August, 2019

• 27 August

  SocGen slashes 25 jobs in Frankfurt overhaul

  

  Bloomberg Societe Generale SA is cutting about 25 investment banking jobs in Frankfurt as part of a companywide redundancy programme. The cuts affect the leveraged finance team as well as staff working on mergers and acquisitions, people familiar with the matter said. The French lender also closed the desk dedicated to advising on deals in the chemicals industry and a …

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• 27 August

  Europe’s banks eye breaking last taboo with negative rates

  

  Bloomberg Five years after Mario Draghi turned the world of European banking upside down, lenders are considering breaking a last taboo: Negative interest rates for the masses. Banks have long tried to pass on the cost of negative rates to corporations and wealthy individuals, but they’ve shied away from making regular folks pay to have money in the bank. Yet …

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• 27 August

  Shoemaker Cole Haan preps IPO as athleisure focus boosts sales

  

  Bloomberg Premium shoemaker Cole Haan, currently owned by private equity, is preparing for an initial public offering, following robust sales and profit growth. “Our management team is confident in the opportunities we have created for the Cole Haan brand and our business globally,” Chief Executive Officer Jack Boys said in a statement. “Based on the momentum we have generated in …

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• 27 August

  Beyond’s fried chicken to get ‘tasted in KFC’

  

  Bloomberg Beyond Meat Inc has another high-profile fast-food partner — KFC — to help the faux meat maker tackle a plant-based substitute for a different major protein source: chicken. KFC, owned by Yum! Brands Inc, will test plant-based nuggets and boneless wings at one of its Atlanta restaurants on Tuesday. The location will offer complimentary samples to customers who purchase …

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• 27 August

  Budget airline extends test of a surprise amenity: more legroom

  

  Bloomberg Allegiant Airlines, a discounter known for squeezing budget-conscious passengers into seats, is trying to entice customers to pay for a new amenity: extra legroom. The unit of Allegiant Travel Co removed a row of seats on three of its Airbus SE A320 jets to offer 30 spots with six inches of extra space. The challenge is to persuade travellers …

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• 27 August

  Ikea goes ahead with $1.4b China deal

  Bloomberg Home furnishing giant Ikea has seen sales growth soften for three consecutive years in China as the country grapples with a slowing economy and waning consumer confidence caused by a grinding trade conflict with the US. Still, the Swedish retailer is pressing ahead with $1.4 billion of investment in the next 12 months and opening four more stores in …

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• 27 August

  Connecticut rest-stop McDonald’s new ‘Fight for $15’ target

  

  Bloomberg The union behind the “Fight For $15” campaign that successfully raised the floor for low-wage work in much of the US has a new target: Highway rest stops, where government ownership and oversight could help establish labour’s long-sought foothold in fast food. Fast-food workers at several Connecticut highway rest stops will announce wage theft claims against several companies including …

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• 26 August

  UAE denounces Houthi ballistic missile attacks on Saudi’s Jazan

  ABU DHABI / WAM The United Arab Emirates has condemned the Houthi militias’ attempts to target the city of Jazan in the Kingdom Saudi Arabia with six ballistic missiles. In a statement issued on Monday, the UAE Ministry of Foreign Affairs and International Cooperation reiterated its full solidarity with the kingdom over these terrorist attacks targeting civilians, affirming its support …

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• 26 August

  India’s RBI okays $24b payout to government

  

  Bloomberg India’s central bank approved a record 1.76 trillion-rupee ($24.4 billion) payout to the federal government, boosting New Delhi’s coffers at a time when it is under pressure to provide a fiscal stimulus to the slowing economy. The Reserve Bank of India’s (RBI) board approved a transfer, which includes 1.23 trillion rupees as dividend and 526.4 billion rupees from its …

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• 26 August

  Saudi Red Sea Development seeks to raise $3.5 billion

  

  Bloomberg The firm that’s transforming an archipelago, desert and mountains — an area about the size of Belgium — on Saudi Arabia’s Red Sea coast into a global tourism destination is talking to banks to raise $3.5 billion, according to people with knowledge of the matter. The Red Sea Development Co. started discussions with local lenders for a 13 billion-riyal …

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