August, 2020

• 4 August

  Tyson replaces CEO after two years, warns of slowdowns

  

  Bloomberg Tyson Foods Inc is replacing its top boss just as the pandemic boosts costs and clouds the outlook for America’s top meat producer. Noel White, 62, will step down as chief executive officer after just two years on the job, but will remain at the company as executive vice chairman, Tyson said in a statement. He will be replaced ...

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• 4 August

  Clock is ticking for Garuda with cash pile thinning fast

  

  Bloomberg Indonesia’s flag carrier needs cash fast as losses soar past a half-billion dollars and unpaid bills pile up, yet negotiations for government aid move slowly and still may not yield enough to cover the shortfall. A first-half loss of $713 million, announced last week, was just the latest piece of bad news for PT Garuda Indonesia. The airline already ...

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• 4 August

  Hugo Boss seeks financing support

  Bloomberg Clothing retailers, including department stores, have raised $36 billion from banks to help weather store closures and lost revenues during the coronavirus pandemic. German apparel brand Hugo Boss AG has joined more than 100 similar companies from Europe and US in seeking financing support. Boss has drawn down part of its existing credit line, borrowed additional funds supported by ...

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• 4 August

  UK’s DW Sports collapse puts 1,700 jobs ‘at risk’

  Bloomberg DW Sports, founded by former English soccer player David Whelan, filed for administration after the company had to close dozens of its gyms and retail stores due to the Covid-19 pandemic. BDO LLP was appointed administrator of the UK retailer and said all the company’s approximately 1,700 jobs are “at risk of redundancy,” according to an emailed statement. DW ...

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• 4 August

  BOE seen undermining Johnson’s green recovery pledge with QE

  

  Bloomberg The Bank of England (BOE) is facing pressure from green campaigners to revise its pandemic rescue program after research showed it’s effectively subsidising polluting industries while claiming tackling climate change is a priority. The central bank’s 20 billion pound ($26 billion) Corporate Bond Purchase Scheme favours carbon intensive industries such as energy production and manufacturing, according to a report ...

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• 4 August

  HSBC to hire 3,000 wealth planners in China amid tension

  

  Bloomberg HSBC Holdings Plc is planning a big boost to its wealth management staff in China in a bid to lift its sagging profits, increasing its presence in the face of mounting political tensions between Beijing and Western governments. In conjunctions with its earnings release, which revealed first-half profit halved, the bank said it’s targeting to hire 2,000 to 3,000 ...

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• 4 August

  British lenders write off one ‘Barclays’ in first-half mayhem

  

  Bloomberg British lenders have offered a taste of how much the worst recession in centuries is going to cost. The bill’s already at $22.4 billion. Write-offs at the country’s six biggest banks so far this year roughly equal Barclays Plc’s current market value. “There’s likely more of that to come, and with low interest rates dragging on revenues, full year ...

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• 4 August

  Most valuable Indian lender gets new chief after 26 years

  

  Bloomberg HDFC Bank Ltd. named Sashidhar Jagdishan as its new chief executive officer, breaking almost three decades of continuity under his predecessor at a time when the coronavirus pandemic is roiling India’s financial sector. The Reserve Bank of India cleared Jagdishan’s appointment for a three-year term starting Oct. 27, HDFC Bank said in an exchange filing on Tuesday. He replaces ...

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• 4 August

  SocGen shakes up top management

  Bloomberg Societe Generale SA said two deputies to Chief Executive Officer Frederic Oudea are stepping down in a shakeup of top management, as the bank vowed to accelerate the transformation of its business after posting the biggest loss since the onset of the financial crisis. As part of the overhaul, Deputy CEO Severin Cabannes will leave his post at the ...

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• 4 August

  Australia all set to resume bond buying

  Bloomberg Australia’s central bank kept its interest rate and yield target unchanged, while announcing it will end a three-month hiatus in bond buying, as Victoria state’s tighter and longer lockdown adds to headwinds. Reserve Bank of Australia Governor Philip Lowe and his board left the cash rate and three-year bond yield target at 0.25% on Tuesday, as expected by most ...

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