December, 2019

• 11 December

  UK’s Tullow Oil is failing corporate governance

  The $1.7 billion hit to Tullow Oil Plc’s market value on December 9— a 65% drop — provides a stark reminder of why bosses shouldn’t stay too long at the top. The hydrocarbon producer has been stubbornly overoptimistic about its prospects. Reality has now dawned, and it turns out the London-based group is in an extremely tight position. Oil and ...

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• 11 December

  Greece enjoys a new feeling of euphoria

  After a decade of gloom, there’s a new sense of euphoria in Athens. The Greek stock exchange is on course to be the world’s best performer this year because investors believe the new prime minister, Kyriakos Mitsotakis, will deliver on his promise to attract foreign investment and boost growth. The star performers are bank shares, which have nearly doubled in ...

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• 11 December

  Indian bank’s credit card IPO reflects Ambani factor

  

  For every 100 people in India, there are only three credit cards. A comparable penetration figure for the US is 320. Statistics like these suggest that India’s first initial public offering of a credit card issuer is either an opportunity with boundless prospects — or a victim of arrested development. Which is it? The sale of shares in SBI Cards ...

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• 11 December

  Deutsche Bank goes back to its old ways

  

  Christian Sewing has tried to cast an optimistic light on Deutsche Bank AG’s future as he undertakes the lender’s deepest restructuring in decades. The chief executive officer told staff he’d been looking forward to updating the market on his progress five months into the overhaul. The disclosures from that update, at the bank’s investor day, are more sobering: The skeptics ...

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• 11 December

  Autonomous taxis become a rough ride for Europe

  

  As recently as March, Daimler, the German carmaker, promised to put 10,000 autonomous taxis on the streets by 2021. But, Daimler chairman Ola Kaellenius announced that the company was taking a “reality check” on the project and focusing on self-driving long-haul trucks instead. It’s fine that self-driving cabs aren’t coming as fast as some expected — and it’s even better ...

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• 11 December

  Airlines hit out at jet-fuel tax burden from EU’s Green Deal

  

  Bloomberg Europe’s top airlines attacked EU plans to impose a region-wide kerosene tax as part of a sweeping new environmental strategy, calling the duty unnecessary and unfair and saying investment in sustainable fuels and electric planes would be more effective in reducing carbon emissions. Chiefs of four of the region’s biggest carriers raised their concerns with European Union Transport Commissioner ...

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• 11 December

  India’s Jet Airways’ creditors agree to delay revamp plan

  

  Bloomberg Creditors of Jet Airways India Ltd. have agreed to extend the deadline for submission of a resolution plan for the grounded Indian airline’s 146 billion rupees ($2.1 billion) of debt as the sole bidder for the company balks at making a binding offer, said a person familiar with the matter. The deadline for submission of a resolution plan for ...

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• 11 December

  Ted Baker bosses quit in blow to embattled fashion chain

  

  Bloomberg Ted Baker Plc’s top management quit and the UK fashion chain suspended its dividend, triggering a plunge in the shares to the lowest since 2003. The power vacuum leaves Ted Baker floundering as it tries to contain the fallout from allegations against its founder, Ray Kelvin, and the overstatement of unsold goods. The shares fell as much as 36% ...

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• 11 December

  Boeing 737 Max was plagued with production problems

  

  Bloomberg A former Boeing Co. manager who raised concerns about poor-quality production of the 737 Max will testify before a House committee investigating safety issues raised by two fatal crashes involving the plane. Ed Pierson warned senior Boeing colleagues in 2018 about what he said were overworked employees and repeated quality issues in building the newest model of 737s. Pierson ...

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• 11 December

  SAA may get 5% of money owed by Zimbabwe

  Bloomberg South African Airways (SAA), national airline that’s entered a form of bankruptcy protection, may only be offered 5% of the $60 million that its owed by Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The central bank’s Monetary Policy Committee plans to “reject the majority of debts” owed to institutions, a move ...

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