January, 2019

• 7 January

  Japan’s FSA considers allowing crypto ETFs

  

  Bloomberg Japan’s financial watchdog has abandoned plans to allow listed derivatives based on cryptocurrencies but may yet approve exchange-traded funds (ETFs) that track the asset class, according to a person familiar with the matter. The decision to bar instruments like Bitcoin futures or Ethereum options in one of the largest markets for cryptocurrencies marks another setback for investors betting on …

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• 7 January

  Morgan Stanley’s bankers tap cash spigot for IPO dominance

  

  Bloomberg Morgan Stanley just beat JPMorgan Chase & Co and Goldman Sachs Group Inc for a second straight year in one of Wall Street’s most competitive businesses — and it’s poised to win again in 2019. Its secret: Quirky dealmakers wielding a spigot of private money. The bank is the world’s top stock underwriter, a title that in recent years …

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• 7 January

  UBS at an early stage of CEO succession planning: Chairman

  

  Bloomberg UBS Group AG is in the early stages of planning the succession of Sergio Ermotti, one of European banking’s longest-serving chief executive officers, according to Chairman Axel Weber. Ermotti, almost eight years on the job, and Weber himself are at “a point in time where you need to start thinking about what is it that you’re going to do …

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• 7 January

  Kenya’s biggest mortgage lender plans to double loans in two years

  

  Bloomberg Kenya’s biggest mortgage lender plans to double its home-loan business over the next two years by offering longer repayment periods, its chief executive officer said. KCB Group Ltd, which has 70 billion shillings ($685 million) in home loans and is also the country’s biggest bank by assets, wants to have 20,000 mortgages on its books by the end of …

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• 7 January

  It’s time to buy risky assets, says BofA

  Bloomberg It may finally be time to load up on risky assets, Bank of America (BofA) says. The bank’s proprietary Bull & Bear Indicator, which measures investor sentiment by weighing factors like equity and bond fund flows, gave its first “buy” signal since Britain voted to leave the EU in 2016, strategists led by Michael Hartnett wrote in a note. …

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• 7 January

  Thriving on Bitcoin’s bust, lenders aid fans and shorts

  

  Bloomberg As a growing number of cryptocurrency ventures struggle for funding, cut staff or shut down, all is well in one small corner of the industry: lending. Creditors focussing on the crypto arena say they’re finding strong demand from borrowers who don’t want to sell their virtual coins at depressed prices, as well as from big investors eager to borrow …

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• 7 January

  Jet Airways seeks to rework vendor contracts to cut costs

  

  Bloomberg Debt-laden Jet Airways India Ltd. is trying to renegotiate contracts with its vendors as lenders demand a revival plan by month-end from India’s second-largest airline by passengers, according to people with knowledge of the discussions. The Naresh Goyal-led airline is in talks to defer or reduce payments to vendors including aircraft lessors and those providing engineering, spare parts, credit …

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• 7 January

  Temasek explores stake in AS Watson

  

  Bloomberg Singapore state investment firm Temasek Holdings Pte is exploring options for its stake in global retailer AS Watson Group, including a partial sale, people with knowledge of the matter said. Temasek is working with an adviser to consider possibilities for its 25 percent holding in AS Watson after receiving some preliminary interest, according to the people, who asked not …

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• 7 January

  Saks shuts down its store in Manhattan retail wars

  

  Bloomberg For department stores, the fight for New York is fiercer than ever. In a sign of retrenchment ahead of rivals’ expansion, luxury retailer Saks Fifth Avenue is shutting the doors of its women’s store at Manhattan’s Brookfield Place this week — a location it opened just two years ago. While Saks’s smaller men’s store will stay open, the failure …

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• 7 January

  As China cuts back on iPhones, LVMH handbags could be next

  

  Bloomberg After Apple Inc.’s shock profit warning, investors were quick to make the connection: if Chinese consumers are cutting back on iPhones, Louis Vuitton handbags could be next. Apple’s sales revision cascaded through global markets, hitting suppliers and rivals, but also a raft of luxury-goods companies that rely on the same clientele that likes to splurge on Apple’s latest products. …

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