July, 2019

• 15 July

  Sports Direct slumps as retailer delays results on auditing

  

  Bloomberg Sports Direct International Plc shares headed towards a seven-year low after the UK sports-apparel retailer delayed publishing its results as auditors increase their scrutiny of its accounting. The UK retailer said it needs more time to compile information as regulators review Grant Thornton’s audit of its fiscal 2018 results, and that the review may affect its financial guidance. The ...

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• 14 July

  Pound’s record losing run ratchets up ‘holidays cost’

  

  Bloomberg The pound is suffering a record run of losses against the euro just as Brits get ready for the summer holidays. Sterling has slid more than 5 percent against the euro in an unprecedented run of 10 weekly declines, handing UK holidaymakers on the continent a hefty foreign-exchange disadvantage. And it’s fared the worst among 32 major currencies tracked ...

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• 14 July

  Kuwaiti stocks end longest winning streak in 3 years

  

  Bloomberg Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index to its first loss this month. The gauge declined less than 0.1 percent, led by National Bank of Kuwait and HumanSoft Holding. While a favourable deposit shift for lenders in the country may boost second-quarter margins from lows in the previous quarter, ...

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• 14 July

  UK banks expand role as rules on financial-crime reformed

  

  Bloomberg A raft of global banks including HSBC Holdings Plc and Morgan Stanley were among those added to a UK task force that aims to set strategy for fighting financial crimes in the country, giving the industry more influence over its own regulation. While details were scant, the task force promised in a statement to improve the use of data ...

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• 14 July

  BNP Paribas set to end private prisons funding

  

  Bloomberg BNP Paribas SA will no longer finance private prison companies, joining a wave of banks pulling out of the business amid criticism of the conditions in US detention facilities. “This decision is the result of the bank’s internal and external consultative process that ensures that clients’ practices are aligned with the group’s policies,” BNP Paribas said in an emailed ...

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• 14 July

  Italy’s Visco to review EU bank-crisis rules

  Bloomberg Bank of Italy Governor Ignazio Visco has renewed his call for a review of European rules on banking crises that limit the ability to help ailing lenders. “A legislation initiative of the new European Commission to review the BRRD directive would represent the occasion to tweak current rules, in order to make the regulation framework more flexible and appropriate ...

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• 14 July

  Thai bank sees digital lending to climb

  

  Bloomberg Siam Commercial Bank Pcl expects digital lending to retail customers to climb almost eight-fold this year as Thailand’s biggest lender accelerates its online drive to win business. Credit card and personal loans via the bank’s mobile phone application will rise to at least 18 billion baht ($582 million) this year from about 2.3 billion baht in 2018, said Co-President ...

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• 14 July

  Axis Bank picks lenders for $1.3 billion share sale

  

  Bloomberg Axis Bank Ltd has picked banks including Citigroup Inc and JPMorgan Chase & Co to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter. The bank has also selected Credit Suisse Group AG, BNP Paribas SA, HSBC Holdings Plc, UBS Group AG and Axis Capital Ltd for the proposed offering, ...

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• 14 July

  Dewan Housing posts first loss in more than a decade

  

  Bloomberg Beleaguered Indian shadow lender Dewan Housing Finance Corp (DHFL) posted its first quarterly loss in more than a decade, missed interest payments and cast doubt on its ability to continue as a going concern. DHFL posted a loss of 22.23 billion rupees ($324 million) for the quarter ended in March compared with 1.34 billion rupees in net income a ...

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• 14 July

  IAG ordered 737 Max as ‘it was fed up with Airbus’

  

  Bloomberg IAG SA Chief Executive Officer Willie Walsh said frustration with Airbus SE over late jetliner deliveries was a factor in his decision to place a $24 billion order for Boeing Co’s grounded 737 Max model. Cost and a desire to have a mixed narrow-body fleet weren’t the only considerations in the purchase, with IAG experiencing a 70-day delay on ...

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