November, 2019

• 26 November

  Australian banks are battling for credibility

  

  Bloomberg Brian Hartzer succumbed to the inevitable and resigned as Westpac Banking Corp chief executive officer, forced out by an investor backlash over allegations the lender committed the biggest breach of money-laundering laws in Australia’s history. The 52-year-old becomes the third of Australia’s big-four bank CEOs to be undone by scandal in the past two years. The laundering suit, including ...

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• 26 November

  Citi hires HSBC investment bankers in Asia

  

  Bloomberg Citigroup Inc hired two investment bankers from HSBC Holdings Plc in Asia, continuing a buildup to strengthen its Chinese real estate advisory business. The New York-based bank hired Kara Wang as managing director and co-head of real estate investment banking for Asia, according to an internal memo that was confirmed by James Griffiths, a Hong Kong-based spokesman. Dayday Zhou, ...

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• 26 November

  Thailand sees latest stimulus stoking over $3.3 billion spending

  

  Bloomberg Thailand said its latest round of stimulus will spur more than 100 billion baht ($3.3 billion) of spending, as it steps up efforts to fight an economic slowdown caused by baht strength and the US-China trade war. “The measures are to help sustain the economy amid global uncertainty,” finance minister Uttama Savanayana said in a briefing in Bangkok, adding ...

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• 26 November

  ‘E-payments just a cash-burning exercise’

  

  Bloomberg The venture capital arm of PT Bank Mandiri thinks electronic payment platforms will only ever be profitable by serving as gateways to more lucrative services. Otherwise, they’re “just a cash-burning exercise,” said Eddi Danusaputro, chief executive officer of PT Mandiri Capital Indonesia. The race for customers in Indonesia is so intensive that e-payment providers have been willing to offer ...

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• 26 November

  Goldman Sachs likes China yuan on possible US tariff rollback

  

  Bloomberg Goldman Sachs Group Inc recommends buying the Chinese yuan on a bet the US will roll back some of its additional tariffs on the Asian nation. The investment bank also likes the Indonesian rupiah due to its relatively high interest rates, and sees further gains in Thailand’s baht given the country’s persistent current-account surplus, Zach Pandl, co-head of global ...

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• 26 November

  EBay sells ticket marketplace StubHub to Viagogo for $4.05b

  

  Bloomberg EBay Inc is selling its ticket marketplace StubHub to European rival Viagogo for $4.05 billion in cash, allowing the company to focus on its main retail site and address pressure from shareholder activists. Starboard Value and Elliott Management Corp, the New York-based hedge fund run by billionaire Paul Singer, earlier this year proposed a plan to improve EBay’s performance, ...

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• 26 November

  China’s Anta Sports considers selling its fitness brand Precor

  

  Bloomberg Anta Sports Products Ltd is considering a sale of its fitness equipment brand Precor Inc after receiving approaches from potential buyers, according to people familiar with the matter. The biggest sportswear maker in China is working with an adviser for a potential sale of the US business that could fetch about $500 million, said the people, who asked not ...

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• 26 November

  Order to ground Airbus stalls growth at IndiGo

  

  Bloomberg An order for IndiGo to ground some of its Airbus SE A320neo planes for engine upgrades could impede the expansion of one of the world’s fastest-growing airlines. For every addition to its fleet, IndiGo must ground an A320neo plane that hasn’t had its Pratt & Whitney engines modified, the Directorate General of Civil Aviation (DGCA) said following a series ...

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• 26 November

  Mall foot traffic up 2.5% ahead of Thanksgiving

  Bloomberg US mall foot traffic rose 2.5% for the latest four-week period from a year earlier, as the Thanksgiving holiday approached, according to Thasos Mall REIT Foot Traffic Index. Growth, as shown by mobile phone usage in malls, had slowed in September and October ahead of the key shopping season. The SPDR S&P Retail ETF fell 1.2%, while the S&P ...

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• 26 November

  Tesco follows Amazon, Netflix with paid loyalty card

  

  Bloomberg Tesco Plc is hitting back at Amazon.com Inc and discounters that are stealing its lunch by borrowing from the US e-commerce giant’s own playbook. Britain’s largest retailer this month introduced Clubcard Plus, a subscription-based loyalty plan where customers pay a monthly fee to receive special deals. It expands on Tesco’s existing points-based system with a business model more in ...

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