September, 2019

• 30 September

  Yes Bank sparks selloff in lenders as ‘investors’ exit

  

  Bloomberg Yes Bank Ltd slumped to the lowest level in a decade, leading a selloff in Indian lenders. IDFC Securities Ltd says the blood-letting in the stock isn’t done yet. The brokerage slashed the bank’s target price to 35 rupees, implying a 15 percent drop from Monday’s close of 41.4 rupees. The stock plunged 15 percent to the lowest price ...

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• 30 September

  Zimbabwe clamps down on ‘Ecocash’

  

  Bloomberg Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control. The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows an earlier announcement enforcing the ...

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• 30 September

  Down Under bonds return on property, banking rebound

  Bloomberg The $125 billion US dollar bond market Down Under is making a comeback, boosted by the recovering housing and banking sectors. US-currency notes issued by Australian REITs and mortgage asset firms are returning 9.1 percent this year compared with a 0.1 percent drop in 2018 as a rebound in property prices has gathered pace since June. Dollar bonds from ...

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• 30 September

  Seoul sold net $3.8b to intervene in currency

  Bloomberg South Korean authorities sold a net $3.8 billion in the first six months of the year to intervene in the currency market, compared with $187 million in the second half of 2018, according to central bank data. “It is now confirmed that the authorities constantly conducted smoothing operations during the second quarter when the won weakened rapidly,” said Min ...

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• 30 September

  BNP Paribas prop-trading arm lost $30m

  

  Bloomberg A BNP Paribas SA division created to make speculative bets for the bank’s own account lost tens of millions of dollars last year as trading revenue slumped amid volatile markets, leading executives to shutter the business. Opera Trading Capital, which ceased trading in January, posted a loss of $30 million for 2018, filings show. Net banking income before operating ...

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• 30 September

  RSA’s Hester, Citi’s Bird on HSBC’s CEO shortlist

  

  Bloomberg HSBC Holdings Plc’s shortlist for its next chief executive officer includes Stephen Bird, Citigroup Inc’s head of global consumer banking, and RSA Insurance Group Plc CEO Stephen Hester, Britain’s Sunday Times newspaper reported. HSBC hired Egon Zehnder to help with the search process, the newspaper said, without saying where it got the information. The report said a key consideration ...

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• 30 September

  Credit Suisse board backs CEO ahead of scandal decision

  

  Bloomberg Credit Suisse Group AG’s board is backing CEO TidjaneThiam ahead of a crucial meeting that will determine who takes the blame for a botched spying scandal, according to people familiar with the matter. Recent expressions of support by shareholders for senior executives is swaying the board, which has few obvious successors for Thiam should he be ousted, the people ...

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• 30 September

  Hong Kong flight attendants urge Cathay to explain layoffs

  

  Bloomberg Flight attendants in Hong Kong urged Cathay Pacific Airways Ltd to explain the reasons behind dozens of dismissals, accusing the airline of “political cleansing” amid the unrest that’s ensnared the city’s flagship carrier. In a joint statement, flight-attendant unions from Cathay Pacific and its unit Cathay Dragon accused the airline of monitoring employees’ social-media accounts and obtaining “dubious” information ...

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• 30 September

  Alibaba’s JV with Richemont goes live in China

  

  Bloomberg Richemont and Alibaba Group Holding Ltd’s luxury joint venture has gone live in China, presenting 130 brands in one location on the Tmall e-commerce site. Tom Ford, Brunello Cucinelli and Jimmy Choo join Richemont brands Cartier, Piaget and Vacheron Constantin on the site. Investors have awaited details on the partnership since the companies announced it about a year ago. ...

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• 30 September

  Boeing’s $2.8bn Awacs jet upgrade slowed

  

  Bloomberg A $2.8 billion Boeing Co upgrade of its Awacs surveillance planes is dogged by delays caused in part by an almost yearlong closing of two classified laboratories developing software for the project, Pentagon agencies disclosed. The two laboratories in Oklahoma City failed to pass Defense Department security certifications from January to December of last year. Boeing builds the aircraft, ...

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