December, 2018

• 26 December

  Gold powers to six-month high

  

  Bloomberg Gold is rallying into the end of 2018 as turmoil in global equities, the partial US government shutdown and concerns about the outlook for next year stoke demand, lifting prices to the highest in six months. Bullion climbed as much as 0.5 percent on Wednesday, extending last week’s gain and on course for the biggest monthly advance since January …

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• 26 December

  Trump voices confidence in Mnuchin, Fed and economy

  

  Bloomberg Donald Trump expressed confidence in the Treasury secretary, Federal Reserve and US economy, moving to calm financial markets further roiled after Bloomberg News reported that the president had discussed firing the central ba-nk’s chairman over raising interest rates. Trump, asked if he has confidence in Treasury Secretary Steven Mnuchin, said, “Yes I do, very talented guy, very smart person.” …

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• 26 December

  China weighs plans to boost bank capital

  

  Bloomberg Chinese authorities are studying plans to help banks replenish capital as they look to continue with their crackdown on financial risk without hurting credit growth. The move to promote sales of perpetual bonds as soon as possible comes as new regulations on asset management force banks to absorb off-balance-sheet debts. Swelling soured loans and a slump in share prices …

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• 26 December

  CLO market faces record callable debt

  

  Bloomberg A record amount of collateralised loan obligations will be eligible to be reset or refinanced next month, potentially putting more pressure on prices. But the concerns may be for naught as the malaise weighing on credit markets could derail part of the push. More than $52 billion of CLOs originally issued in 2017 and 2018 could be refinanced or …

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• 26 December

  Cevian Capital builds 2.3% stake in Nordea

  

  Bloomberg Swedish activist investment firm Cevian Capital has built a 2.3 percent stake in Nordea Bank Abp in a move that may put pressure on the Nordic region’s largest bank to improve its revenue development and profitability. Cevian’s comment that it “sees significant value potential in Nordea” and that it “will work with Nordea’s owners, board and management to realise …

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• 26 December

  Dreams die hard for Wall Street crypto bankers

  

  Bloomberg Limbo—that’s where to find Wall Street when it comes to cryptocurrencies. Squeamish from the start about pursuing profits in one of the darker corners of finance, established firms this year slowed their already halting efforts to make a business out of Bitcoin mania. While none has thrown in the towel, and some continue to develop a trading infrastructure, most …

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• 26 December

  Air Mauritius, 3 other airlines to form alliance

  

  Bloomberg South African Airways, Kenya Airways Plc, Air Mauritius Ltd. and RwandAir are in talks to create an alliance, as they face mounting competition. “Air Mauritius took the initiative to join forces with three other African airlines in a bid to create an alliance that would develop air connectivity in the region,” Chief Executive Officer Somas Appavou said. “In a …

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• 26 December

  Layoffs loom large as banks weigh funding for Sears bid

  

  Bloomberg Bankers meeting to discuss financing for Sears Holdings Corp.’s impending bankruptcy erupted in disbelief when a headline crossed their smartphone screens. Its subject: them. A breaking news report said the bankers, gathered on October 11 at the Manhattan offices of law firm Weil Gotshal & Manges, were pushing to liquidate the American retail icon instead of saving it with …

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• 26 December

  Mexico airport buyback gets bondholders’ nod

  Bloomberg A majority of bondholders accepted Mexico’s offer to buy back $1.8 billion in debt used to fund the construction of an international airport that President Andres Manuel Lopez Obrador has said he’ll cancel. There was “overwhelming” acceptance by bondholders, said Mexico’s Finance Ministry. The acceptance by bondholders will allow the government to avoid a mandatory repayment of all $6 …

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• 26 December

  J&J’s tainted-talc risk expands as cancer trials triple in 2019

  

  Bloomberg Johnson & Johnson paid a steep price this year for claims that its celebrated baby powder was contaminated with asbestos. Problem is, 2019 could be even worse. A jury ordered the company in July to pay $4.69 billion to 22 women who blamed the talc-based product for causing their ovarian cancer. The prospect of similar judgments helped erase $45 …

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