May, 2019

• 26 May

  Fed staff lose faith on hitting 2% inflation goal

  

  Bloomberg The Federal Reserve’s influential staff seems to have lost confidence that its bosses will achieve the central bank’s 2 percent target, if the minutes of the Fed’s meeting are anything to go by. The staff forecast presented to policy makers saw inflation falling shy of 2 percent“over the medium term’’ even as the job market was projected to tighten …

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• 26 May

  Mexico central bank top official leaves for BIS

  Bloomberg Banco de Mexico’s top markets official is leaving for the Bank for International Settlements after more than two decades at the central bank, according to people familiar with the plans. Jaime Cortina, director general of operations and payment systems, plans to leave in the coming weeks, according to five people who asked not to be named because the decision …

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• 26 May

  Wrangler heads to China as Kontoor starts post-VF plans

  

  Bloomberg Kontoor Brands Inc, whose Lee line is already the biggest denim brand in China, plans to bring its other big American jeans name to the world’s largest consumer market within a year. “In January 2020, we are introducing Wrangler to the Chinese market because there’s an appetite,” Chief Executive Officer Scott Baxter said in an interview on Bloomberg Television. …

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• 26 May

  Zara owner elevates insider to CEO for e-commerce push

  

  Bloomberg Zara owner Inditex SA promoted Carlos Crespo to chief executive officer, naming an insider to spearhead the fast-fashion giant’s push into e-commerce. Crespo, 48, who is currently chief operating officer of the world’s largest apparel retailer, will report to Executive Chairman Pablo Isla, 55, who’s yielding the CEO position. The new chief will be responsible for technology, procurement and …

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• 26 May

  Foot Locker plunges most in 2 years as sales miss estimates

  

  Bloomberg Foot Locker Inc fell the most in nearly two years after it reported first-quarter sales and profit that missed analysts’ estimates. The athletic-shoe retailer’s shares tumbled as much as 19 percent in New York trading, the most since August 2017. The stock is now at its lowest level in a year, erasing a series of gains over the past …

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• 26 May

  Boeing faces SEC investigation into its 737 Max disclosures

  

  Bloomberg The US Securities and Exchange Commission (SEC) is investigating whether Boeing Co properly disclosed issues tied to the grounded 737 Max jetliner, according to people familiar with the matter, as regulators intensify their scrutiny of the company following two deadly crashes. Officials in the SEC’s enforcement division are examining whether Boeing was adequately forthcoming to shareholders about material problems …

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• 26 May

  Bali flights resume after Indonesia volcano erupts

  Bloomberg Flights to and from Indonesia’s Bali island have returned to normal, allowing the resort island to continue welcoming tourists, after a volcanic eruption. Airlines resumed flights to and from the I Gusti Ngurah Rai Airport on Saturday, Polana Pramesti, director general of civil aviation, said in a text message on Sunday. Several flights were cancelled after the Mount Agung …

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• 25 May

  Khalifa Fund’s support model for entrepreneurs and SMEs lauded

  ABU DHABI / Emirates Business HE Hussain Jasim Al Nowais, Chairman of Khalifa Fund Enterprise Development (KFED) received a delegation from the Republic of Mali headed by HE Dr Boubou Cisse, Prime Minister of Mali at the Khalifa Fund headquarters in Abu Dhabi to explore and learn more about the fund’s experiences in initiating the culture of leadership among UAE …

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• 25 May

  Oil dips to worst weekly loss of year as trade war lingers

  

  Bloomberg Oil limped to its worst weekly loss of the year as tensions lingered over how the trade feud between the world’s top economic super powers will hit demand. Futures in New York rebounded somewhat but still ended the week down 6.6 percent, the biggest decline since late December, after days of escalating rhetoric between China and the US. Chinese …

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• 25 May

  Trump’s Huawei ban could backfire on US technology

  

  Bloomberg The Trump administration widened its dragnet on Chinese companies barred from selling to the US or buying components from American firms in a push to slow China’s technological advances. After crippling Huawei Technologies Co, the administration followed up by threatening to cut off US compone- nts or software to five Chinese video surveillance firms. But the plan might backfire, …

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