June, 2018

• 20 June

  StanChart sees bigger revenues from Africa

  Bloomberg Standard Chartered Plc expects Africa to account for a bigger slice of revenue if the region is able to put in place policies that will further spur economic growth, Chairman Jose Vinals said. “If they do the right thing, they’ll grow faster than other countries which are more advanced,” he said in an interview in Lagos, Nigeria’s commercial capital. …

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• 20 June

  Taiwan poised to keep benchmark interest rate unchanged

  

  Bloomberg Taiwan’s central bank will keep its benchmark interest rate unchanged on Thursday as a brewing trade war adds to risks facing the export-oriented economy, according to a Bloomberg survey. A majority of 33 economists said Taiwan will hold the discount rate for banks at an eight-year low of 1.375 percent, while only three predicted an increase of 12.5 basis …

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• 20 June

  Boeing lands $6.6bn FedEx deal as freight demand grows

  

  Bloomberg Boeing Co. landed a deal for 24 cargo aircraft from FedEx Corp. worth $6.6 billion as the revival in the air freight market continues to grow. The package-hauler plans to add 12 of Boeing’s medium-size 767 freighters and 12 of the larger 777 cargo aircraft to its order book, the Chicago-based planemaker said in a statement. FedEx is already …

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• 20 June

  India calls off flag carrier sale after failed attempt

  

  Bloomberg India has decided not to immediately revive a plan to sell its money-losing flag carrier Air India after a failed attempt to find a buyer for the state asset, people familiar with the matter said. Prime Minister Narendra Modi’s administration has virtually abandoned the planned sale of Air India Ltd. after it failed to attract any bidder in a …

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• 20 June

  Tesco takes aim at rival Sainsbury with price cuts

  

  Bloomberg Tesco Plc racked up its 10th consecutive quarter of growth and cut prices in a pre-emptive strike against rivals preparing to challenge its role as the UK’s largest retailer. The supermarket operator has lowered prices on its own-brand meat, fruit and vegetables, countering reductions promised by J Sainsbury Plc as part of its planned acquisition of Walmart Inc.’s Asda …

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• 20 June

  American Air to cut management jobs as merger work winds down

  

  Bloomberg American Airlines Group Inc. will cull its management ranks as it sets a course to complete five years of work merging with US Airways. “While not all integration work is complete, much of it is and as a result, now is the right time to look at the organisational structure we need for the future,” American Chief Executive Doug …

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• 20 June

  Kering hands $1.5bn Bottega Veneta to unknown designer

  

  Bloomberg Kering tapped an unknown designer who worked at luxury rival LVMH’s Celine to revamp the Italian handbag-maker Bottega Veneta. The 32-year-old British designer Daniel Lee will take over as creative director of the French luxury company’s third-largest brand in July. He’s succeeding Tomas Maier, the German designer who built Bottega Veneta into a $1.5 billion business but one whose …

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• 19 June

  Saudi Arabian crude oil exports jump ahead of OPEC meeting

  

  Bloomberg Saudi Arabia’s crude exports jumped in the first half of June, before the world’s largest oil exporter meets with other producer states to thrash out a collective production policy. Observed shipments from the country’s Persian Gulf and Red Sea ports averaged 7.388 million barrels a day during the first 15 days of June, compared with 7.145 million barrels a …

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• 19 June

  American utilities cut to negative in first as Moody’s warns of debt

  

  Bloomberg For the first time ever, Moody’s Investors Service cut its outlook for US utilities to negative, warning that the sector’s debt levels have reached their highest since the financial crisis and may remain there for months. The sector’s consolidated debt-to-equity ratio has hit the highest level since 2008 as companies finance mergers, acquisitions and other investments in renewable energy …

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• 19 June

  Congo to start $13.9 billion hydropower project this year

  

  Bloomberg The Democratic Republic of Congo plans to start work this year on the frequently delayed Inga 3 hydropower project, after receiving a joint bid from two previously competing consortia of investors. One group led by China Three Gorges Corp and another including Actividades de Construccion y Servicios SA of Spain submitted a joint bid on June 6 for the …

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