December, 2018

• 19 December

  Deutsche Bank sees exodus of investment bankers in Asia

  

  Bloomberg Deutsche Bank AG, the German lender that’s struggling to enact a turnaround, has seen a surge in turnover among investment bankers in Asia since May, as cost-cutting and sinking morale has prompted dealmakers to leave, people with knowledge of the matter said. Almost 50 bankers in Hong Kong and Singapore have left in the past six months, or about ...

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• 19 December

  Danske scandal: First bankers apprehended

  

  Bloomberg An international criminal investigation into Danske Bank A/S has led to the first group of bankers being apprehended, and prosecutors say more will probably follow. Police in Estonia have detained 10 former Danske employees in connection with what may be Europe’s biggest ever money laundering case. The country’s head of central criminal police, Aivar Alavere, said the group is ...

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• 19 December

  Santander’s UK unit gets $42mn FCA fines

  

  Bloomberg The UK’s Financial Conduct Authority fined Banco Santander SA’s UK unit 32.8 million pounds ($42 million) — the regulator’s biggest penalty this year — for failing to pass on inheritances to dead customers’ beneficiaries. The bank didn’t transfer funds totalling 183 million pounds to beneficiaries when it should have, affecting 40,428 customers, the regulator said on Wednesday. The bank ...

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• 19 December

  Citigroup faces $180mn loss on Asia loan

  

  Bloomberg Citigroup Inc faces losses of as much as $180 million on loans made to an Asian hedge fund whose foreign-exchange wagers went awry, prompting board-level discussions and a business shakeup, according to a person briefed on the matter. The hedge fund, managed by a unit of GF Holdings (Hong Kong) Corp, and Citigroup are in discussions on the positions ...

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• 19 December

  The $7.9trn pile of negative-yielding debt is growing fast

  

  Bloomberg For all the hand wringing over the end of ultra-loose monetary policy, the world just doesn’t seem able to shake its addiction to negative-yielding debt. Only two months ago, speculation was rife that the Bank of Japan would have to step in to stop yields from rising. Now, rates on benchmark bonds are poised to drop back below zero. ...

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• 19 December

  United to acquire ExpressJet stake to boost domestic hubs

  

  Bloomberg United Continental Holdings Inc. agreed to acquire a stake in ExpressJet Airlines, one of its regional affiliates, in a $70 million deal that will give the No. 3 US carrier more control over short-distance flying and a fleet of about 150 small jets. By gaining sway over more United Express service, the purchase furthers United’s plan to bolster service ...

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• 19 December

  Puma refurbishes its RS-Computer shoe

  

  Bloomberg Puma’s latest contribution to the world of retro footwear — or is it the wearable tech movement? — is a revamped 32-year-old sneaker with computers in its heels. The German company is selling a refurbished version of its 1986 RS-Computer shoe, which presaged an era in which athletes use gadgets to keep track of steps taken, distances covered and ...

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• 19 December

  Boeing sets new $20bn buyback programme

  Bloomberg Boeing Co. directors authorised a record $20 billion share buyback programme and boosted the company’s dividend 20 percent — a sign the planemaker doesn’t intend to stop showering cash on investors any time soon. The company’s share price has more than doubled since it embarked on a strategy of rewarding shareholders as production of the marquee 787 Dreamliner stabilised ...

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• 19 December

  Ceconomy latest victim of retail crisis

  

  Bloomberg Ceconomy AG, Europe’s biggest consumer-electronics retailer, eliminated its dividend and warned that earnings will decline another year in the retail industry’s latest disaster. The stock fell as much as 16 percent to a record low as the departure of Chief Financial Officer Mark Frese leaves the company facing a leadership void. The 54-year-old executive, who has been helping to ...

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• 19 December

  Retailer accuses Amazon of copying furniture

  

  Bloomberg Williams-Sonoma Inc. sued Amazon.com Inc. in a case that challenges the online retailer’s private label push that started with batteries, baby wipes and phone chargers and has expanded to include clothing, toys and high-end furniture. Amazon’s “Rivet” line includes products that are “strikingly similar” to Williams-Sonoma’s West Elm brand, including a $300 orb chair the household goods maker introduced ...

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