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Bloomberg American Express Co has high hopes for 2020, predicting earnings that surpassed many analysts’ expectations and prospects for “more rational†competition from its biggest rivals. After sweetening the bonuses on some of its most popular products, including the Green card, AmEx said overall rewards costs climbed 8% to $2.72 billion during the fourth quarter. That was less than the ...
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January, 2020
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25 January
Nigeria tightens screws on banks
Bloomberg Nigeria turned the screws even tighter on lenders by increasing the amount of money they need to park with the central bank for the first time in almost four years in an effort to tame inflation. The West African nation’s central bank raised the cash-reserve requirement for lenders to 27.5% of total deposits, from 22.5%, to curtail excess liquidity ...
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25 January
Deutsche Bank buys more debt of Altico
Bloomberg Deutsche Bank AG and a Singapore based hedge fund bought more debt of an embattled Indian shadow lender, highlighting the growing foreign interest in the discounted assets of the financier at the center of a credit crisis. Deutsche Bank has almost doubled the debt it holds of Altico Capital India Ltd to 3 billion rupees ($42.1 million) in the ...
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25 January
Davos digital-payments rift pits FB against central banks
Bloomberg A rift among the global elite over the future of digital payments was on display during a panel discussion at the World Economic Forum’s annual meeting in Davos, Switzerland. At stake is the potential overhaul of the global financial system that could see companies like Facebook Inc pitted against the world’s central banks in the race to develop a ...
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25 January
Swiss bank ex-CEO sanctioned for insider trading
Bloomberg A Swiss bank’s former chief executive officer has been sanctioned by the country’s financial regulator for insider trading in his wife’s name and what Finma called other “serious breaches of supervisory law.†The man executed the trades using his wife’s account at other lenders for several years, violating his bank’s internal directives, Finma said. The identities of the bank ...
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25 January
SoftBank’s telecom unit taps banks for bond sale
Bloomberg The Japanese telecom business of Masayoshi Son’s technology conglomerate mandated banks for its first domestic bond sale since listing in 2018, people familar with the matter said. SoftBank Corp will seek to price yen-denominated bonds before March 31, Japan’s fiscal year end, according to the people, who asked not to be identified because the matter is private. The company ...
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25 January
China orders travel agencies to cancel tours amid virus threat
Bloomberg China has ordered all travel agencies to suspend sales of domestic and international tours as part of an effort to contain the spread of a novel coronavirus that has killed 25 and sickened hundreds. The Ministry of Culture and Tourism ordered travel agencies and tourism companies to stop selling tour packages beginning from January 24, according to a document ...
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25 January
Shetty family’s fortune tumbles $1.5b post Muddy Waters attack
Bloomberg The year is starting off much like the last one ended for the Shetty family. The billionaire clan behind financial services firm Finablr Plc and hospital operator NMC Health Plc has seen its fortune drop more than $1.5 billion since it came under fire in December from short seller Carson Block. The latest blow came after a filing revealed ...
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25 January
Huawei gets reprieve as Trump aides fail to agree on restrictions
Bloomberg A US proposal to further restrict sales to China-based Huawei Technologies Co has encountered objections within the Trump administration and is being held up as officials debate whether the step could harm exporters, a person familiar with the process said. Commerce Secretary Wilbur Ross said new rules coming soon will put more limits on technology sales to Huawei, which ...
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25 January
Singapore’s home prices up 0.5% in Q4
Bloomberg Singapore private home prices rose just 0.5% in the final quarter of 2019, with the slowdown reflecting the lingering impact of government curbs more than a year after they were imposed. The rise was slightly higher than the preliminary estimate of a 0.3% gain, data from the Urban Redevelopment Authority show-ed, and compared with a 1.3% expansion in the ...
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