June, 2020

• 18 June

  HSBC resumes cutting 35,000 jobs to boost growth

  Bloomberg HSBC Holdings Plc has restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak forced it to pause a long-awaited overhaul to boost profitability. “Since February we have pressed forward with some aspects of our transformation program, but we now need to look to the long term and move ahead with others, including reducing our costs,” …

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• 18 June

  Ex-UBS worker skips Swiss appeal of spying conviction

  Bloomberg Call it the Falciani Principle. A former UBS Group AG employee who’s appealing his conviction for commercial espionage and money laundering skipped his Swiss court appearance, as expected, to avoid likely arrest. The man, only identified as Rene S., was convicted in absentia last year and sentenced to 40 months in prison after fleeing to Germany. That’s similar to …

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• 18 June

  Stocks decline on infection concern; Treasuries advance

  

  Bloomberg Stocks edged lower with US equity futures on Thursday as investors sought fresh catalysts for gains amid a rising numbers of coronavirus infections in some countries. Treasuries advanced. The Stoxx Europe 600 opened in the red, with travel shares and miners leading declines. Contracts on the main US equity benchmarks came off their lows earlier in the session to …

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• 18 June

  India stocks gain as investors look beyond border tensions, virus

  

  Bloomberg India stocks fluctuated as a surge in new coronavirus cases raised concerns over business recovery, while a border conflict with China’s military has raised tensions. The S&P BSE Sensex rose 0.1% at 33,568.89 as of 10:13 am in Mumbai, after initially falling as much as 0.4%. The NSE Nifty 50 Index climbed 0.2%. Rising Covid-19 infections in India and …

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• 18 June

  China’s most volatile shares to move 20% daily

  Bloomberg China’s investors are bracing for a major shakeup in the nation’s stock market, which will affect everything from risk-control systems to margin financing, share pledging and exchange-traded funds. For the first time in decades, some shares listed in Shenzhen will be allowed to move as much as 20% either way in a single session. It’s double the cap that’s …

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• 17 June

  Covid-19: Mohamed, European leader review countermeasures

  

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reviewed the prospects of cooperation between the UAE and the European Union (EU) in a call with Ursula Gertrud von der Leyen, President of the European Commission. The conversation covered the global fight against …

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• 17 June

  Virus to keep fuel demand under pressure, says Opec

  

  Bloomberg The Organisation of Petroleum Exporting Countries (Opec) predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during …

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• 17 June

  Saudi Aramco completes $69.1b takeover of Sabic

  

  RIYADH / WAM Aramco on Wednesday announced the successful completion of its share acquisition of a 70 percent stake in Saudi Basic Industries Corporation (Sabic), from the Public Investment Fund (PIF) the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 price per share. The completion of the …

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• 17 June

  Spain’s Iberdrola plans to buy Infigen in Australia expansion

  

  Bloomberg Spain’s Iberdrola SA, one of the world’s biggest wind power operators, has agreed to buy Australia’s Infigen Energy for A$840.6 million ($581 million), expanding its footprint in a country seen as one of the best places on the planet to develop renewables. Bilbao-based Iberdrola has more than 18 gigawatts of wind capacity in its global portfolio and has been …

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• 17 June

  Global energy demand growth was slowing before Covid-19: BP

  

  Bloomberg Growth in energy demand was declining even before the coronavirus pandemic spread globally, keeping consumers under lockdown and sending prices to record lows, BP Plc said Wednesday. The oil major’s annual Statistical Review of World Energy showed that growth in primary energy consumption slowed to 1.3% in 2019, almost half the rate of a year earlier. Renewable energy comprised …

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