February, 2018

• 21 February

  How a $1.8 billion Indian bank fraud lasted seven years

  

  Bloomberg The story of how India’s biggest bank fraud went undetected for seven years includes an $81 million cyber-heist in neighbouring Bangladesh, penny-pinching lenders and a series of missed opportunities. In 2016, after revelations that hackers had infiltrated the Bang-ladeshi central bank’s computer systems to siphon off money, its cou- nterpart in India sensed a danger to its own banking …

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• 21 February

  Airbus No. 2 Bregier bails out after handing over latest model

  

  Bloomberg Handing over a new aircraft is usually a celebratory affair: the customer inspects the new toy, the planemaker breathes a sigh of relief, and everyone poses with a big smile. For Airbus SE’s second-in-command Fabrice Bregier, the delivery of the first A350-1000 model came with a bitter-sweet tinge: his last day at the European manufacturing giant after being overlooked …

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• 21 February

  Walmart’s margins hit record low as fight with Amazon takes toll

  

  Bloomberg Walmart Inc.’s battle with Amazon.com Inc. is hitting its bottom line like never before—and testing the patience of investors. The retail giant’s push to expand online operations and cut prices contributed to a record-low operating margin last quarter, according to data compiled by Bloomberg. The profit measure narrowed to 3.3 percent, sparking concerns that Walmart’s long-enviable financial cushion is …

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• 21 February

  UK chicken-supply chaos to deprive Britons of KFC for days

  

  Bloomberg Yum! Brands Inc.’s KFC warned that a supply-chain breakdown that has shut more than half of its 900 UK outlets would persist for the rest of the week, continuing to deprive fans of their fried-chicken fix. KFC said it’s working with new logistical partner Deutsche Post AG to solve a problem that began over the weekend, leaving only 430 …

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• 21 February

  Home Depot gets lift from housing boom, hurricane spending

  

  Bloomberg Home Depot Inc. sales got another shot in the arm from the US housing boom last quarter, with an extra boost from hurricane-recovery efforts in Puerto Rico and Southern states. A push by Americans to fix up their properties—using money generated by rising home values—helped lift the retailer’s same-store sales by 7.5 percent. That beat analysts’ prediction of 6.5 …

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• 20 February

  OPEC, non-OPEC allies to discuss long-term cooperation in June: UAE

  

  London / Reuters OPEC and non-OPEC oil producers, including Russia, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the UAE Minister of Energy and Industry, Suhail Mohammed Faraj Al Mazrouei said. Al Mazrouei, who holds OPEC’s presidency this year, said leaders of the UAE, OPEC’s biggest …

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• 20 February

  US stocks erase declines as Treasuries retreat, dollar gains

  

  Bloomberg Treasuries fell, with investors driving the benchmark yield higher as the government auctioned a deluge of bonds. US stocks pared losses in late-morning trading, looking to add to a six-day rally. The Treasury started a week of auctions totalling $258 billion on Tuesday with $151 billion of short-term bills and $28 billion of two-year notes. The two-year rate jumped …

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• 20 February

  Gulf mostly soften, CIB buoys Egypt

  Reuters Major Gulf stock markets softened on Tuesday, in line with a small pull-back by global bourses and oil prices, but Egypt was buoyed for a second day by strength in its biggest bank. The Saudi stock index rose in early trade but closed 0.3 percent down as Saudi British Bank fell 2.2 percent after reporting a 16.3 percent rise …

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• 20 February

  Natural gas industry surprised it could be so much cleaner

  

  Bloomberg The natural gas industry may be one of its own worst enemies. Most energy executives underestimate how much they can cut emissions as they extract and transport natural gas, according to a survey by the Energy Institute. Producers can reduce greenhouse gas flows by 75 percent simply by improving practices in the supply chain of the fuel, which consists …

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• 20 February

  Energy World to kick off Philippines plant

  MANILA / Reuters Australia-listed Energy World Corp expects to start up a gas-fired power plant in the Philippines by end-2018, its chief executive said, fed by the country’s first liquefied natural gas (LNG) imports. The Philippines does not currently import LNG, but its domestic natural gas reserves are depleting, and the country has been developing plans for import terminals for …

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