail after being found guilty of multiple charges including embezzlement, fraud and forgery of documents. Pierin Vincenz, ex-chief executive officer of Raiffeisen Switzerland, and bank consultant Beat Stocker were convicted for making unlawful gains during Vincenz’s 15-year tenure as CEO, ...

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• 15 April

  UK banks plan sharp cut in mortgage lending

  

    Bloomberg British banks plan a sharp cut in mortgage lending over the next three months amid fears that borrowers will start to default on their debts. The Bank of England’s (BOE) quarterly credit conditions survey showed lenders plan to reduce the supply of mortgages at the fastest rate since the start of pandemic in early 2020. Excluding the Covid crisis, ...

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• 15 April

  Online traders plow into Twitter with bet on the power of Musk

  

    Bloomberg Elon Musk moves. An army of devoted traders listens. Retail investors piled into Twitter Inc. stock, after the world’s richest person and head of Tesla Inc. roiled the financial world with an audacious bid to purchase the company for $43 billion. Musk later expressed doubt about whether the blockbuster deal will succeed, but that didn’t do much to ...

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• 15 April

  Stocks decline as China refrains from cutting interest rate

  

    Bloomberg Stocks fall in Asia Friday as China unexpectedly opted against cutting a key policy interest rate, a reduction that had been widely expected to support an economy hamstrung by Covid-19 lockdowns. Equities were mixed on the mainland and fell in Japan and South Korea, among the few markets open amid Easter holidays. China has indicated it will reduce ...

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• 15 April

  IMF deputy says world needs to prepare for Covid downsides

  

  Bloomberg The world needs to be preparing for downside scenarios relating to Covid-19, the deputy chief of the International Monetary Fund (IMF) said, calling for billions of dollars in grants to bolster pandemic preparedness. “What I’m worried about is that everybody’s hoping for the best-case scenario, which is that this is a mild, endemic virus — but what experts tell ...

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• 14 April

  China offers more detail on Xi’s desert clean power mega-hub

  

    Bloomberg The majority of China’s massive desert renewable power project will be built after 2025, and most of the capacity in the first phase will come from solar, according to a researcher from the country’s largest grid operator. The details fill in some gaps about the country’s plans to build 455 gigawatts of wind and solar power across the ...

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• 14 April

  Petrobras puts ex-energy official on track to be CEO

  Bloomberg Petrobras’s shareholders appointed Jose Mauro Coelho as a board member, a key step for the former energy ministry official to become chief executive officer and end a tumultuous leadership transition. The board of directors at Petroleo Brasileiro SA, as the state-controlled oil producer is known, will hold a separate vote to name Coelho as CEO. It is expected to ...

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• 14 April

  Delta Air spurs leisure rally over summer travel rebound

  

  Bloomberg Delta Air Lines Inc spurred a rally among airline and leisure stocks as it said a strong rebound in summer travel bookings will help the carrier overcome rising fuel costs and a slow return of business travel. While the airline posted a first-quarter loss, it stood firm with previous projections that it would be profitable for the year’s remaining ...

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• 14 April

  US jet fuel supplies sink at East Coast as output grows

  

    Bloomberg Jet fuel supplies on the US East Coast have never been lower, despite producers boosting output amid rising demand. Inventories for the region are at a historic low in government data going back to 1990. Nationally, stockpiles are at their lowest on a seasonal basis since 2004. Meanwhile, implied jet fuel demand based on a four-week average rose ...

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• 14 April

  Travellers face hour-long queues at Australia’s biggest airports

  

  Bloomberg Australians traveling for the Easter break are again anticipating hour-long waits as the nation’s largest airports and airlines continue to battle a staffing crisis. Sydney Airport has advised people traveling domestically to arrive more than two hours ahead of their scheduled flight — twice as long as usual — as it braces for 82,000 travellers to pass through its ...

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