December, 2021

• 30 December

  Apple puts India iPhone maker on probation for labor violations

  

    Bloomberg Apple Inc put Foxconn Technology Group’s factory in southern India on probation following worker protests and an investigation that revealed substandard living conditions. Foxconn, which uses the facility to assemble iPhones among other gadgets, apologized for the lapses in health standards and pledged to revamp its management and operations in the country. The factory, located in Sriperumbudur on ...

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• 30 December

  Three planes to fly potatoes to ease Japan French-fries shortage

  

    Bloomberg US freight forwarder Flexport Inc will help fly three planes loaded with potatoes to Japan, where a shortage of spuds has caused McDonald’s in the country to ration french fries. “Flexport just contracted to fly three 747 loads of potatoes to Japan to help with the French fry shortage,” Chief Executive Officer Ryan Petersen said in a tweet, ...

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• 29 December

  US merchandise-trade gap widens to record as imports surge

    Bloomberg The US merchandise-trade deficit widened to a record in November as imports surged to an all-time high. The gap increased to $97.8 billion last month from a revised $83.2 billion in October, according to Commerce Department data released on Wednesday. The figure exceeded all estimates in a Bloomberg survey of economists. The data aren’t adjusted for inflation. The ...

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• 29 December

  Alibaba explores options for Weibo stake with state firm

    Bloomberg Alibaba Group Holding Ltd. is in talks with a state-owned conglomerate about a potential deal involving its stake in Weibo Corp, as Beijing moves to curb the influence of China’s tech giants in the sensitive media sphere. China’s e-commerce leader is exploring options for its roughly 30% slice of the Twitter-like social media service, according to people familiar ...

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• 29 December

  Goldman Sachs, JPMorgan plan bumper bonuses to get edge

  

    Bloomberg The two Wall Street investment-banking titans dominating this year’s dealmaking frenzy are opening up their wallets to try to keep their bankers happy — and ratcheting up pressure on rivals to follow suit. Goldman Sachs Group Inc may boost its bonus pool for investment banking by about 50%, and JPMorgan Chase & Co may reach for a 40% ...

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• 29 December

  Deutsche Bank appoints new CEO for Spanish unit

  

    Bloomberg Deutsche Bank AG appointed a new chief executive officer (CEO) for its Spanish unit amid a revamp of its operations in several European countries. Inigo Martos will replace Antonio Rodriguez-Pina in July, the bank said in an internal memo seen by Bloomberg and confirmed by a spokesman. Martos will also become head of the lender’s retail and wealth ...

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• 29 December

  SNB keeps rates at record low

  

    Bloomberg The Swiss National Bank (SNB) kept interest rates at a record low and stuck to its description of the franc as “highly valued” after the currency’s latest advance against the euro. Both the deposit and the policy rate were held at -0.75% as widely predicted by economists. With the global economic recovery on shaky footing due to the ...

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• 29 December

  NatWest hit with spoofing lawsuit after pleading guilty

    Bloomberg NatWest Group Plc was sued by three trading firms over manipulation of security futures, a day after the bank pleaded guilty to wire and securities fraud and agreed to pay $35 million in penalties. M&N Trading LLC, Kohl Trading LLC and Port 22 LLC claim NatWest’s spoofing of security futures from 2008 to 2014 caused them “economic injury” ...

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• 29 December

  BMO asks investment bankers to stay home

  

    Bloomberg Bank of Montreal (BMO) has told its investment bankers they should go back to working from home, joining a growing list of companies vacating offices as Covid-19 cases climb. Canada’s fourth-largest bank instructed its North American investment and corporate banking division to resume remote work until the week of January 17, according to an email sent to staff ...

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• 29 December

  Commerzbank to cut ties with fossil-fuel firms

    Bloomberg Commerzbank AG is imposing more stringent policies for fossil-fuel clients as pressure mounts on the finance industry to stop providing capital to sectors at the heart of global warming. The German lender is giving existing clients that get at least 20 percent of revenue or power production from coal until 2025 to spell out how they’ll exit the ...

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