July, 2019

• 22 July

  Emaar executes $11b project in Beijing

  

  BEIJING / WAM Dubai-based global developer Emaar will jointly implement with Beijing Daxing International Airport an AED40.5 billion ($11 billion) project including the five square kilometre land area of the 50 sq km airport. The move is in line with the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander …

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• 22 July

  Oil lessens advance as UK seeks to ease Iran tensions

  Bloomberg Oil eased gains as traders digested conciliatory remarks by British authorities after Iran’s seizure of its oil tanker, amid heightened tensions in the region. Futures in New York added 2.2 percent before trading close to little changed. The UK demanded the immediate release of the Stena Impero, which was taken by Iran’s Revolutionary Guard Corps in the Strait of …

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• 22 July

  Tech shares gain ahead of earnings; crude advances

  

  Bloomberg Technology shares led gains among US stocks following a mixed session in Europe and Asia as investors looked ahead to a busy week of corporate earnings. Oil gained amid tensions in the Persian Gulf. Apple rallied after Morgan Stanley boosted its price target, while Micron Technology was lifted to buy from neutral by Goldman, as were Lam Research and …

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• 22 July

  Taiwan stocks offer hefty yield as global investors still selling

  

  Bloomberg The cash reward for owning Taiwan stocks is larger than almost anywhere else in Asia. Global investors are ditching them anyway. Even with the benchmark Taiex gauge near a record high, managers have pulled about $680 million from Taiwan stock funds this month. The withdrawals come even as corporate dividends top US yields and just as a record amount …

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• 22 July

  India aims to prevent shadow-banking crisis

  

  Bloomberg India is attempting to prevent any repeat of last year’s shadow banking crisis after detecting “signs of fragility” in some of the 50 housing finance and other non-bank lenders it is monitoring, according to central bank Governor Shaktikanta Das. The Reserve Bank of India is working closely with the country’s lenders to prevent the collapse of another large systemically …

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• 22 July

  China banking system learns lesson

  

  Bloomberg Two months after China shocked investors with the first government seizure of a bank in two decades, market confidence in the nation’s smaller lenders has yet to fully recover. That may be just what the country needs. When it took control of Baoshang Bank Co and imposed losses on some creditors, China’s government upended the long-held assumption that it …

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• 22 July

  Nigeria’s Interswitch hires banks for IPO

  

  Bloomberg Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, people familiar with the matter said. JPMorgan Chase & Co, Citigroup Inc and Standard Bank Group Ltd are among the firms working on an initial public offering, which may value the financial technology company at $1.3 billion …

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• 22 July

  ‘Lyons leads betting to replace Carney at BOE’

  Bloomberg Gerard Lyons has become front runner to replace Mark Carney as Bank of England Governor, according to an online oddsmaker. The economist — a former adviser to prime ministerial candidate Boris Johnson and a prominent advocate of Brexit — is reported to have interviewed for the role and published an opinion column for the Financial Times. Betway said it …

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• 22 July

  Banks dodging deals that Europe needs, says Nordea CEO

  

  Bloomberg Negative interest rates have created a European banking industry that’s ripe for consolidation, according to the chief executive officer of the biggest Nordic bank. But bankers have lost their nerve, so the mergers aren’t happening. Casper von Koskull, the CEO of Nordea Bank Abp, says a lack of confidence within his industry is now the “biggest impediment” to the …

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• 22 July

  Barneys New York explores restructuring, bankruptcy

  

  Bloomberg Luxury department store Barneys New York is exploring restructuring options that could include filing for bankruptcy as it struggles to keep up with higher rent and adapt to changing consumer habits. Barneys is working with financial advisers at MIII Partners and lawyers at Kirkland & Ellis, according to people with knowledge of the situation. The company hasn’t made a …

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