November, 2020

• 2 November

  Reliance Industries posts 15% profit drop

  

  Bloomberg Reliance Industries Ltd, India’s most valuable company led by billionaire Mukesh Ambani, reported a 15% decline in profit for the quarter through September, as the coronavirus pandemic gutted demand for transportation fuels. Net income fell to 95.7 billion rupees ($1.28 billion) from 112.6 billion rupees a year earlier, the Mumbai-based company said in an exchange filing. That compares with …

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• 2 November

  Airlines suffer blow as UK bans overseas leisure travel

  

  Bloomberg Overseas travel from England that’s not related to work will be prohibited to help curb a resurgence of the coronavirus, throwing airlines into a fresh crisis. The new rules, part of a wider partial lockdown by Prime Minister Boris Johnson, will apply from Thursday until December 2 and come as the industry struggles to survive a collapse in demand. …

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• 2 November

  Ipsy buys makeup box rival BoxyCharm in $500 million deal

  

  Bloomberg Two of the top beauty products subscription services are merging. Ipsy has agreed to buy Miami-based rival BoxyCharm Inc, a pairing that will create a combined business with more than 4.3 million subscribers and $1 billion in revenue this year, according to the company. Ipsy and BoxyCharm will operate as separate brands in a merged company called BFA Industries, …

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• 2 November

  South Africa government defends airline’s bailout

  

  Bloomberg South Africa’s National Treasury has defended a controversial 10.5 billion rand ($641 million) lifeline for its bankrupt national airline, saying that setting it on the path to recovery will entice private investors. “Government is not going to want to hold on to South African Airways (SAA) at all costs,” Treasury Director-General Dondo Mogajane said in an interview after the …

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• 2 November

  Berlin’s $7b airport finally opens in depths of a crisis

  

  Bloomberg Berlin’s new airport finally opened its doors, welcoming passengers after an eight-year delay just as fallout from the coronavirus hammers travel demand. Planes from Deutsche Lufthansa AG and Easyjet Plc landed at Berlin Brandenburg Willy Brandt Airport — known by its airport code BER — shortly after 2 pm on October 31 to inaugurate the hub. Regular departures started …

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• 2 November

  Ocado raises profit target over demand

  Bloomberg Ocado Group Plc raised its profit forecast as the pandemic boosts demand for online groceries, and agreed to buy two robotics companies for about $287 million. The company said it expects full-year earnings to exceed $77 million before interest, taxes, depreciation and amortisation. The previous target was for Ebitda of more than 40 million pounds. Ocado said its joint …

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• 2 November

  Colombia central bank holds rates as it looks for new chief

  

  Bloomberg Colombia became the latest emerging market to end a series of interest rate cuts, joining peers from Brazil to South Africa as it recovers from the pandemic. After the decision, the central bank said that Governor Juan Jose Echavarria will retire early next year. The bank left its key rate unchanged at a record low of 1.75%, in line …

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• 2 November

  ICICI Bank profit rises on interest income amid virus

  

  Bloomberg ICICI Bank Ltd. posted a record quarterly profit as it set aside a lower amount of funds for potential bad loans even as the coronavirus pandemic constrains growth in financial sector. Net income at India’s second-largest private lender rose to 42.51 billion rupees ($570 million) in quarter ended Sept. 30 from 6.55 billion rupees a year earlier. That was …

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• 2 November

  Fed not expected to ramp up bond buying this year or next

  

  Bloomberg The Federal Reserve won’t increase the pace of its asset purchases this year or next, and wouldn’t meaningfully boost the US economy even if it did so, according to most economists surveyed by Bloomberg. Many Fed watchers are eager for more guidance on the future of the central bank’s balance-sheet policy, but aren’t expecting any new clues when the …

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• 2 November

  Deutsche Bank boosts securities unit outlook

  

  Bloomberg Deutsche Bank AG signalled the trading boom that helped it beat Wall Street rivals will continue through the end of the year, boosting investment banking revenue and compensating for headwinds at its lending businesses. Income from trading fixed-income securities and currencies rises 47%, beating all but one of the large investment banks so far and snapping a long streak …

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