Bloomberg The International Monetary Fund (IMF) said the Democratic Republic of Congo’s proposed $10.2 billion budget is “unrealistic,†amid slowing output from the country’s copper and cobalt mines. The government is seeking a budget of 16.9 trillion francs ($10.2 billion) next year, with revenue expected to climb 63% compared to this year. The IMF projects that Congo’s actual revenue this ...
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December, 2019
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7 December
Stop being nervous about stocks: Citi
Bloomberg Citigroup Inc’s private bank wants its clients to work on an attitude adjustment. Next year will be “brighter than many expect,†Citi Private Bank said in its 2020 outlook “Staying Positive in a Negative (Yielding) Worldâ€. It rejects the idea that a recession is imminent. “The point of view of many family clients I meet is one of a ...
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7 December
BOJ may downgrade factory-output assessment
Bloomberg The Bank of Japan (BOJ) will consider downgrading its assessment on factory output at its rate review this month from its view in October, Reuters reported, citing unidentified people. October output was “weak,†with the key worry being the impact of sluggish automobile demand, Reuters cited one person with direct knowledge of the matter as saying. Two other unidentified ...
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7 December
ECB rate cuts seen as done with Lagarde’s review in spotlight
Bloomberg The European Central Bank is done with cutting interest rates despite persistent downside risks to growth, according to a Bloomberg survey of economists. With officials increasingly concerned about the impact of negative rates and President Christine Lagarde about to announce a strategic review, most respondents said monetary policy is on autopilot for the next two years. That’s a turnaround ...
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7 December
Saab wants control if it wins $15bn India jet-fighter deal
Bloomberg Saab AB wants control of local manufacturing in India if it beats the likes of Boeing Co. and Lockheed Martin Corp. in the race for the world’s biggest warplane contract. The Swedish manufacturer is in the running to supply 114 Gripen fighters in a deal valued at more than $15 billion as Prime Minister Narendra Modi seeks to modernise ...
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7 December
Emirates to serve 500,000 Christmas meals at 40,000 feet
Dubai / Emirates Business The festive spirit is in full swing as Emirates prepares to serve 500,000 Christmas meals across all classes to customers travelling on select flights from December 9 to 31. In addition to a delicious festive menu, travellers can also enjoy nostalgic films and holiday treats across all cabin classes on board and on the ground. Emirates ...
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7 December
Corporate South Africa loses faith in national airline
Bloomberg Speculation that South African Airways (SAA) is in danger of going under could become self-fulfilling. The national carrier has been given 57 billion rand ($3.9 billion) in bailouts since 1994 and last made a profit in 2011. The company’s already precarious finances took another hit last month when workers staged a week-long strike that grounded a number of flights, ...
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7 December
Hudson’s Bay rejects $1.5b bid from Catalyst
Bloomberg A special committee at Hudson’s Bay Co. rejected an offer by private-equity firm Catalyst Capital Group Inc. that values the Canadian retailer at more than $1.5 billion, giving the upper hand to a lower bid by the company’s chairman. The offer by Catalyst is “not reasonably capable of being consummated,†the committee said in a statement. Catalyst’s proposal of ...
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7 December
Philippine noodle maker mulls stake sale in UK’s Quorn foods
Bloomberg Philippine food maker Monde Nissin Corp. is weighing options including a potential minority stake sale for Quorn Foods, a British producer of meat substitutes, people with knowledge of the matter said. Monde Nissin, which makes the best-selling “Lucky Me!†instant noodles in the Philippines, is working with an adviser to look for an equity investor in Quorn, said the ...
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7 December
United Airlines names Scott Kirby as CEO
Bloomberg United Airlines Chief Executive Officer Oscar Munoz will hand the reins to President Scott Kirby next year, capping a tenure in which he turned around the perennial laggard. Kirby will take over as CEO in May while Munoz becomes the executive chairman, the carrier said in a statement. Kirby joined United in 2016 after leaving American Airlines Group Inc. ...
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