August, 2019

• 24 August

  Carney urges Libra-like reserve currency to end dollar dominance

  

  Bloomberg Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. Just a few months before he steps down as Bank of England governor, Carney offered his vision for the international economy at a time of sweeping change. Trade wars ...

  Read More »
• 24 August

  Commerzbank considers cutting 2,000 jobs more

  

  Bloomberg Commerzbank AG is considering cutting an additional 2,000 jobs as part of its strategy update this fall, as Chief Executive Officer Martin Zielke contends with a weaker economy and the prospect of even lower interest rates. The bank would seek to achieve those cuts by 2022 or 2023, according to people with knowledge of the matter. Various other scenarios ...

  Read More »
• 24 August

  UK watchdog orders RBS, Santander to fix ‘breaches’

  

  Bloomberg Royal Bank of Scotland Group Plc (RBS) and Banco Santander SA were ordered to appoint an independent auditor for their claim processes after issuing inaccurate information, or failing to send reminders altogether, about the insurance policies that turned into the costliest scandal in UK banking. The banks had previously been ordered to send yearly reminders, including how much customers ...

  Read More »
• 24 August

  Swiss fintech firm becomes a $1bn unicorn

  Bloomberg A Zurich-based fintech firm whose investors include Josef Ackermann has raised additional money to value the company at more than $1 billion as it prepares to expand outside its main market of Germany. Numbrs Personal Finance raised $40mn to bring the total capital invested to almost $200mn, CEO Martin Saidler said. Numbrs offers an app that enables users to ...

  Read More »
• 24 August

  NAB sued over alleged home loan ‘violations’

  

  Bloomberg National Australia Bank Ltd. (NAB) has been sued by the securities regulator for allegedly accepting home loan applications from unlicensed ‘introducers.’ Under its so-called Introducer Program, the bank’s staff accepted information and documents in support of 297 loan applications from 25 people who weren’t licensed to engage in credit activity, Australian Securities and Investments Commission said in a statement. ...

  Read More »
• 24 August

  Sri Lanka cuts interest rates again to spur growth

  

  Bloomberg Sri Lanka cut interest rates for a second time this year, a day after Indonesia did the same, as central banks in the region move to cushion their economies against a global slowdown and trade tensions. The Central Bank of Sri Lanka lowered its benchmark standing lending facility rate to 8% from 8.5%, in line with the forecasts of ...

  Read More »
• 24 August

  Ryanair snuffs out UK pilot strike as planes fly as normal

  

  Bloomberg The timing looked terrible. As the busiest travel weekend loomed and budget-minded Brits prepared for a quick holiday, UK pilots for Ryanair Holdings Plc called a strike, threatening ugly scenes at airports around the country. The chaos never happened. All of the discount carrier’s flights operated as scheduled, with minor delays from congestion, the airline said. In the end, ...

  Read More »
• 24 August

  IndiGo’s Gangwal flags truce with airline co-founder

  

  Bloomberg Rakesh Gangwal, the billionaire co-founder of Indian budget airline IndiGo, will support company proposals at a shareholder meeting next week to expand its board after an agreement on policy changes, months after he accused his fellow co-founder of corporate-governance lapses. The board of IndiGo, Asia’s biggest budget airline by market value, has approved a new related-party transaction policy, Gangwal ...

  Read More »
• 24 August

  Kohl’s rises as chief says sales picking up

  Bloomberg Kohl’s Corp rose in early trading after CEO Michelle Gass said comparable sales gained ground in the latter part of the second quarter and that store traffic is on the rise, thanks to its partnership with Amazon.com. While same-store sales fell 2.9 percent for the full quarter, missing analysts’ projections, according to Consensus Metrix, Kohl’s posted profit of $1.55 ...

  Read More »
• 24 August

  Jumia finds wrongdoing in Nigeria sales force amid loss

  

  Bloomberg Jumia Technologies has identified improper transactions at the Africa-focused online retailer’s Nigeria business that amounted to as much as 4 percent of first-quarter sales. While the Berlin-based company says it’s taking measures to cut out instances of wrongdong, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to ...

  Read More »