August, 2018

• 14 August

  Citi’s credit-card chief to exit in consumer bank shake-up

  

  Bloomberg Citigroup Inc. is restructuring its consumer-banking operation in a shake-up that includes the departure of its global credit-card chief. Judson Linville, who ran the world’s largest portfolio of credit-card loans, is leaving as the bank merges that business with its wealth and retail units in the US, according to an internal memo from Stephen Bird, who leads Citigroup’s global …

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• 14 August

  Jet Airways lenders wary of extending new loans

  

  Bloomberg Jet Airways India Ltd.’s lenders are reluctant to extend additional loans to the cash-strapped airline ahead of a key report by the company’s financial auditor, according to people with direct knowledge of the matter. India’s biggest full-service carrier, part-owned by Etihad Airways PJSC, had approached banks for emergency funding but the lenders prefer that the company raises money from …

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• 14 August

  Carrefour may bump Brazilian banks in favour of retail investors

  

  Bloomberg Carrefour SA may circumvent Brazil’s bankers in favour of mom-and-pop investors when it returns to markets next year. The grocer’s Brazilian unit, Atacadao Distribuicao Comercio e Industria Ltda, is considering issuing local bonds for retail investors as it explores alternatives to a “concentrated banking system” and the high fees the banks charge, Chief Financial Officer Sebastien Durchon said in …

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• 14 August

  Retail fund hits record despite Amazon threat ahead of Q2

  

  Bloomberg “Retail is not dead”, Telsey Advisory Group said. One day before second-quarter earnings season kicks into gear in earnest, it’s clear investors agree. The latest quarterly results are expected to outshine first quarter disappointments that were hurt by lousy weather. The SPDR S&P Retail ETF has risen 13 percent year to date to a record high, more than double …

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• 14 August

  Sports Direct plans to keep most House of Fraser stores open

  

  Bloomberg Sports Direct International Plc says it will continue to operate most of House of Fraser Ltd.’s 59 UK and Ireland department stores after rescuing the chain from near collapse. “Our aim is to keep at least 80 percent of the stores open,” Liam Rowley, Sports Direct’s head of strategic investments, said on Tuesday in an interview on Bloomberg TV …

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• 13 August

  UAE, Jordan keen to enhance ties

  AMMAN / WAM Ways of developing cooperation between the UAE and Jordan were the main topic of discussions at a meeting between the UAE Ambassador to Jordan Mattar Saif Sulaiman Al Shamsi and the Chairman of theJordanian-Emirati Brotherhood Committee Samir Abdul Hadi, at the embassy’s premises in Jordan. During the meeting, the two sides discussed means of enhancing aspects of …

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• 13 August

  KFED funds 1,364 projects in 2017

  Abu DHABI / WAM The number of projects funded by the Khalifa Fund for Enterprise Development (KFED) reached 1,364 projects in 2017, of which 27 percent are industrial projects while the total value of funding approved by the fund exceeded AED1.6 billion since its establishment in 2007. In an interview with the Emirates News Agency (WAM), Abdullah Saeed Al Darmaki, …

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• 13 August

  Mena data center spend poised to reach record $5bn by 2020

  

  Dubai / Emirates Business As the Middle East accelerates its digital transformation and Smart Cities growth, regional data center spend will reach a record-high of $5 billion by 2020, industry experts announced ahead of GITEX Technology Week. Middle East and North Africa data center spend to reach a record high of $5.1 billion by 2020, increasing by 8.5 percent from …

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• 13 August

  US futures pare losses as traders weigh Turkey impact

  

  Bloomberg US stocks erased earlier gains to trade lower as investors weighed the impact of the economic crisis in Turkey creeping into global markets. The dollar reached the highest in more than a year, while developing-nation currencies slumped. The S&P 500 Index was flat and Dow Jones Industrial Average retreated in light summer trading, while strength in technology propped up …

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• 13 August

  ICOs turn exclusive as wealthy investors snatch up big deals

  

  Bloomberg ICOs were supposed to be IPOs without the Wall Street middlemen and Washington meddling. Now they’re looking a bit less revolutionary. Initial coin offerings have raised $18 billion for blockchain startups this year, almost five times last year’s total, according to CoinSchedule. But unlike 2017, this is increasingly due to blockbuster sales that targeted accredited investors instead of just …

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