August, 2019

• 19 August

  SNB sight deposits reach record high

  

  Bloomberg Swiss National Bank (SNB) data suggest it pumped 3.8 billion francs ($3.9 billion) into markets last week to control the franc, sending its sight deposits to a record high. With the franc at its strongest since 2017 against the euro, sight deposits at the SNB have increased over the past month, suggesting the central bank is making good on ...

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• 19 August

  China rate reform all set to lower borrowing costs

  

  Bloomberg China took a major step towards reforming its system of interest rates, in a move aimed at pushing down the cost of borrowing by households and companies as the economic growth slows. From August 20, new loans must be priced “mainly” with reference to a revamped benchmark that tracks the price of credit to banks’ best customers, the so-called ...

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• 19 August

  Cathay under scrutiny as CEO takes fall for protests

  

  Bloomberg Cathay Pacific Airways Ltd is counting on the resignation of its British chief executive officer, Rupert Hogg, to move beyond the tumult that saw its employees’ participation in the Hong Kong protests draw the ire of Beijing. But will it be enough? Incoming CEO Augustus Tang has the delicate task of continuing to placate China, an increasingly important market ...

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• 19 August

  Vegan sea urchin soon to start showing up on sushi counters

  

  Bloomberg The meat-free movement is finding its way into strange and exotic dishes. The latest example: imitation uni. Usually, the orange innards of sea urchins served in sushi restaurants are harvested from spiky creatures that live on seabeds. The delicacy requires much labour to collect and keep fresh. That makes it one of the most expensive items on menus; a ...

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• 19 August

  Tapestry hit by downgrades over Kate Spade

  Bloomberg Disappointing results at Tapestry’s Kate Spade line prompted a string of rating downgrades on the stock, with analysts saying a recovery may take several quarters. After sliding 22 percent to a 10-year low, Tapestry shares pared some of the losses to rise as much as 3.4 percent in New York. Credit Suisse analyst Michael Binetti said, “Kate outlook is ...

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• 19 August

  Amazon, Swatch and the risks of a global recession

  

  Bloomberg Investors are bracing for a significant downturn in the world economy, cutting earnings estimates amid a market sell-off. While all cyclical industries face some form of risks, some companies within each sector are more vulnerable than others as the outlook deteriorates. In recent recessions, technology and finance were the triggers — the internet bubble caused the 2000 market crash ...

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• 18 August

  UAE a key centre for launch of relief, development initiatives

  

  ABU DHABI / WAM The UAE has carried out relief and development initiatives in challenging humanitarian situations in many regions around the world, a top official said on the occasion of World Humanitarian Day. Such humanitarian projects have supported victims of crises, conflicts and wars and contributed to improving their lives, Mohammed Haji Al Khouri, Director-General of Khalifa bin Zayed ...

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• 18 August

  UAE condemns ‘cowardly’ wedding attack in Kabul

  ABU DHABI / WAM The United Arab Emirates has strongly condemned the terrorist attack that targeted a wedding in the Afghan capital, Kabul. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) said in a statement that it condemns in the “strongest terms” the terrorist attack, and that the UAE reaffirms its support to the Afghan government as it confronts ...

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• 18 August

  Trump advisers say no recession on the horizon

  

  Bloomberg Larry Kudlow pushed back on Sunday on the notion that the US economy is headed towards a recession, and said recent phone calls between US and Chinese trade negotiators had produced more “positive news.” Kudlow, the White House National Economic Council director, and Peter Navarro, President Donald Trump’s trade adviser, made multiple appearances on Sunday talk shows to discuss ...

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• 18 August

  Etihad most punctual airline in Mideast in H1

  

  ABU DHABI / WAM Etihad Airways, the national airline of the United Arab Emirates, was the most punctual Middle Eastern carrier in the first seven months of 2019. New figures produced by the aviation data company OAG show that Etihad was the only Middle Eastern carrier whose punctuality averaged more than 80 per cent for flights across this period. The ...

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