December, 2018

• 9 December

  Citigroup warns volatility could hinder 2018 targets

  

  Bloomberg Citigroup Inc said it probably won’t meet a closely watched profitability target this year because market volatility crimped fourth-quarter trading revenue. Chief Financial Officer John Gerspach said sluggishness in its Group of 10 rates-trading business likely means the bank will post a drop in fixed-income trading revenue for the final three months of the year. The investment-banking franchise also …

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• 9 December

  Political heat is on for global central banks’ independence

  

  Bloomberg South Africa’s top monetary policy maker spoke for his peers around the world last week when he declared that threats to central-bank independence from politicians are no longer just an “emerging market phenomenon.” The US Federal Reserve, Bank of England and European Central Bank are feeling the heat from elected lawmakers, while India is among others under pressure. “There’s …

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• 9 December

  Maximise stockpiles before Brexit: UK to supermarkets

  

  Bloomberg Theresa May’s government has told supermarkets to keep as much stock as possible in warehouses around the country in case the UK crashes out of the European Union without a Brexit deal, officials said. The request is being made by ministers because in the worst-case scenario, a no-deal Brexit would cut the capacity of the country’s main EU trading …

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• 9 December

  Flight cancellations surpass 1,000 over storm in Charlotte

  

  Bloomberg The brunt of Winter Storm Diego hasn’t arrived in North Carolina yet, but it’s already wreaking havoc on travellers. At Charlotte Douglas International Airport, nearly 1,300 flights in and out of the city have been cancelled this weekend, according to Flight Aware, an airline tracking service. American Airlines Group Inc., which uses Charlotte as a hub, accounted for a …

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• 9 December

  Macy’s ends Tmall store in strategy shift

  

  Bloomberg For the second time this year, Macy’s Inc. is switching up its approach to China as it struggles to get its presence in the world’s most populous market right. Macy’s is shuttering its online store on Tmall, the platform for China’s biggest e-commerce company, Alibaba Group Holding Ltd. Macy’s will now ship to Chinese consumers directly from its US …

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• 9 December

  Lufthansa bills cabin-crew union for work done on company time

  Bloomberg Lufthansa AG has billed a cabin-crew union for pay it says some staff received when they were actually working for the labour group, marking the latest in a series of spats with employee representatives. The people were paid at various times between 2015 and 2018 when they were engaged with the UFO union rather than flying, Lufthansa said in …

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• 9 December

  Virgin Atlantic studied low-cost airline to combat Norwegian

  

  Bloomberg Virgin Atlantic Airways Ltd. looked seriously at establishing its own low-cost carrier before scrapping the plan amid concern that the move might dilute its brand. The UK airline worked on the project for some months but ultimately opted to split its economy class into three price grades to better attract cost-conscious travelers, Chief Executive Officer Craig Kreeger said. Like …

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• 8 December

  Oil climbs as Opec, allies finalise production cut

  

  Bloomberg Oil in New York jumped after the Organization of Petroleum Exporting Countries (Opec) and allied crude exporters surprised traders with a larger-than-expected output reduction. Futures advanced more than 2 percent in New York and London. The Opec and aligned nations will collectively curb production by 1.2 million barrels a day, 20 percent more than previously discussed. “It’s been a …

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• 8 December

  UAE, Finland keen to develop business ties

  HELSINKI / WAM The Ministry of Economy (MOE) organised a joint UAE-Finland Business For-um on the sidelines of the country’s economic and trade delegation participation in Slush 2018 — world’s leading startup event — in Finnish capital of Helsinki. Noura Mohammed Juma, UAE Ambassador to Finland, and a number of officials from the Ministry of Economy, representatives of the federal …

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• 8 December

  China’s trade surplus with US reaches record $35.6bn in Nov

  

  Bloomberg China’s trade surplus with the US hit a record in November, even as overall export growth slowed amid waning global demand and uncertainty about a constructive resolution to the trade war. The trade surplus with the US was almost $35.6 billion, driven by a 9.8 percent rise in exports compared with the same period last year and a 25 …

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