January, 2020

• 21 January

  UBS misses key targets in challenge to Iqbal Khan overhaul

  

  Bloomberg UBS Group AG missed key targets for 2019 as investors pulled money late in the year, underscoring the challenge for new wealth management co-head Iqbal Khan as he seeks to turn around its most important business. The Swiss bank failed to meet several metrics set during a revamp of its goals just over a year ago, highlighting mounting headwinds ...

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• 21 January

  Many branch jobs are still safe from machines: Citi CEO

  Bloomberg Citigroup Inc spends about $8.5 billion a year on technology, but the bank’s boss says that doesn’t mean branch workers will all be replaced by machines anytime soon. Modernising the bank’s app and digital-banking experience won’t necessarily result in Citigroup needing fewer people in its retail bank, Chief Executive Officer Michael Corbat said on Tuesday in a Bloomberg Television ...

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• 21 January

  Uber sells India food business to rival Zomato to cut losses

  

  Bloomberg Uber Technologies Inc will sell Uber Eats in India to local rival Zomato in a $172 million deal, according to a person familiar with the transaction, underscoring the ride-hailing giant’s effort to cut back on loss-making operations. Uber agreed to offload the business in return for 9.99% of the Indian startup, maintaining a foothold in one of the world’s ...

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• 21 January

  India may ease rules to help firms boost overseas borrowings

  

  Bloomberg Indian policy makers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home. Investors are speculating about potential steps finance minister Nirmala Sitharaman could unveil when she presents the nation’s budget on February 1. These measures may include freeing up firms to borrow at higher ...

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• 21 January

  Debt sales draw most bids since 2016 in Indonesia

  

  Bloomberg A sale of Indonesian sovereign debt drew the most bids in more than three years, underscoring rising demand for emerging-market assets as trade tensions eased. The ministry of finance received 94.98 trillion rupiah ($7 billion) of offers at an auction of 15 trillion rupiah of government bonds. The level of incoming bids was a record based on data compiled ...

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• 21 January

  Huawei CEO rejects threat of US escalation

  

  Bloomberg Huawei Technologies Co founder Ren Zhengfei shrugged off the threat the US will impose even stricter sanctions against his company, saying he was confident China’s largest tech company can survive further attacks from Washington. Tighter restrictions on the sale of American technology to the telecommunications giant — something the White House is considering — will not have very significant ...

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• 21 January

  Most of China provinces see economy slowing

  

  Bloomberg Most of China’s provinces are expecting slower economic growth in 2020, underlining the nationwide trend which is expected to result in a tweaking of the formal goal when the legislature meets in March. Twenty-two of 31 major cities, provinces and autonomous regions have so far cut their 2020 target for gross domestic product (GDP) expansion, according to their work ...

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• 21 January

  China Water Environment eyes $500mn HK IPO

  

  Bloomberg China Water Environment Group Ltd, backed by the nation’s state-owned investment holding company, is considering an initial public offering in Hong Kong that could raise more than $500 million, according to people familiar with the matter. The water treatment company is working with advisers on a listing that could take place as soon as in the second half of ...

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• 21 January

  BP names new CFO as Gilvary plans to retire

  

  Bloomberg BP Plc handed more power to a new generation of executives, announcing that Chief Financial Officer Brian Gilvary will join his boss Bob Dudley in retiring this year. Murray Auchincloss, currently the finance chief of BP’s oil and gas production division, will succeed Gilvary. The energy giant already announced last year that Bernard Looney, who runs that unit, will ...

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• 21 January

  Australia set to add record amount of renewable power to meet demand

  

  Bloomberg Australia is set to add a record amount of renewable power in 2020, driven by growing corporate demand for clean electricity and to fill generation gaps created by the retirement of aging coal-fired plants. New markets are expected to unlock growth as pilot hydrogen projects start and oil, gas and mining projects invest in off-grid renewables generation, according to ...

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