June, 2018

• 27 June

  Crypto exchange Uphold to buy New York broker-dealer

  

  Bloomberg Uphold, an exchange for digital coins and currencies, agreed to acquire New York-based broker-dealer JNK Securities Corp., the latest push by a crypto platform to position itself in more regulated markets. “Many crypto assets (particularly ICO tokens) may be treated as securities in some cases,” Uphold Chief Executive Officer Adrian Steckel said. “Through Uphold’s new securities division, the digital …

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• 27 June

  Heathrow’s third runway wins UK parliament nod

  

  Bloomberg London Heathrow airport’s 16 billion-pound ($21 billion) expansion plan may have cleared its last major political hurdle, but the project has yet to convince British Airways, the hub’s biggest customer. After UK lawmakers backed the construction of a third runway by 415 votes to 119, BA owner IAG SA responded by saying that the financing arrangements proposed by Heathrow …

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• 27 June

  Conagra creates frozen food giant with $8.1bn deal

  

  Bloomberg Conagra Brands Inc. agreed to buy Pinnacle Foods Inc. for about $8.1 billion in cash and stock, gaining freezer-aisle brands such as Birds Eye to capitalise on growing demand for frozen foods. The deal values Pinnacle at $68 a share, the companies said in a statement. The price is 23 percent above Pinnacle’s closing level on April 19, when …

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• 27 June

  Trade war: China airlines become collateral damage

  

  Bloomberg Chinese airlines ordered more than $100 billion of planes from Airbus SE and Boeing Co. in the past decade. Paying those bills is getting harder with the prospect of a trade war pushing the local currency to its lowest level in six months. A weaker yuan means Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp. …

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• 27 June

  Air Tanzania introduces Mumbai flight

  Bloomberg Air Tanzania Co. Ltd. will fly to Mumbai three times a week starting in September, it’s first flight outside the continent, after taking delivery of a Boeing 787-800 Dreamliner next month, the Dar es Salaam-based Daily News newspaper reported, citing Commercial and Business Development Director Patrick Ndekana. Tanzania is revamping its erstwhile struggling national carrier after investing in new …

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• 27 June

  Steinhoff Africa falls as Tekkie Town CEO quits amid lawsuit

  

  Bloomberg Steinhoff Africa Retail Ltd. shares fell after Tekkie Town head Bernard Mostert quit alongside fellow senior managers following a legal claim lodged against the retailer by the shoe chain’s founding shareholders. STAR, as Steinhoff Africa is known, has repeatedly said it shouldn’t be held liable for the claim by Tekkie Town founders led by Braam van Huyssteen, which relates …

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• 27 June

  TCI, Axon accuse India real estate firm of $1.5bn fraud

  

  Bloomberg Hedge funds run by Christopher Hohn and Dinakar Singh accused one of India’s largest real estate developers of defrauding its foreign investors of at least $1.5 billion. “If we do nothing, we will largely bleed dry and get nothing back,” Singh, who heads Axon Capital, said at a gathering in New York of investors in a fund started by …

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• 27 June

  London house prices fall

  

  Bloomberg UK house-price growth has slowed to the weakest pace in five years, while London values are falling, according to Nationwide Building Society. The lender said the “subdued economic activity” and squeezed household budgets are keeping a lid on demand, and the national market is unlikely to see any change to the recent trend in the near term. Nationwide’s monthly …

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• 27 June

  German banks bet billions on tech to boost revenue

  

  Bloomberg German banks — jostling for position in one of Europe’s most competitive markets — will plow billions of euros into digitisation over coming years to boost revenue. The question is how many will get their money back. The 50 top lenders will spend as much as 6 billion euros ($7 billion) by 2020 developing their digital initiatives, according to …

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• 27 June

  PBOC’s cash dump is not a market rescue

  

  Bloomberg China’s latest monetary policy move, due to take effect on July 5, won’t do much for investors seeking respite from a falling stock market or slumping yuan. 500 billion yuan ($75.7 billion) out of 700 billion yuan freed up by a cut in reserve-ratios announced June 24 is intended to assist banks in funding debt-to-equity swaps — a key …

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