October, 2019

• 6 October

  India to allow FX-settled rupee derivatives trading

  Bloomberg India plans to allow foreign-exchange settled rupee derivatives trading in specially designated centers as it tries to deepen the local market. The non-deliverable forwards will be traded on the International Financial Services Centres, the Reserve Bank of India said. GIFT City in Indian state of Gujarat is currently the only operational venue. Trading in the onshore market has been …

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• 6 October

  Ethiopian Air to weigh stake in South Africa’s flag carrier

  

  Bloomberg Ethiopian Airlines Group would consider buying a stake in South African Airways (SAA) — should South Africa decide to sell equity in the struggling state carrier. SAA hasn’t made a profit since 2011 and delayed the release of annual earnings due to its precarious financial state. While the ruling African National Congress has frequently said that it would consider …

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• 6 October

  After Thomas Cook collapse, EasyJet CEO sees more business

  

  Bloomberg EasyJet Plc could develop more business with hotel chains after the collapse of tour operator Thomas Cook Group Plc, the low-cost airline’s chief executive officer said in an interview to Die Welt. The airline has begun to expand its package tour business and was over the summer able to take advantage of its relationship with hotel chains already concerned …

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• 6 October

  Costco profit falls short of investors’ expectations

  Bloomberg Costco Wholesale Corp reported quarterly profit that fell short of estimates, and US sales, while still brisk, also slightly missed. The company’s shares fell in late trading. Same-store US sales excluding gas rose 5.2% in the quarter, falling just short of analysts’ projections compiled by Consensus Metrix. Earnings per share were $2.47, below the average estimate of $2.54. Costco …

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• 6 October

  Barneys New York mulls buyout plan from retail investor group

  

  Bloomberg Barneys New York Inc is in advanced talks with a group of retail industry investors looking to buy the company out of bankruptcy for about $220 million, according to people with knowledge of the situation. The effort is being led by Sam Ben-Avraham, known for his roles in starting New York retail store Atrium and streetwear brand Kith, the …

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• 6 October

  Bed Bath & Beyond sales dip 10th quarter

  Bloomberg Bed Bath & Beyond reported a tenth straight quarter of falling sales, but assured investors it’s making progress towards stabilsation and an organisational overhaul. The shares bounced between losses and gains in late trading. Same-store sales, an important measure for retailers, fell 6.7% in the company’s second quarter. That’s more than analysts’ average estimate for a 5.3% decline, according …

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• 6 October

  H&M earnings return to growth after two-year slump

  

  Bloomberg Hennes & Mauritz (H&M) AB rose to the highest in almost two years after a popular summer collection helped the Swedish retailer put a dent into its bulging inventory. The stock rose as much as 7.5% after quarterly earnings gained for the first time this year. The third-quarter report was a rare bright spot in the gloomy world of …

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• 5 October

  PayPal quits Facebook’s cryptocurrency project

  

  Bloomberg PayPal Holdings Inc. pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency. “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for …

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• 5 October

  Oil records biggest weekly drop since July on demand pessimism

  

  Bloomberg Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The 0.7% rise in New York-traded futures wasn’t enough to correct a 5.5% drop for the week. Rising US payrolls and the lowest unemployment rate in five decades undercut prospects of interest-rate cuts by the Federal Reserve. “The …

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• 5 October

  Venezuela trims output from biggest oil region as tanks fill

  

  Bloomberg Venezuela’s state oil company has briefly cut output in the Orinoco Belt — which accounts for about half of the nation’s total production — to a maximum of 200,000 barrels a day after swelling inventories forced blending plants to shut. Petroleos de Venezuela SA set a production limit at the extra-heavy crude area of the Orinoco, the country’s main …

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