September, 2019

• 7 September

  Louis Vuitton to add 1,500 jobs in France

  Bloomberg Louis Vuitton plans to add roughly 1,500 manufacturing jobs in France over the next three years, ramping up production to feed surging demand from China and other emerging economies. While the luxury label has opened factories in Italy, Spain and the US, Chief Executive Officer Michael Burke said it’s committed to keeping the majority of its supply chain in …

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• 7 September

  A soft start to the peak travel period, says IATA report

  

  Geneva / Emirates Business The International Air Transport Association (IATA) announced slowing global passenger demand growth for July. Total revenue passenger kilometres (RPKs) rose 3.6 percent, compared to the same month in 2018. This was down from 5.1 percent annual growth recorded in June. All regions posted traffic increases. Monthly capacity (available seat kilometres or ASKs) increased by 3.2 percent …

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• 4 September

  US trade with China fell in July

  

  Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a …

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• 4 September

  YouTube to pay $170mn for child privacy breaches

  

  Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New …

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• 4 September

  HK house prices could slide 30%: JPMorgan

  

  Bloomberg JPMorgan Chase & Co has landed on six property stocks that can best weather the Hong Kong turmoil after applying a worst-case scenario that envisages home prices plunging 30 percent, retail sales falling by a similar amount and prime office rents sinking 40 percent. While a worst-case scenario may seem a rather grim starting point, analysts at the New …

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• 4 September

  Stocks rise as risks recede from Hong Kong to Britain

  

  Bloomberg US equity-index futures rallied alongside European and Asian stocks as traders cheered a reduction in political tension from Italy and Britain to Hong Kong. Treasuries and gold retreated, while the dollar slipped. Contracts on the three major American share gauges jumped, signalling stocks will rebound from declines. All industry groups in the Stoxx Europe 600 index advanced, almost erasing …

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• 4 September

  Pound advances after Johnson’s ‘defeat’ dims no-deal Brexit risk

  

  Bloomberg The pound rallied 1 percent and gilts slid as investors saw a lower risk of a no-deal Brexit following a defeat for the government in parliament. Sterling led gains among Group-of-10 peers and UK stocks also gained as lawmakers were expected to vote on Wednesday to force Prime Minister Boris Johnson to delay Brexit by three months. Johnson retaliated …

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• 4 September

  Deutsche Bank and UBS CEOs criticise negative rates impact

  

  Bloomberg Europe’s top banking executives ratcheted up criticism of negative interest rates ahead of a key European Central Bank (ECB) meeting, warning of severe consequences to asset prices and the broader economy. Deutsche Bank AG Chief Executive Officer Christian Sewing warned that more monetary easing by the European Central Bank, as widely expected next week, will have “grave side effects” …

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• 4 September

  RBS plans to set aside $1.1bn for PPI claims

  

  Bloomberg Two major UK lenders warned that a last-minute rush by compensation-seeking customers will make the most expensive scandal in British banking even costlier. Royal Bank of Scotland Group Plc said it plans to set aside as much as 900 million pounds ($1.1 billion) more for claims related to payment protection insurance (PPI) that customers didn’t want or need. The …

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• 4 September

  Goldman Sachs names Nachmann trading head as Chavez to depart

  

  Bloomberg Goldman Sachs Group Inc enlisted another investment banker in the effort to revive its trading unit. Marc Nachmann was named co-head of the firm’s trading division, replacing Marty Chavez, who will leave the firm at the end of this year. Nachmann, a 25-year veteran of the firm, has been co-head of the investment banking business since 2017. David Solomon, …

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