October, 2020

• 24 October

  Spare cash spurs record demand for debt in Europe

  

  Bloomberg There’s so much cash in Europe there are just not enough bonds to go around. The amount of spare liquidity in the euro-area economy hit an all-time high of 3.2 trillion euros ($3.8 trillion) this month and plenty of that is chasing any new debt issue. This was seen in the record 233 billion euros of orders for the ...

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• 24 October

  MUFG rules out more cuts at Asia brokerage

  Bloomberg Mitsubishi UFJ Financial Group Inc. is ruling out further job cuts at its brokerage business in Asia after a lengthy overhaul, even as global banks trim headcount during the pandemic. “We are done with it — it’s over,” Saburo Araki, chief executive officer of Mitsubishi UFJ Securities Holdings Co., said in an interview. “It must have been painful for ...

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• 24 October

  Virus is putting Britain’s next industrial revolution on ice

  

  Bloomberg In the country that pioneered the world’s first industrial revolution in the 18th century, its latest one is looking very much on hold. The global shift towards robotics and artificial intelligence across advanced economies is currently in a go-slow phase in the UK — where both Covid-19 and Brexit have hampered progress. That threatens to harm Britain’s competitiveness against ...

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• 24 October

  Apple stops selling rival earphones, speakers ahead of its new launches

  

  Bloomberg Apple Inc. has stopped selling headphones and wireless speakers from rivals including Sonos Inc., Bose Corp. and Logitech International SA as the company gears up to launch its own new audio products. The Cupertino, California-based technology giant has long sold third-party hardware on its website, one of the largest e-commerce operations in the world. All headphones and speakers from ...

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• 24 October

  Bugatti halts plan for new supercar after pandemic

  

  Bloomberg Bugatti Automobiles SAS has put on hold plans for a second model to flank the Chiron supercar ahead of parent Volkswagen AG’s annual investment review next month. The decision was prompted by the damage inflicted on the car industry by the Covid-19 pandemic, Bugatti chief Stephan Winkelmann said in a Bloomberg TV interview. Despite the outbreak, the carmaker expects ...

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• 24 October

  Renault’s Q3 revenue beats estimates

  Bloomberg Renault reported third-quarter revenue that beat estimates, partly fuelled by a surge in sales of its popular electric model that the carmaker said will allow it to meet European emissions rules. Although revenue falls 8.2% to 10.37 billion euros in a period still marked by the pandemic, it surpassed the 9.96 billion-euro average of estimates compiled by Bloomberg. The ...

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• 24 October

  Mercedes maps out push to boost profits amid electric shift

  

  Bloomberg Mercedes-Benz, which has fixated for years on leading the auto industry in luxury-vehicle sales, will put less emphasis on volume and restructure its operations to be more profitable in the midst of a costly shift to electric cars. Daimler AG’s main division will aim for a return on sales in the mid to high single-digit range by 2025, even ...

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• 21 October

  UAE, Israel sign agreement on air-transport services

  

  TEL AVIV / WAM The UAE’s General Civil Aviation Authority (GCAA) signed an air transport services agreement with the Civil Aviation Authority of Israel, to strengthen the bilateral air transport relations between the two countries. Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of the Board of Directors of GCAA, and Israel Katz, Minister of Transport of ...

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• 21 October

  Etisalat’s net profit climbs 6% to reach AED2.4 billion in Q3

  

  Abu Dhabi / Emirates Business Etisalat group on Wednesday announced its consolidated financial statement for the third quarter of this year ending on September 30. The company reports six per cent increase in profit to AED2.4 billion in third quarter and said its group’s revenue stood at AED13 billion during period with 149 million subscribers. In the third quarter, consolidated ...

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• 21 October

  Tabreed raises AED1.8b with new 7-year bond

  

  Abu Dhabi / WAM National Central Cooling Company (Tabreed) on Wednesday announced that it has successfully raised AED1.8 billion with a 7-year, 2.5% coupon bond issuance. With orders coming from around 140 high quality local and international investors, the issuance was oversubscribed almost 5 times at its initial size of $400 million, demonstrating strong investor confidence in Tabreed’s solid credit ...

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