December, 2019

• 16 December

  Five things to watch in European luxury goods stocks in 2020

  

  Bloomberg For the owners of red-hot luxury brands such as LVMH’s Louis Vuitton and Kering SA’s Gucci, 2019 turned out to be a spectacular year in the stock market, confounding the dire predictions from some analysts. It may be hard to replicate that feat in 2020. Kering and Hermes International have each surged 37% this year, while juggernaut LVMH has ...

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• 16 December

  PG&E plunges as it races to meet bankruptcy demand

  Bloomberg PG&E Corp shares plummeted after California Governor Gavin Newsom rejected its bankruptcy restructuring plan, forcing the company to make sweeping changes to meet his demands. The state’s largest power company has until Tuesday to address conditions that Newsom laid out in a letter late last week rejecting its reorganisation proposal. The governor said the current plan falls “woefully short” ...

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• 16 December

  China gets twin boost from trade deal, better Nov data

  

  Bloomberg The pickup in China’s economy in November adds to the optimism from the trade deal announced last week, though plenty of downside risks remain as the nation heads into 2020. Industrial output and private consumption were both much stronger than expected, with production jumping 6.2% from a year earlier and retail sales climbing 8%, data released on Monday showed. ...

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• 16 December

  Indonesia trade deficit surges to $1.3b

  Bloomberg Indonesia’s trade deficit blew out to $1.3 billion in November as imports of consumer goods surged and exports contracted for a 13th straight month. Exports fell 5.7% from a year ago to $14 billion compared to a 2.8% decline forecast in a Bloomberg survey of economists, as the US-China trade war and a global slowdown continued to weigh on ...

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• 16 December

  Coca-Cola cans maker in Pakistan mulls $100m sale

  

  Bloomberg Beverage cans manufacturer Pakistan Aluminium Beverage Cans Ltd (PABC), a joint venture of the UK’s Ashmore Group and Pakistan’s Liberty Group Ltd, is exploring a sale that could fetch about $100 million, people with knowledge of the matter said. The shareholders are working with an adviser on the potential sale, said the people, who asked not to be identified ...

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• 16 December

  Hong Kong’s top TV broadcaster cuts 10% of staff amid sowdown

  

  Bloomberg Hong Kong’s largest television broadcaster said it is cutting its workforce, citing an economic slowdown and a “severe situation” as months of social unrest have rocked the city. Television Broadcasts Ltd’s (TVB) 3,500-person staff — excluding artists — will be reduced by 10% to improve cost efficiency, according to an email to staff members from Chief Executive Officer Mark ...

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• 16 December

  S’pore home sales surge amid apartment glut

  Bloomberg Sales of private apartments in Singapore rebounded in November amid concerns a property glut could halt a nascent price recovery. Developers in the city-state sold 1,147 units last month versus 931 dwellings in October, urban redevelopment authority data released on Monday showed. The 23% gain came despite fewer apartment launches; home builders launched 740 apartments for sale last month ...

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• 16 December

  Blackstone’s Amit Jain promoted as senior MD in India

  Bloomberg Blackstone Group Inc has promoted Amit Jain as its senior managing director and one of its partners in India as the investment giant expands in Asia’s third largest economy. Representative for Blackstone confirmed an earlier Bloomberg News report on Jain’s appointment, which will be effective from January 1. Jain, who joined the investment firm in 2010, is a managing ...

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• 16 December

  German factory slump deepens again as recovery seems elusive

  

  Bloomberg Just when German factories appeared to be exiting a yearlong slump that battered the country’s economy, it worsened again. The last surveys of purchasing managers for 2019 highlight the dire state of industry in Europe’s largest economy, which was one of the largest drags on the 19-nation euro zone this year. There were also disappointing numbers out of France ...

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• 16 December

  PSA secures French backing for Fiat deal

  

  Bloomberg PSA Group has secured the backing of one of its major shareholders, the French government, for its plan to merge with Fiat Chrysler Automobiles NV, according to people familiar with the matter. The French state, which holds roughly 12% in PSA and has board representation, is supporting a binding memorandum of understanding that could be approved this week, said ...

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