January, 2018

• 9 January

  SNB eyes record $55bn profit on weaker currency

  

  Bloomberg The Swiss National Bank (SNB) expects to have racked up a record 54 billion-franc ($55 billion) profit in 2017, in large part because of the drop in the franc against the euro. Earnings at the central bank led by Thomas Jordan got a boost from holdings of foreign currency, which contributed 49 billion francs. The overall result dwarfs even …

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• 9 January

  Afreximbank taps Islamic finance to support Africa trade

  SYDNEY/ Reuters The African Export-Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support small- and medium-sized businesses in the region, as African markets gradually open to Islamic finance. Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million financing from the Islamic Corp …

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• 9 January

  FedEx readies for e-commerce boom with new Shanghai hub

  

  Bloomberg FedEx Corp. expects growing cross-border online transactions to be a driving force for its business in China as the company prepares to open one of its largest facilities in Shanghai. “Absolutely that’s an important part of it,” David Cunningham Jr., chief executive officer of FedEx Express, the world’s largest cargo airline, said in an interview in Shanghai. Cunningham said …

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• 9 January

  Britain scrimps at department stores to fund holiday feasts

  

  Bloomberg Wm Morrison Supermarkets Plc enjoyed a bumper Christmas season as UK consumers squeezed by inflation cut back on department-store spending to dress their Christmas tables in style. The Bradford, England-based grocer’s sales during the holidays beat analyst estimates as consumers splashed out on items from its premium range, including French yule logs. The shares rose as much as 4.7 …

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• 9 January

  Acapulco airport operator sees first holiday slump in 8 years

  

  Bloomberg A Christmastime dropoff at the resort city of Acapulco led Mexican airport operator Grupo Aeroportuario del Centro Norte SAB to its first decline in passenger traffic for the month of December since 2009. OMA, as the company is known for short, reported a 0.2 percent decrease in total passenger traffic for December, including a 9.8 percent slump in Acapulco …

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• 9 January

  New Neiman Marcus CEO faces steep challenge of $4.8bn debt

  

  Bloomberg Geoffroy van Raemdonck has spent his career at global fashion companies such as Ralph Lauren Corp. and Louis Vuitton. But it will take more than an eye for style to fix the problems at Neiman Marcus Group Ltd., a quintessentially American luxury department-store chain hoping to relive its former glory. Van Raemdonck, who becomes chief executive officer next month, …

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• 8 January

  China property stocks soar on sales optimism

  

  Bloomberg A clear winner is emerging among Chinese equities this year, whether in Hong Kong or Shanghai: real estate. Property firms account for eight of the 10 best performers on MSCI Inc.’s gauge of offshore Chinese shares in January, while developers have rallied the most among industry groups on the Shanghai benchmark. Shimao Property Holdings Ltd. has led the charge …

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• 8 January

  US stocks mixed as dollar gains after 3 weekly declines, oil rises

  

  Bloomberg US stocks were mixed, with the S&P 500 Index on track for its first decline of the year, as investors assessed the prospects for corporate earnings, while the dollar strengthened after three straight weekly declines. The benchmark for American equities took a breather after its best week in 13 months, while the Nasdaq indexes pushed higher as semiconductors advanced …

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• 8 January

  Hong Kong Exchange eyes new trading rules to spur volume

  

  Bloomberg Hong Kong Exchanges & Clearing Ltd. is considering rule changes aimed at increasing trading, according to Chief Executive Officer Charles Li. Rebates to market makers, simplified rules for using collateral across multiple positions, and the removal or reduction of stamp duty charges are among measures being considered, Li said. Some of the changes will require approval from the securities …

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• 8 January

  OPEC won’t boost oil output for short-lived supply disruptions

  

  DUBAI / Reuters OPEC is monitoring unrest in Iran as well as Venezuela’s economic crisis, but the group will only boost output if there are significant and sustained production disruptions from those countries, a senior OPEC source from a major Middle Eastern oil producer said. Venezuela’s economic troubles have hit the country’s oil out-put, which is at near 30-year lows, …

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