February, 2019

• 3 February

  Avon to cut 10% of global workforce

  Bloomberg Avon Products Inc. will cut 10 percent of its global headcount as it looks for new ways to save money and simplify its structure. Most of the job cuts will take place this year, saving the makeup company about $97 million by the end of 2019. These aren’t Avon’s first round of recent layoffs. The staffing cuts come on …

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• 3 February

  British Airways puts one-year limit on pay deal

  

  Bloomberg British Airways is refusing to offer pilots and other staff a new three-year salary package, citing an uncertain post-Brexit outlook in proposing a 12-month agreement instead. “We can agree a one-year pay deal,” the IAG SA-owned airline said in a letter to unions obtained by Bloomberg News. “This gives certainty over pay for colleagues in what is anticipated to …

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• 2 February

  Venezuelan crude output to fall 18% on US sanctions

  Bloomberg Venezuela’s oil production will likely fall 18 percent to around 900,000 barrels per day due to pressure from US sanctions and lack of materials for workers, compared to a current output estimate of 1.1 million barrels per day, according to Ann-Louise Hittle, an oil analyst at Wood Mackenzie.

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• 2 February

  Alberta eases oil production limit as price for heavy crude surges

  

  Bloomberg Alberta is easing mandatory oil curtailments after prices for heavy crude from the Canadian province surged while producers were getting exasperated. The new target for output next month will be 3.63 million barrels a day, up from 3.56 million in January, the provincial government said in a statement. Inventories have dropped by 5 million barrels, reducing a glut that …

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• 2 February

  Russia oil output cuts fall below Novak’s estimates

  

  Bloomberg Russia’s crude producers removed their first 42,000 barrels per day from the market in January under the OPEC+ output-cut agreement, slightly below earlier estimates of Energy Minister Alexander Novak. Russia produced 48.11 million tons of crude oil, according to data from the Energy Ministry’s CDU-TEK unit. This equals 11.376 million barrels per day compared to the October baseline of …

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• 2 February

  Fed doves delight as Kaplan, Bullard laud policy patience

  

  Bloomberg Federal Reserve Bank of St. Louis President James Bullard and Dallas Fed chief Robert Kaplan applauded the central bank’s decision to take a pause on interest-rate increases in separate appearances and said patience was the right approach for the US economy. “I think it set us up for a very good couple of years here,” Bullard said in a …

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• 2 February

  DWS says clients withdrew $8bn in fourth quarter

  

  Bloomberg DWS Group, the German asset manager taken public by Deutsche Bank AG in March, is wrestling with withdrawals, though its executives say the worst is behind them. Investors pulled 7 billion euros ($8 billion) in the fourth quarter of 2018, taking total redemptions last year to more than 22 billion euros. To make matters worse, the volatility that roiled …

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• 2 February

  Deutsche Bank sees Commerzbank merger by mid-year

  

  Bloomberg Deutsche Bank AG’s top ranks are bracing for a potential government-brokered merger with rival Commerzbank AG by mid-year as they run out of time to turn Germany’s largest bank around. Executives are concerned such a deal may become their only option if there’s no clear improvement in the first three months of 2019, people briefed on their thinking say. …

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• 2 February

  Barclays to shift $217bn assets to Dublin

  

  Bloomberg Barclays Plc won permission to transfer large parts of its business from Britain to its Dublin-based subsidiary if needed, with a judge disclosing that the Brexit-driven move could affect thousands of the bank’s corporate clients. The London-based bank had requested court approval for the potential move, which was granted by High Court Judge Richard Snowden. Snowden described the move …

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• 2 February

  Now, India shadow banks face Essel risk

  Bloomberg India’s shadow lenders are facing a fresh threat, just as they were starting to recover from the fallout of landmark defaults last year by one of their own. The lenders could come up against a new cash shortage, if concerns about debt at conglomerate Essel Group ricochet through India’s money markets, according to Citibank and Credit Suisse. There’s reason …

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