September, 2019

• 17 September

  Bank profits sink in Denmark over ‘negative rates’

  

  Bloomberg Banks in Denmark have seen their aggregate profits sink this year, according to calculations by the industry’s main lobby group, which has repeatedly urged monetary policy makers to provide relief from long-term negative interest rates. Industry profits fell 20 percent in the first half of this year, Finans Danmark said. Denmark’s 17 biggest banks and mortgage lenders reported after-tax ...

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• 17 September

  Inflation hedges may be pointless: ECB

  

  Bloomberg The European Central Bank’s (ECB) latest round of easing sent a signal to institutional investors that their inflation hedges may be growing more pointless by the day. In the northernmost corner of the euro zone, a $51 billion pension fund says ECB President Mario Draghi isn’t giving his industry much hope that things will improve. “So far, the less ...

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• 17 September

  PJT hires BofA’s Baladi to build up Europe unit

  

  Bloomberg PJT Partners Inc has hired Bank of America Corp (BofA) dealmaker Antonin Baladi to build up its European technology, media and telecommunications (TMT) investment banking business, people familiar with the matter said. The London-based banker is joining PJT in a senior role, the people said, asking not to be identified because the information is private. Baladi, who was Bank ...

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• 17 September

  India’s mega mergers fail to lure funds to PSBs stocks

  

  Bloomberg India’s biggest bank overhaul in decades to merge state-run lenders beset with bad loans and low capital hasn’t convinced investors to increase holdings of the shares. Fund managers including Aberdeen Standard Investments Ltd and JPMorgan Chase & Co are shying away from increasing their positions in government-owned lenders. As well as poor asset quality at the banks, they cited ...

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• 17 September

  H&M sales growth slows in July, Aug

  

  Bloomberg Hennes & Mauritz AB’s sales growth slowed in the key July and August months, hampering the Swedish retailer’s attempt to end a three-year slump in earnings. Sales growth probably slowed down to 6 percent in those two months from 12 percent in June, Berenberg analysts said, based on calculations from figures H&M reported. The shares dropped as much as ...

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• 17 September

  Walmart tests fulfillment service to match Amazon

  

  Bloomberg Walmart Inc, looking to generate more profit from its online unit, wants to start storing and shipping products for third-party vendors for the first time, just as rival Amazon.com Inc has done for years. The world’s largest retailer is testing a fee-based service called “Fulfilled by Walmart,” US e-commerce chief Marc Lore said at an industry conference. Lore didn’t ...

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• 17 September

  KLM ground staff plans new strike

  Bloomberg Air France-KLM’s Dutch arm will face a four-hour strike at Amsterdam’s Schiphol Airport, one of Europe’s busiest travel hubs, after negotiations over a salary increase for ground staff broke down, the FNV union said in a statement on its website. “KLM continues to refuse to come to a good collective labor agreement for ground staff. They leave their own ...

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• 17 September

  Morrisons sales dip but sees better second half

  

  Bloomberg Wm Morrison Supermarkets Plc’s sales slumped in its second quarter as the grocer faced a tough comparison with 2018, when unseasonably warm weather, the World Cup and a royal wedding boosted spending. But it predicted an improvement in the second half, lifting the shares. Comparable group sales fell 1.9 percent for the quarter, slowing half-year growth to 0.2 percent. ...

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• 17 September

  China Mengniu agrees to buy Bellamy’s for $1 billion

  

  Bloomberg China Mengniu Dairy Co agreed to buy organic infant formula maker Bellamy’s Australia Ltd for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of the dairy market. The Hong Kong-based firm offered A$13.25 per share for Bellamy’s, a sizable 59 percent premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board ...

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• 15 September

  UAE to push for moderation and de-escalation at UNGA

  

  ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at ...

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