June, 2019

• 12 June

  Eskom urged to quit coal even as new plants being built

  Bloomberg Eskom Holdings SOC Ltd should quit coal-fired generation over the next 20 years, Greenpeace Africa said, even as the beleaguered South African power utility presses ahead with new plants. Such a shift would require a massive overhaul at Eskom since coal-fed power is the backbone of its fleet, with two new stations currently under construction. But the debt-strapped utility, ...

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• 12 June

  Tech leads stock slump as investors eye Fed, trade

  

  Bloomberg US tech shares slumped as concern about trade tensions blunted optimism that slower-than forecast inflation would allow the Federal Reserve to cut rates. Treasuries climbed and oil fell. Chipmakers were among the worst performers as the S&P 500 Index slipped, with defensive sectors like utilities faring the best. The tech-heavy Nasdaq 100 declined the most in a week. The ...

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• 12 June

  A $17 trillion market runs out of bargains

  

  Bloomberg In a double whammy for money managers, emerging-market stocks are underperforming but becoming more expensive. The MSCI Emerging Markets Index has handed investors a loss, including reinvested dividends, of 7.2 percent in the past 12 months, compared with a 2.2 percent total return from the MSCI World Index. Yet bargain-hunting opportunities are rare among $17 trillion of beaten-down stocks ...

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• 12 June

  Retail tycoon Green’s empire hanging on landlords’ vote

  

  Bloomberg Retail billionaire Philip Green finds out whether creditors will force him to give up control of the sprawling empire he built up over years around well-known brands such as Topshop. Creditors to Green’s Arcadia Group were expected to meet in London to vote on its proposals to cut rents and close stores in order to ensure its survival after ...

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• 12 June

  British Airways pilots call for strike ballot on pay deal

  

  Bloomberg British Airways (BA) pilots called for a strike ballot after unions rejected the latest pay package from management. Shares of IAG SA, owner of the airline, reversed earlier gains. “We are urgently considering next steps and will make a further statement later this week,” Brian Strutton, general secretary of the British Airline Pilots Association union, or Balpa, said in ...

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• 12 June

  FAA official echoes Boeing timeline for 737 Max return by December this year

  

  Bloomberg Boeing Co’s 737 Max aircraft, grounded since March after two fatal crashes in five months, should be back in the air by December, a top US regulator said. It’s not possible to give an exact date as work progresses on safety fixes to the aircraft, Ali Bahrami, the Federal Aviation Administration’s associate administrator for aviation safety, said in an ...

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• 12 June

  Hijack hoax lands flyer in jail for life in India

  Bloomberg An Indian court sentenced a business class passenger to life in jail after he was found guilty of placing a hijacking note in the washroom of a flight, the first such ruling under a new law. Birju Kishor Salla, 38, was also fined 50 million rupees ($720,000), which will be distributed among pilots, crew and passengers, a special court ...

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• 12 June

  Amazon to donate $8m to two nonprofit groups

  

  Bloomberg Amazon.com Inc plans to donate $8 million to two nonprofit groups working on homelessness and affordable housing in Seattle and Arlington County, Virginia. Seattle’s largest employer has long been a target of activists there who contend the company didn’t do its part to help the city moderate a surge in the cost of living amid the tech boom. Last ...

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• 12 June

  Litt threatens proxy fight at Taubman

  

  Bloomberg Activist investor Jonathan Litt is threatening a proxy fight next year at Taubman Centers Inc if the US mall owner doesn’t take steps to improve its performance, including exiting Asia or divesting its top-performing properties. Litt said in a letter to shareholders that he planned to nominate directors at the 2020 meeting unless the company makes “meaningful progress.” “Their ...

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• 12 June

  Trump renews Fed attack, says euro is devalued against dollar

  

  Bloomberg US President Donald Trump slammed the Federal Reserve for high interest rates in a tweet, complaining the euro and other currencies were “devalued” against the dollar. “The Fed interest rate way too high, added to ridiculous quantitative tightening! They don’t have a clue!” Trump said on Twitter, renewing his complaints about the US central bank a week before it ...

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