February, 2020

• 2 February

  Bitcoin’s network operations controlled by five firms

  Bloomberg Bitcoin’s infrastructure is more centralized than ever before —raising alarms about the security and viability of what is championed as a decentralised network. Transactions on the Bitcoin network are processed by so-called miners — mostly companies operating vast arrays of computers. As competition increased, many smaller participants became unprofitable and dropped out, while the larger operations have entered into ...

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• 2 February

  Malaysia probes allegations Airbus bribed AirAsia bosses

  

  Bloomberg Malaysia’s anti-graft agency said it’s already investigating corruption allegations surrounding AirAsia Group Bhd as detailed in Airbus SE’s record $4 billion bribery settlement. The Malaysian Anti-Corruption Commission is in touch with UK authorities on the matter, Chief Commissioner Latheefa Koya said in a statement. Documents filed in the Airbus case said the planemaker paid $50 million in sponsorships to ...

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• 2 February

  No 737 Max wiring fixes needed: FAA

  

  Bloomberg Potentially dangerous wiring in Boeing Co’s 737 Max jets is the most recent flare-up between US and European regulators, further complicating the grounded plane’s return to service, according to the Wall Street Journal, which cited people familiar with the details. Experts at the European Union Aviation Safety Agency want certain wires moved to reduce the risk of short circuits, ...

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• 2 February

  Amazon value tops $1tn as results beat expectations

  Bloomberg Amazon.com Inc’s valuation briefly topped $1 trillion after its results beat expectations, with analysts applauding the popularity of the e-commerce giant’s one-day shipping initiative and the performance of its cloud-computing business. Shares surged as much as 9.9% in their biggest intraday gain since 2017 before paring back gains to trade below the $1 trillion threshold. The stock hit a ...

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• 2 February

  Forever 21 proposes auction to keep fashion chain in business

  

  Bloomberg Bankrupt retailer Forever 21 Inc asked a bankruptcy court to approve plans to sell “substantially all” of its assets to a buyer who might keep the chain in business. Forever 21 is in “substantial, round-the-clock negotiations” with a potential stalking-horse bidder, which would set a minimum price for the fashion chain while it continues to seek bids for alternative ...

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• 2 February

  Russia’s Google to bring you groceries in just 15 minutes

  

  Bloomberg In Moscow, online orders delivered in just 15 minutes by bicycle signal what the future of shopping may hold. Russia’s largest technology company, Yandex NV, is getting groceries to Moscow homes within a quarter of an hour, free of charge. Its new online service, called Lavka, has spread small warehouses across the capital stocked with about 2,000 items and ...

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• 2 February

  Japan’s Kose cuts profit outlook on virus

  Bloomberg Cosmetics maker Kose Corp slashed its full-year profit outlook by 19%, citing a decline in tourists to Japan because of the novel coronavirus outbreak in China. The Tokyo-based company also cited a stronger yen and a consumption tax hike in October as reasons for the expected decline in its financial performance. Kose cut its net income projection to 30 ...

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• 1 February

  Trump’s Mideast plan unlikely to achieve peace: Arab League

  

  Bloomberg The Arab League should adopt a united stance towards US President Donald Trump’s Mideast plan, which is unlikely to achieve peace and stability for Palestine and Israel, its Secretary General Ahmed Aboul Gheit said. “Today’s meeting is a message that the Palestinians are not alone,” Gheit said on Saturday at the start of an emergency meeting of Arab foreign ...

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• 1 February

  India plans record $109b bond sale to spur growth

  

  Bloomberg Indian Prime Minister Narendra Modi’s government plans to sell an unprecedented amount of bonds for a second straight year as a slowing economy forces it to sacrifice fiscal discipline. The administration plans to borrow 7.8 trillion rupees ($109 billion) in the year starting from April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Saturday. That’s in ...

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• 1 February

  China pledges financial stability with markets bracing for selloff

  

  Bloomberg Chinese regulators unveiled a slew of measures to ensure stability of its $45 trillion financial system as the nation stepped up the fight against the spreading virus. The China Banking and Insurance Regulatory Commission will “suitably extend grace period” for firms that have difficulty meeting end-2020 deadline to comply with new asset management rules, CBIRC vice chairman Cao Yu ...

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