December, 2017

• 9 December

  Nordea Bank targets 500 bankers in Finland job cuts

  

  Bloomberg Nordea Bank AB will approach about 500 employees in Finland as it starts acting on a program announced in October to cut thousands of jobs. The biggest Nordic bank will ax about 420 jobs and move another 50 to Estonia and Poland, Nordea said on its website. The reductions are equivalent to about 6 percent of its workforce in …

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• 9 December

  Good times for credit finally end next year, says Societe Generale

  

  Bloomberg The great credit party that’s taken yield premiums in major markets down around lowest in a decade is probably months away from an end, as central banks normalise monetary policy and the economic outlook softens, Societe Generale SA predicts. “We expect next year to be a transition year, when the ultra-low yield environment finally starts to lose its grip,” …

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• 9 December

  Brexit gives Barclays headache as fewer employees exit

  

  Bloomberg Jes Staley’s latest problem at Barclays Plc? Not enough people want to leave. The bank has seen a decline in staff voluntarily leaving in the aftermath of Brexit, which managers are attributing partly to fears their positions may be relocated if they switch to a rival less tied to London, according to people familiar with the trend. The lower …

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• 9 December

  Lufthansa’s concessions to EU over Air Berlin may fall short

  

  Bloomberg Deutsche Lufthansa AG has to do more to allay European Union concerns about its takeover of most of Air Berlin Plc after offering concessions that won’t fully appease regulators, according to two people familiar with the process. Lufthansa would need to improve upon its offer to cede landing rights of Air Berlin’s Niki arm in order to win approval …

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• 9 December

  Ryanair faces strike threat across Europe

  

  Bloomberg Ryanair Holdings Plc faces its first-ever strike as crews in Italy prepare to walk out as part of a push for unionisation and company-wide contracts, and staff in six other countriesconsider action. Pilots and flight attendants in Italy plan to walk off the job for four hours from 1 pm local time on December 15, according two unions. Workers …

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• 9 December

  British Airways chief Cruz defends ‘no free meals’ plan

  

  Bloomberg British Airways (BA) Chief Executive Officer Alex Cruz defended his decision to start charging for food on short-haul routes, saying the measure was necessary in order to compete in an environment of falling ticket prices. “Given some of the fares in the marketplace, we make no apology for making ourselves more efficient in various ways so we can consistently …

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• 9 December

  Louis Vuitton turns to Facebook bot to chat up customers online

  Bloomberg Louis Vuitton is bringing in some robotic help for the holidays. The maker of $1,370 canvas duffle bags and $575 monogram belts has launched a “virtual adviser” on Facebook Messenger for US clients, Palo Alto, California-based AI startup Mode.ai said in a statement. The chatbot will answer queries for all things Louis Vuitton: searching the brand’s online catalog, pulling …

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• 9 December

  Labour woes hinder retailers’ goal of challenging Amazon.com

  

  Bloomberg Brick-and-mortar retailers hoping to fend off Amazon.com Inc. need to deploy the one weapon that could set them apart: top-notch customer service, provided by actual humans. But making that goal a reality relies on something they’ve not really invested in—well-trained employees with the kinds of wages and regular hours that make them want to stick around. This illustrates traditional …

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• 6 December

  ADNOC unit IPO set to raise AED3.31bn

  

  Bloomberg Abu Dhabi National Oil Co. plans to raise as much as AED3.31 billion ($902 million) from the initial public offering (IPO) of its fuel-retailing unit after lowering the top end of the offer price and deciding to only sell a 10 percent stake. The crude producer reduced the price range to AED2.35 dirhams to AED2.65 for the shares of …

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• 6 December

  UAE stocks gain AED4.4 billion

  

  Abu Dhabi / WAM UAE stock markets closed on a high note Wednesday, defying a winning streak on profit booking by a number of investors, with the market value of trading companies posting decent gains of AED4.4 billion by the end of sessions. The realty, banking and investment sectors were the main driver for the positive sentiments, with investment firms …

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