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Bloomberg Algerians have been in the streets for nine months demanding the right to choose a president with popular support. Yet at elections on Thursday, the choice will be between five regime loyalists. Such prescribed options were a fixture of Abdelaziz Bouteflika’s 20-year reign. But since mass protests forced him out in April, it’s no longer enough to keep people ...
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December, 2019
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11 December
Boris Johnson is hiding the real price of Brexit
It’s unlikely Britons are voting swayed by the leaked Treasury department documents Labour leader Jeremy Corbyn dramatically revealed at a press conference. And yet the papers provide a glimpse of the hangover that could follow any “Brexit bounce†should the Conservatives win the parliamentary majority predicted by the polls. The 15-page internal briefing document, marked “official sensitive,†examines the financial ...
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11 December
Tesco should take money and run
Selling Tesco Plc’s operations in Thailand and Malaysia for about 7 billion pounds ($9.2 billion) would be a nice parting present from outgoing Chief Executive Officer Dave Lewis to his successor Ken Murphy. But there could be a sting in the tail from such a lavish gift. Tesco would be even more focused on its home turf in the UK, ...
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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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