August, 2019

• 20 August

  BOE staff find good in swaps the Pope warned about

  

  Bloomberg Complex instruments used by hedge funds to bet on borrowers going bust and linked to “extremely immoral actions” by the Vatican, can actually improve the health of financial markets, according to Bank of England staff. Bonds insured by credit-default swaps are likely to trade more frequently than securities not covered by these derivatives, according to research by Robert Czech …

  Read More »
• 20 August

  Ryanair’s legal bid makes Britain strike more certain: Union

  

  Bloomberg Ryanair Holdings Plc’s bid to block a strike by UK pilots rather than return to talks means a walkout before Britain’s busiest weekend for air travel is more certain, according to the union that called the action. Ryanair has lost the chance to resolve the pay dispute by seeking a High Court injunction at a hearing to be held …

  Read More »
• 20 August

  Pandora up as new CEO says market strategy shift working

  

  Bloomberg Pandora A/S, a Danish jewellery company that spent much of last year under attack by hedge funds as it tries to relaunch its brand, jumped in Copenhagen trading after it delivered a smaller decline in operating profit than the market had expected. The stock soared as much as 9.9 percent during trading in the Danish capital, its biggest gain …

  Read More »
• 20 August

  Hudson’s Bay rises as Catalyst buys 10 % stake

  

  Bloomberg Canadian private equity firm Catalyst Capital Group Inc bought a 10 percent stake in Hudson’s Bay Co through a previously announced tender offer as part of its efforts to block a proposed takeover by the retailer’s chairman. The Toronto-based firm said in a statement it had received and accepted about 18.5 million shares in Hudson’s Bay for roughly C$187 …

  Read More »
• 20 August

  TUI blames 737 Max crisis for summer slump

  

  Bloomberg TUI AG blamed the grounding of its Boeing Co 737 Max fleet for wiping out a profit rebound as the world’s largest holiday company cut costs and expanded in cruise ships. The global idling of the Max following two fatal crashes meant TUI had to lease in less-efficient jets from third parties, according to a statement, cutting earnings by …

  Read More »
• 20 August

  Home Depot cuts outlook on tariffs, lumber price

  Bloomberg Home Depot Inc cut its revenue forecast on lumber price deflation and concern that President Donald Trump’s recently announced tariffs will hurt US consumption. Same-store sales — a key gauge of a retailer’s performance — rose 3 percent in the second quarter, trailing the average 3.2 percent projection, according to Consensus Metrix. The company now sees 4 percent growth …

  Read More »
• 19 August

  Oil surges as drone attack on Saudi field stokes export fears

  

  Bloomberg Oil rose for a second day as a drone attack on a Saudi Arabian oil field revived concerns that the tense Middle East political situation may jeopardise crude exports. Futures in New York advanced 0.6 percent to trade near $55 a barrel. Yemeni rebels attacked oil and gas facilities at the Shaybah field in the southeast part of the …

  Read More »
• 19 August

  Trade-war uncertainty could cost world economy $585bn

  

  Bloomberg US President Donald Trump’s tariffs on Chinese imports are getting a lot of blame for slowing the global economy, but it’s his Twitter habit that could be even more harmful. According to a report by Bloomberg Economics’ Dan Hanson, Jamie Rush and Tom Orlik, uncertainty over trade could lower world gross domestic product by 0.6 percent in 2021, relative …

  Read More »
• 19 August

  US set to ease Huawei curbs for 90 more days

  

  Bloomberg The US will extend for another 90 days a narrow set of exemptions that had protected rural networks and other US customers from a ban on doing business with China’s Huawei Technologies Co., Commerce Secretary Wilbur Ross said on Monday. Some telecom companies in the US are “dependent” on Huawei, and thus a 90-day reprieve was deemed appropriate, Ross …

  Read More »
• 19 August

  UK oil refineries may face severe ‘disadvantage’ in no deal Brexit

  

  Bloomberg The UK’s oil refineries would be at a severe competitive disadvantage if Britain exits the European Union without a deal and tariffs were imposed on its gasoline exports, according to an industry group. A leaked government document, on the implications of a no-deal Brexit, claimed that two of the UK’s oil refineries could be forced to shut down if …

  Read More »