March, 2019

• 16 March

  Draghi’s salvo may avert policy u-turn

  

  Bloomberg Mario Draghi’s latest stimulus salvo means his successor as European Central Bank chief may not be forced into the kind of monetary policy U-turn he once faced. The president, who began his eight-year term reversing course on a recent interest-rate increase by his predecessor, has set in place the conditions to keep the euro zone in easing mode until …

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• 16 March

  Credit Suisse targets $2bn wealth management profit

  

  Bloomberg Credit Suisse Group AG is targeting 2 billion francs ($2 billion) in pretax profit for 2019 in its key wealth-manage-ment unit, seeking a fourth consecutive year of profit growth for the division, according to people with knowledge of the matter. Iqbal Khan, head of international wealth management, told staff at an internal company event last week that he’s aiming …

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• 16 March

  Steinhoff to dig deeper into $7.4 billion of dodgy deals

  

  Bloomberg Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals. A forensic probe by PwC found that a small group of former executives — with the help of others outside the company …

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• 16 March

  Debenhams warms to billionaire Ashley after he steps up bid

  

  Bloomberg Debenhams Plc cracked open the door to billionaire Mike Ashley for the first time, saying it’s considering his bid to increase control over the UK retailer and install himself as chief executive officer. The billionaire’s Sports Direct International Plc offered a loan of 150 million pounds ($199 million) to the troubled department-store chain in a deal that would boost …

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• 16 March

  American Air suspends Venezuela service as pilots refuse to fly

  

  Bloomberg American Airlines Group Inc. suspended its service to Venezuela on security concerns, shutting down the only flights to the country by a major US carrier. The move followed a notice from the carrier’s pilots union, backed up by flight attendants, telling its members to refuse the routes because of dangerous conditions in the nation. “American will not operate in …

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• 16 March

  Lufthansa pares growth plans after fare war weighs on profit

  

  Bloomberg Deutsche Lufthansa AG cut its growth plans after a slide in fares and higher fuel costs weighed on 2018 earnings. The stock fell the most in 4 1/2 months after the German carrier said it will slow capacity increases to 1.9 percent this summer from the 3.8 percent previously planned in an effort to bolster prices and cope with …

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• 13 March

  Airlines rethink $57bn in Boeing orders after crash

  

  Bloomberg The Boeing Co. 737 Max crash in Ethiopia looks increasingly likely to hit the planemaker’s order book as mounting safety concerns prompt airlines to reconsider purchases worth about $57 billion. VietJet Aviation JSC, which doubled its order to 200 of the aircraft priced at about $25 billion only last month, said it will decide on its future plans once …

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• 13 March

  Dubai attracts $21.6 billion FDI in technology sector in 3 years

  

  DUBAI / Emirates Business Dubai ranked first globally in attracting foreign direct investments (FDIs) for artificial intelligence (AI) and robotics; while the UAE ranked sixth in the global smart service index, surpassing the US, UK and South Korea. The emirate has attracted from 2015 to 2018 $21.6 billion worth of FDI in high-end technology transfers, with the most from the …

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• 13 March

  Oil rises on Opec output curbs, US supply drop

  

  Bloomberg Crude rose for a third day after an industry report showed an unexpected drop in US stockpiles at a time when the world’s top producers are said to be looking at a plan to extend their output curbs. Futures in New York added as much as 0.7 percent, rising above $57 a barrel. US crude inventories declined 2.58 million …

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• 13 March

  US equities gain on economic data as dollar dips; oil rises

  

  Bloomberg US equities climbed as data showed better-than-expected demand for durable goods and modest pressure on inflation. The pound jumped before another Brexit vote and the dollar dipped. The S&P 500 Index gained for a third day, with industrial stocks among the best performers. European shares also advanced, and the pound rallied before the next major Brexit vote. Crude oil …

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