August, 2019

• 17 August

  Goldman slashes growth forecasts for ‘Asian Tigers’

  

  Bloomberg Goldman Sachs Group Inc. slashed growth forecasts for the “Asian Tigers” as their exposure to the world economy — once one of their greatest strengths — is now backfiring as global growth slows amid trade tensions. “Besides their own domestic reforms, they all benefited enormously from the broader context of globalisation and the rapid economic development of the Asia-Pacific ...

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• 17 August

  Swiss lender adopts tireless robots in cost-cutting drive

  

  Bloomberg A 151-year-old Swiss bank is among the first wave of smaller lenders deploying robots for basic tasks to drive down costs and is considering expanding its use of the technology. After a successful test run, St. Galler Kantonalbank AG decided to employ three bots for jobs such as compiling information and using it to fill out forms. The company ...

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• 17 August

  Banks slashed over 50,000 jobs this year, led by Europe

  Bloomberg Banks across the globe have announced more than 48,500 job cuts this year as the outlook for the economy weakens. Nowhere was that more pronounced than in Europe, where lenders are bracing for a continuation of the negative interest rates that have eaten into their profits for the past five years. Germany’s troubled Deutsche Bank AG tops the list ...

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• 17 August

  Norway central bank throwing doubt on September rate hike

  

  Bloomberg Norway’s central bank is growing increasingly uncertain about raising interest rates next month as global risks mount and monetary policy makers around the world unleash more stimulus. Norges Bank left its key rate unchanged at 1.25%, as anticipated, and said its June rate outlook, which indicated a rate increase next month, was “little changed” even as it highlighted global ...

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• 17 August

  Sagging German economy hits Deutsche Bank’s revamp

  

  Bloomberg One month into Deutsche Bank AG’s boldest restructuring effort yet, the world has turned against Chief Executive Officer Christian Sewing. Or at least, Germany has. Fears of an economic recession and the specter of even lower interest rates have taken a toll on banks across Europe. But for Sewing, who just pinned his bank’s future on closer ties with ...

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• 17 August

  FAA to reject new simulator training before 737 Max flies

  

  Bloomberg US aviation regulators are increasingly convinced they don’t need to mandate new simulator training for pilots of Boeing Co’s 737 Max before returning the grounded jet to service, according to people familiar with the discussions. Pilots would be required instead to take a computer-based training course they could perform at home or in a classroom, according to the people, ...

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• 17 August

  JCPenney sales in Q2 disappoint; but its CEO optimistic about change

  

  Bloomberg JC Penney Co reported a challenging second quarter, exacerbating investors’ concerns about the health of department stores ahead of the holiday season. Still, its new chief is optimistic the turnaround is starting to take hold. “We are not simply running a business — we are rebuilding a business,” Chief Executive Officer Jill Soltau said. Shares swung between gains and ...

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• 17 August

  Cathay CEO quits after airline caught in Hong Kong protests

  

  Bloomberg Cathay Pacific Airways Ltd’s CEO Rupert Hogg resigned, a week after the carrier was rebuked by China for staff involvement in the anti-Beijing protests rocking Hong Kong. Hogg, 57, quit to take responsibility for the way the airline has responded to recent events, he said in an email to staff obtained by Bloomberg. Hong Kong’s flagship carrier appointed Augustus ...

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• 17 August

  Amazon tests ‘top brand’ label for big-name fashion sellers

  

  Bloomberg Amazon.com Inc is designating products sold by certain companies as “top brands,” a test that if widely implemented could ease tension between the online retail giant and big-name companies used to favourable positioning at brick-and-mortar retailers. The company appended a “top brand” label to products from Speedo, New Balance, Under Armor and Fruit of the Loom in some product ...

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• 14 August

  KhalifaSat captures image of Grand Mosque of Makkah

  

  DUBAI / WAM An image of the Grand Mosque of Makkah was taken by KhalifaSat on the first day of Eid Al Adha during the Hajj pilgrimage of this year. KhalifaSat was fully developed at the Mohammed bin Rashid Space Centre’s facilities by Emirati engineers and was launched into space in October 2018. It has five patents and seven space ...

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