October, 2019

• 14 October

  Johnson uses Queen’s speech to set out election platform

  

  Bloomberg Boris Johnson set out his ambitions for governing Britain with an outline plan for what he will do if he wins the general election that’s expected to be triggered within weeks. The British prime minister promised a focus on domestic issues if he can “get Brexit done,” as he used the pomp and ceremony of a speech to Parliament ...

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• 14 October

  India court halts JSW’s $2.8b purchase of Bhushan Power

  

  Bloomberg An Indian court temporarily halted JSW Steel Ltd’s $2.8 billion purchase of insolvent Bhushan Power & Steel Ltd, a move that hurts the South Asian nation’s effort to clean up the world’s worst bad-debt pile. The National Company Law Appellate Tribunal (NCLAT) ordered a freeze on payment by the Sajjan Jindal-led mill and took objection to the Enforcement Directorate, ...

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• 14 October

  India’s state-run firm delivers best trading debut in two years

  

  Bloomberg Indian Railway Catering & Tourism Corp (IRCTC) more than doubled on the first day of trading, the best debut for a mainboard listing since 2017, after its public float emerged as the most sought after for the nation’s state-run firms. Lured by IRCTC’s monopoly status, investor demand exceeded shares on offer by 112 times, eclipsing the government-owned Housing & ...

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• 14 October

  Record slump in Chinese auto market continues in September

  

  Bloomberg Chinese auto sales fell in September for the 15th month in 16, extending their unprecedented slump despite government efforts to support the world’s largest car market. Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles dropped 6.6% from a year earlier to 1.81 million units, the China Passenger Car Association (PCA) said. The only increase since mid-2018 came ...

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• 14 October

  Tencent streams NBA games as Chinese state TV blackout persists

  Bloomberg Tencent Holdings live-streamed two National Basketball Association (NBA) games played outside of China on Monday, even as the nation’s top broadcaster shuns the league because of a controversy around Hong Kong’s pro-democracy movement. The Chinese social media giant aired a game between the Chicago Bulls and Toronto Raptors and another between Maccabi Tel Aviv and Minnesota Timberwolves, according to ...

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• 14 October

  Chinese shoppers, investors losing their appetite for gold

  

  Bloomberg China’s shoppers and investors lost their appetite for gold this year — and there’s little expectation of any major improvement in 2020 as slowing growth and higher prices crimp consumer spending. Jewellery consumption is forecast to drop 4% to about 660 tons this year, according to forecasts from Metals Focus Ltd, while a decline of more than 20% to ...

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• 14 October

  Hong Kong cuts banks’ capital buffers

  

  Bloomberg Hong Kong took measures on Monday to help banks put more money in the hands of local businesses in a move to shore up the city’s deteriorating economy after months of unrest. The Hong Kong Monetary Authority, which operates like a de facto central bank, said it would reduce the amount of capital lenders have to maintain. The move ...

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• 14 October

  Total buys 37.4% stake in Adani Gas for $600m

  

  Bloomberg French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest-growing natural gas markets. Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that’s developing import terminals and a national chain of vehicle-filling outlets. The deal gives the French company a footprint in ...

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• 14 October

  Apple’s lower prices, users’ aging handsets drive iPhone demand

  

  Bloomberg Apple Inc is seeing higher iPhone demand than it expected, thanks to two forces consumers find hard to resist: falling prices and the inevitable aging of older models. Since missing holiday sales targets last year, the company has cut some prices and offered more attractive trade-in deals. The iPhone 11 went on sale at $699 — $50 below the ...

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• 14 October

  Labour nationalisation plan to cost UK $250bn, says CBI

  

  Bloomberg Jeremy Corbyn’s promise to take UK privatised companies back into public ownership if his Labour Party wins power will cost almost $250 billion, according to the Confederation of British Industry (CBI). In an analysis published on Monday, the business lobby said the 196 billion-pound cost of nationalising the energy, water and rail industries, plus the postal service, will push ...

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