October, 2019

• 23 October

  Saying sorry has a $3.5b price for Aussie banks

  Bloomberg The bill to shareholders for Australian banks’ bad behaviour has now topped $3.5 billion, and could rise further. Westpac Banking Corp on Wednesday became the latest lender to set aside additional sums to compensate customers for mis-charged fees, junk products and poor advice in what analysts have called “confession season” ahead of earnings reports. That takes the total after-tax ...

  Read More »
• 23 October

  Deutsche Bank weighs job cuts of at least 10% in rates unit

  

  Bloomberg Deutsche Bank AG is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender’s sweeping revamp in July. Chief Executive Officer Christian Sewing has concluded that it’s possible to reduce enough of the associated technology costs to outweigh the loss in revenue, according to people briefed on ...

  Read More »
• 23 October

  Boeing CEO to testify in Senate on Max crash

  

  Bloomberg Boeing Co’s chief executive officer will testify before a Senate committee next week to answer questions about the planemaker’s design and certification of a jet involved in two deadly crashes. Dennis Muilenburg will appear at a Senate Commerce Committee hearing next Tuesday, a day before his expected appearance before the House’s Transportation committee, according to two people familiar with ...

  Read More »
• 23 October

  ‘Flight shame’ is real, will make carbon big business, says Citi

  

  Bloomberg “Flight shame” — flyers feeling guilty about their carbon footprint — is a real phenomenon and will raise costs for airlines, consumers and companies, while catapulting emission offsetting into a big business, Citigroup predicts. The cost of offsetting planes’ carbon emissions could become as much as 10 times higher than the airline industry currently estimates, Citi analysts including Mark ...

  Read More »
• 23 October

  Reason of S Africa’s grounded jets not known

  Bloomberg Three airlines in South Africa took the unusual step of grounding some planes on October 22 after a regulator flagged compliance issues and ordered maintenance checks. Things got weirder when no one would publicly say exactly what needed checking. The groundings by state-owned South African Airways and its Mango unit, plus Comair Ltd, which operates British Airways domestic flights ...

  Read More »
• 23 October

  Destination Maternity goes bankrupt, adding to retail woes

  

  Bloomberg Destination Maternity Corp, billed as the world’s largest retailer of maternity clothes, sought court protection from its creditors after warning investors it might not be able to survive as an independent merchant. The chain, which hasn’t posted an annual profit since 2014, listed assets and liabilities of as much as $500 million in its Chapter 11 petition, filed in ...

  Read More »
• 22 October

  FinTech Abu Dhabi opens

  ABU DHABI / WAM His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of the Executive Office, officially graced the opening ceremony of FinTech Abu Dhabi (FinTechAD) on Tuesday at Abu Dhabi National Exhibition Centre (Adnec). Held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Abu Dhabi Executive Council, Fintech ...

  Read More »
• 22 October

  Masdar wins bid to develop 100MW Uzbek solar plant

  

  ABU DHABI / WAM Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, has announced that it is the winning bidder to develop Uzbekistan’s first Public-Private Partnership (PPP), solar project under the International Finance Corporation’s Scaling Solar programme. Announced by the Ministry of Investments and Foreign Trade of Uzbekistan, Masdar tendered the lowest ...

  Read More »
• 22 October

  UAE market cap rises to AED895.5bn in Oct

  

  ABU DHABI / WAM The capitalisation of UAE capital markets amounted to AED895.5 billion ($243.8 billion) by the end of the second third of October, up 5.6 percent as compared to early this year, according to figures revealed by the country’s two main bourses. The market value of listed public and private joint stock companies is projected to further increase ...

  Read More »
• 22 October

  Saudi Aramco pushing to complete IPO in 2019

  

  Bloomberg Saudi Aramco is pushing to complete its initial public offering (IPO) this year by relying more on local investors, after international money managers’ skepticism triggered a brief delay, people with knowledge of the matter said. The state-owned oil producer is considering making a formal announcement of the listing plan as soon as the next few weeks, according to the ...

  Read More »