November, 2020

• 25 November

  JD’s logistics unit considering IPO at $40 billion valuation

  

  Bloomberg JD.com Inc’s logistics unit is considering an initial public offering (IPO) that could raise at least $5 billion, according to a person familiar with the matter. JD Logistics is targeting a valuation of about $40 billion, the person said, asking not to be identified as the information is not public. The company is leaning towards choosing Hong Kong as …

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• 25 November

  Amazon workers to form union in Alabama

  

  Bloomberg Amazon.com Inc warehouse workers in Alabama filed a petition with the US National Labor Relations Board to form a union, the latest sign of strife between the online retailer and its large blue-collar workforce. The federal agency posted a notice for a hearing to determine if the petition meets the criteria to advance to the next step. With enough …

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• 25 November

  Macy’s to carry more Black-owned brands

  

  Bloomberg Macy’s Inc plans to devote more of its shelf space to Black-owned brands, becoming one of the most prominent names to join the nascent 15 Percent Pledge movement for racial equity in the retail world. The department-store chain follows retailers such as West Elm and Sephora signing onto the 15 Percent Pledge, a grassroots effort to increase representation of …

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• 25 November

  Malaysia Airlines seeks financial aid

  Bloomberg Malaysia Airlines’ parent company has sought financial aid from its sole shareholder, the nation’s sovereign wealth fund, as debt restructuring talks with creditors drag on, Reuters reports, citing an email from the company. “Malaysia Aviation Group has requested financial support from our shareholder Khazanah Nasional although the company isn’t in a position to comment on amount at this point …

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• 25 November

  Credit Agricole offers $875m for Italy’s Credito Valtellinese

  

  Bloomberg French lender Credit Agricole SA offered to buy Italy’s Credito Valtellinese for about 737 million euros ($875 million) in cash as consolidation accelerates in European banking. The unsolicited bid of 10.50 euros a share, made through its Italian unit, represents a 21.4% premium to the November 20 closing price, according to a statement from Credit Agricole. The French lender, …

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• 25 November

  Biden picks Yellen for Treasury secretary

  

  Bloomberg President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another US downturn. In Yellen, Biden is likely to find support from both Wall …

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• 25 November

  Goldman to start Paris trading venue as Brexit approaches

  

  Bloomberg Goldman Sachs Group Inc is planning a European stock trading platform to ensure its clients can still buy and sell shares even without a post-Brexit agreement to allow dealing in London. The Wall Street bank has applied to French regulators to start a Paris-based trading venue called SIGMA X Europe, according to the company. It intends to open before …

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• 25 November

  ECB sees hard choices on end of pandemic aid

  

  Bloomberg Governments and central banks face a tricky balance between shocking the economy if they end pandemic support too soon, and undermining it if they keep measures in place too long, according to a European Central Bank (ECB) report. Noting the sheer scale of the fiscal, monetary and regulatory support, it said the effort has been “vital” in helping companies …

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• 25 November

  Credit Suisse to take $450m charge on hedge fund York

  

  Bloomberg Credit Suisse Group AG expects to book a $450 million impairment on its stake in York Capital Management as the US firm winds down most of its hedge-fund strategies, the latest blow for the bank after a series of setbacks this year. The charge, which could still change, will be booked in the fourth quarter in the asset management …

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• 25 November

  Nigeria top bank wants to double its clients

  Bloomberg Access Bank Plc, Nigeria’s biggest lender, plans to more than double customer numbers over the next three years by expanding in the rest of Africa. The Lagos-based lender is creating a holding company structure that will enable it to diversify into other financial services separately from the banking business. Access Bank, which has plans to be present in 22 …

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