February, 2019

• 16 February

  Credit Agricole trading revenue plunges in Q4

  Bloomberg Credit Agricole SA’s trading revenue plunged in the fourth quarter, extending a tough quarter for French investment banking after volatile markets at the end of the year kept clients on the sidelines. Capital-markets and investment-banking revenue declined 29 percent in the last three months of 2018, led by fixed income. However, the lender’s earnings are less dependent on investment ...

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• 16 February

  China’s JPMorgan wannabe turned into a $34bn debt risk

  

  Bloomberg It was supposed to be China’s answer to JPMorgan Chase & Co. But less than five years after China Minsheng Investment Group Corp. (CMIG) outlined plans to become a financial colossus, the company has instead turned into a symbol of the turmoil sweeping China’s once-vaunted private sector. After shocking investors with a missed bond payment last month, CMIG has ...

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• 16 February

  Ailing Jet Airways gets lifeline from banks in debt-swap deal

  

  Bloomberg Lenders to Jet Airways India Ltd. proposed a bailout of the beleaguered carrier, potentially paving the way for a revival of the airline that was on the verge of collapse. Mumbai-based Jet Airways, which needs 85 billion rupees ($1.2 billion) to help it get back on its feet, will be revamped with banks becoming the biggest shareholders of the ...

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• 16 February

  Pilot shortage to cripple Asia’s biggest budget airline IndiGo

  

  Bloomberg IndiGo, an Indian budget carrier, is canceling dozens of flights every day over the next two months as it struggles to find enough skilled pilots following an aggressive expansion binge, according to reports. Pilots at Asia’s biggest low-cost airline by market value have exhausted their annual limit on flying hours earlier than expected, leading to the chaos, the people ...

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• 16 February

  Japanese jewelry retailer’s PE owner to weigh IPO

  

  Bloomberg Longreach Group, the buyout firm founded by former UBS Group AG investment banker Mark Chiba, is considering an initial public offering of its jewelry business Primo Japan Inc., reports said. The owner has been working with Nomura Holdings Inc. to explore options that could also include a sale of the Tokyo-based diamond ring seller, the people said. Any deal ...

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• 16 February

  Bombardier jumps on ‘improved’ cash flow

  

  Bloomberg Bombardier Inc. jumped the most in almost three months after the company surpassed analysts’ expectations for cash flow and reaffirmed its 2019 forecast, steadying the outlook after a disastrous earnings report three months ago. Free cash flow reached $1.04 billion in the fourth quarter, Bombardier said in a statement. That exceeded the $890 million average of estimates compiled by ...

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• 16 February

  Southwest declares operational emergency

  

  Bloomberg Southwest Airlines Co. declared an “operational emergency” because of an unusually high number of aircraft taken out of service for maintenance, and ordered all scheduled mechanics to show up for work or risk being fired. Workers “alleging illness” will be required to provide a doctor’s note on their first day back at work, the airline said in a memo. ...

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• 16 February

  Indonesia’s Pertamina cuts jet fuel price in relief for airlines

  

  Bloomberg PT Pertamina, Indonesia’s state-owned energy company, reduced the price of jet fuel sold at the nation’s airports after President Joko Widodo ordered a review following complaints about high air fares blamed on soaring fuel costs. The retailer lowered the price of fuel sold at Jakarta’s Soekarno-Hatta airport by 3 percent to 7,960 rupiah per liter (56 cents) from Saturday, ...

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• 16 February

  Starbucks plans to launch all-day dining cafe in China

  

  Bloomberg Starbucks will launch its first all-day dining cafe in Shanghai, featuring fresh Italian food, the US coffee giant said in a statement. The move signals part of the company’s effort to “to play the long game in China,” according to Belinda Wong, CEO of Starbucks China. The coffee chain, which now operates more than 3,700 stores in 158 cities ...

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• 13 February

  Oil extends gain on Saudi output pledge

  

  Bloomberg Oil climbed for a second day after Saudi Arabia pledged to deepen production cuts and US President Donald Trump said he might extend a deadline for additional tariffs on China. Futures in New York added as much as 1.5% after rising 1.3% on Tuesday. The world’s biggest crude exporter will continue to curb output more than required by a ...

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