February, 2020

• 22 February

  Canada’s RBC planning to start direct-to-consumer bank in US

  

  Bloomberg Royal Bank of Canada (RBC) plans to start a new “direct-to-consumer” business in the US to increase deposits and ultimately broaden out its offerings to a more mainstream clientele. The expansion is likely to come at the end of 2020 or early next year, and will be focused initially on higher-net-worth customers, Chief Executive Officer David McKay said during …

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• 22 February

  Yen not losing haven status: BOJ’s Kuroda

  

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda shrugged off speculation that the yen is losing its status as a safe asset and blamed its depreciation on the dollar. “I don’t think there has been a fundamental change in the situation of foreign-exchange rates,” Kuroda told reporters on Saturday in Riyadh, where he is attending a Group of 20 meeting. …

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• 22 February

  JPMorgan, United Airlines renew credit-card deal into 2029

  

  Bloomberg United Airlines Holdings Inc and JPMorgan Chase & Co renewed their long-time credit-card partnership through 2029, capping months of negotiations. The new deal, and an amended pact with Visa, gives United an extra $400 million this year, according to a regulatory filing by the airline. United declined to provide additional details on the financial impact of the agreement. Revamping …

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• 22 February

  Hindujas, Cerberus partner to bid for Yes Bank stake

  Bloomberg Hinduja Group Ltd is partnering with private equity firm Cerberus Capital Management LP in seeking to pick up a stake in embattled Yes Bank Ltd, according to people familiar with the matter. Representatives of Cerberus and the UK-based Hinduja group, run by brothers Gopichand Hinduja and Ashok Hinduja, met Reserve Bank of India officials earlier this month regarding the …

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• 22 February

  Air France-KLM warns of $216m hit from China virus

  

  Bloomberg Air France-KLM warned the coronavirus outbreak will wipe as much as 200 million euros ($216 million) from earnings, hammering home the financial impact of the crisis even thousands of miles from its epicenter in China. The estimate includes losses from halting flights to the Asian nation this month and next, and assumes that services will resume in April, the …

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• 22 February

  Bigger jets flying more US routes amid coronavirus

  

  Bloomberg Aviation enthusiasts take note: Look for bigger jets flying around North America over the next two months as the coronavirus forces carriers to redeploy some of their largest aircraft from suspended China routes. The US carrier with the most service to China, United Airlines Holdings, is moving 19 wide-body aircraft to mainly domestic service through April 23, when discontinued …

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• 22 February

  Puma chief puts brave face on coronavirus retail crisis

  

  Bloomberg Puma SE’s chief executive officer put a brave face on the coronavirus crisis in China, forecasting a 10% gain in revenue this year. “Long-term, this will not have an impact on our industry and our brand,” CEO Bjorn Gulden told journalists. “Can we reach the guidance or not? We will do everything we can.” Puma shares surged as much …

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• 22 February

  Forever 21’s new owners in talks to keep ‘US stores’ open

  

  Bloomberg Forever 21 Inc’s new owners plan to keep most of the fast-fashion chain’s US stores open under a new chief executive officer in the coming weeks when it emerges from bankruptcy. Owners Authentic Brands Group (ABG), Simon Property Group Inc and Brookfield Property Partners LP are talking with other landlords about keeping as many of its 448 US stores …

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• 22 February

  Victoria’s Secret sells control to Sycamore

  Bloomberg L Brands is selling a controlling stake in Victoria’s Secret to Sycamore Partners, giving the ailing apparel chain a chance to rehabilitate its image and sales outside the glare of public markets. Under the deal, Sycamore Partners will buy 55% in the chain and take it private, leaving L Brands with a minority stake. L Brands’ billionaire founder Leslie …

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• 19 February

  Adnoc signs exclusive seller deal with China’s energy firm

  

  LONDON / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced that it has signed an Exclusive Seller Agreement with Xiamen Sinolook Oil Co. Ltd. This new agreement, which was signed at the 24th World Base Oils and Lubricants Conference in London, appoints Xiamen Sinolook Oil as exclusive seller of Adnoc’s Group III base oil, ADbase, into China, …

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