August, 2019

• 28 August

  German locomotive takeover gives China low-cost route into Europe

  

  Bloomberg China’s world-leading train maker CRRC has gained control of one-quarter of the European diesel-locomotive market in a single purchase costing less than 10 million euros. The acquisition of the Vossloh AG business provides China Railway Rolling Stock Corp. with a major toehold in a region where rail travel is ousting cars and planes faster than anywhere else. CRRC’s Zhuzhou …

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• 28 August

  Switzerland boosts CO2 reduction target

  Bloomberg The Swiss government aims to make the country climate neutral by 2050, stepping up its efforts to cut carbon emissions to fight global warming. Switzerland now plans to reduce its net carbon emissions to zero by 2050 to meet the target of limiting global warming to a maximum of 1.5 degrees Celsius, according to a statement on Wednesday. The …

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• 28 August

  Stocks mixed under cloud of trade feud; crude gains

  

  Bloomberg US index futures edged higher, stocks in Europe slipped and shares in Asia were mixed on Wednesday as investors awaited new developments in the increasingly unpredictable Sino-American trade war. Treasuries and the dollar were steady. Contracts on all three major US stock indexes gained, while technology companies and insurers led a decline on the Stoxx Europe 600 index. Benchmarks …

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• 28 August

  UK stocks slide on Brexit worry as pound lifts FTSE

  

  Bloomberg Domestic UK stocks declined on growing anticipation of a no-deal Brexit after the British government sought to suspend parliament, while a weaker pound boosted the exporter-heavy FTSE 100 Index. The FTSE 100, which has moved inversely to the currency in recent years, climbed 0.3 percent in London, while the more UK focussed FTSE 250 Index lost 0.7 percent. Sterling …

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• 28 August

  Deutsche Bank, reeling from global job cuts, hires in India

  

  Bloomberg Deutsche Bank AG’s only retail banking franchise outside Europe is getting more investment, amid sweeping cost cuts and restructuring taking place elsewhere at the German lender. After receiving a 470 million euro ($520 million) capital injection earlier this year, Deutsche Bank’s Indian operation is set to hire about 140 people and boost its retail banking and wealth management operations. …

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• 28 August

  RBA’s Debelle says threats to world trade are ‘significant risk’

  

  Bloomberg The Australian central bank’s No. 2 official warned that current threats to the global rules-based trading system were a major risk to both his country’s economy and the world’s. Australia has been a key beneficiary of global trade, as its current account approaches its first surplus since the 1970s, Deputy Governor Guy Debelle said in Canberra. The local currency …

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• 28 August

  Yuan poised for worst month on record

  

  Bloomberg China’s yuan is headed for a record monthly plunge as an intensifying trade war with the US damages investor confidence. The currency has plummeted 3.9% this month against the dollar, the biggest loss since January 1994, when the modern exchange-rate regime was adopted. The slump past the 7 level for the first time since the financial crisis comes as …

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• 28 August

  Colombia sees no room to lower interest rates

  

  Bloomberg Colombia has no leeway to join central banks around the world that are lowering interest rates to bolster growth, according to Ana Fernanda Maiguashca, a member of the central bank board. “Our inflation outlook, while not alarming, just doesn’t give us much space to provide greater stimulus to the economy,” Maiguashca said in a telephone interview. Central banks in …

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• 28 August

  Time to buy equities approaching: JPMorgan

  

  Bloomberg The stock market is starting to look good again to JPMorgan Chase & Co. After August’s sell-off, the time to buy stocks is approaching, strategists led by Mislav Matejka wrote in a note, saying equities will move higher starting with an up trend in September. Benchmarks including the S&P 500 Index, the Stoxx Europe 600 Index and the MSCI …

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• 28 August

  Goldman-backed fintech firm buys crosstown rival

  Bloomberg A Berlin-based fintech company backed by Goldman Sachs Group Inc. is acquiring one of its crosstown rivals as it tries to capitalise on the 12 trillion euros pension and retirement savings market in Europe. Raisin, originally a marketplace for bank-savings products, is buying 100% of Fairr’s share capital in exchange for Raisin shares as well as cash. Fairr, co-founded …

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