March, 2019

• 27 March

  Tata, GIC buy $1.2bn stake in New Delhi’s airport operator

  

  Bloomberg A consortium of India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest 80 billion rupees ($1.2 billion) to buy a stake in GMR Airports Ltd, which runs India’s biggest airport. The deal will pump 10 billion rupees into GMR Airports, a unit of GMR Infrastructure Ltd and purchase 70 billion rupees …

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• 27 March

  Cathay enters no-frills market with Hong Kong Express deal

  

  Bloomberg Cathay Pacific Airways Ltd agreed to pay $287 million in cash for Hong Kong’s only budget airline to enter the no-frills market, after more than a decade resisting such a move to focus on premium services. Cathay plans to operate Hong Kong Express Airways, part of HNA Group, as a standalone carrier after the transaction is completed by December …

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• 27 March

  Steinhoff raises $332mn by selling KAP stake

  Bloomberg Steinhoff International Holdings NV raised $332 million by selling its remaining shares in KAP Industrial Holdings Ltd as the embattled retailer looks to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the US sold its 26 percent stake in the South African industrial company at a 9.4 percent discount, Steinhoff said. The …

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• 27 March

  Bed Bath & Beyond surges most since 2000 on activist plans

  

  Bloomberg Bed Bath & Beyond Inc soared as much as 30 percent — the most intraday in 19 years — on news that activist investors plan to challenge the home-goods retailer’s directors in a proxy fight. The company responded by saying the investors have ignored its requests for feedback and only appear interested in gaining ammunition for an activist battle. …

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• 26 March

  Uber buys Careem in $3.1 billion deal

  

  Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses …

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• 26 March

  Stocks climb as Treasury rally takes breather; dollar rises

  

  Bloomberg US stocks rallied and Treasuries fell as investor concern over an economic downturn showed signs of easing. The dollar edged higher. Every industry in the S&P 500 Index advanced, with technology and consumer shares leading gains. The yield on benchmark US debt rose after closing below 2.4 percent though the spread between three-month and 10-year rates remained in negative …

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• 26 March

  Pound advances as top Brexiteer revives hopes for PM’s deal

  Bloomberg The pound climbed as Brexiteer Jacob Rees-Mogg signalled he could back the UK Prime Minister’s deal to leave the European Union, as he kept alive the possibility that her plan might pass through parliament, which did not. Sterling reversed earlier declines to lead gains across the Group-of-10 currencies as Rees-Mogg said Theresa May’s deal was “better than not leaving …

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• 26 March

  Swedish money laundering case spins widening web of intrigue

  

  Bloomberg As Sweden gets to grips with the money laundering scandal battering its oldest bank, questions are being asked about the impartiality of those overseeing the case. Swedbank AB reportedly handled more than $10 billion in suspicious flows tied to the Danske Bank A/S Estonian laundering scandal. The case became public knowledge only this year, but according to Swedish media …

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• 26 March

  Euro-area banks set to know ECB loan details by June

  

  Bloomberg Euro-area banks will know by June how generous the terms of the European Central Bank’s new loans are going to be, according to Governing Council member Olli Rehn. Policy makers have yet to pass judgment on the severity of the current slowdown that prompted that measure, the Finnish central bank governor told Bloomberg in an interview. They are determined …

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• 26 March

  Citi faces fine for ‘fudging’ JGB futures

  

  Bloomberg Citigroup Inc. faces a 133 million yen ($1.2 million) fine for allegedly manipulating prices in the Japanese government bond futures market, its latest regulatory setback in Asia. Japan’s securities watchdog said Citigroup placed orders in October for JGB futures contracts at the Osaka Exchange without intending to execute them, a practice known as spoofing. The Securities and Exchange Surveillance …

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