March, 2019

• 20 March

  Bank of Italy’s No. 2 to leave amid government tension

  

  Bloomberg The Bank of Italy’s second-highest official is said to have told staff that he won’t be available for a new term, according to two people familiar with the situation, a further development in the tense relations between the central bank and the populist government. Director General Salvatore Rossi told staff in a letter that he will leave as soon …

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• 20 March

  Boeing 737 crisis risks Norwegian’s US routes

  

  Bloomberg Norwegian Air Shuttle ASA’s reliance on the fuel-saving Boeing Co 737 Max to underpin its ultra low-cost trans-Atlantic strategy has exposed the loss-making carrier as the most vulnerable in Europe to the worldwide grounding of the plane. Norwegian was among the earliest adopters of the new narrow-body, using its extra range to launch services on Europe-US routes traditionally dominated …

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• 20 March

  Hermes becomes latest victim of casual dress as men shirk ties

  

  Bloomberg Hermes International has become the latest fashion industry victim of men’s casual dress, signalling weakness in its silk business as neckties lose their allure. Revenue from silk and textiles rose 3 percent in 2018, the slowest growth of the French luxury-goods maker’s business units. CEO Axel Dumas said on Wednesday the company has been shifting production to adjust to …

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• 20 March

  Trump names ex-airline executive to run FAA

  Bloomberg President Donald Trump named former airline executive Stephen Dickson to run the Federal Aviation Administration as the agency faces scrutiny for its role in approving the Boeing Co 737 Max for service before two fatal crashes of the jetliner. The FAA administrator job has been vacant since Michael Huerta, who had been appointed by President Barack Obama, stepped down …

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• 20 March

  Cathay to mine personal data to tailor to premium flyers

  

  Bloomberg Cathay Pacific Airways Ltd is doubling down on mining customer data. The airline is logging the travel habits of lucrative business-class flyers, such as when they want their seat laid flat, in a bid to individually tailor flights for them, Chief Executive Officer Rupert Hogg said in an interview in Singapore. Cathay seeks to track 23 categories of behaviour …

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• 19 March

  Saudi invests $23bn to transform Riyadh

  

  Bloomberg Saudi Arabia plans to pour 86 billion riyals ($23 billion) into beautifying its capital, Riyadh, with projects expected to create tens of thousands of jobs and provide new leisure opportunities in the city. In addition to the kingdom’s investment, the projects will create opportunities for $15 billion in private sector financing, the government said. Preliminary design work is under …

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• 19 March

  Mena data centre spend to reach $5bn in 2019

  

  Dubai / Emirates Business The Middle East and North Africa’s (Mena) data centre spend will reach a record-high of nearly $5 billion in 2019, industry experts said, as organisations drive data centre modernisation as the foundation of their digital transformation. Organisations are modernising data centre infrastructure to optimise costs, increase agility, foster innovation, and operate more efficiently, argues the UAE-based …

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• 19 March

  UAE, US keen to boost economic, commercial ties

  ABU DHABI / WAM The Ministry of Economy discussed the means of developing the economic relations between the UAE and the United States (US), as well as their overall cooperation, especially in the area of standards and metrology and their commercial application. Juma Mohammed Al Kait, Assistant Under-Secretary for the Foreign Trade Sector of the Ministry of Economy, explained that …

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• 19 March

  US stocks rise before Fed decisions; Treasuries slip

  

  Bloomberg US equities climbed as investors awaited this week’s central bank decisions, including word from a recently more-dovish Federal Reserve. The euro strengthened while Treasuries slipped. The S&P 500 Index continued rising on Tuesday after climbing to a five-month high the day before. Consumer-discretionary, materials and semiconductor stocks led the charge. The Dow Jones and Nasdaq 100 gauges followed suit, …

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• 19 March

  Hong Kong’s weak dollar victim of China stocks

  

  Bloomberg The rally in Chinese stocks has been bad news for the Hong Kong dollar. Equity investors are selling the currency for the Chinese yuan and buying mainland shares through the stock trading connects, according to Ronald Man, a strategist at Bank of America Merrill Lynch. That’s keeping the Hong Kong dollar lower in the spot market, he said. The …

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