August, 2019

• 7 August

  Brazil central bank warns of slow pick-up in growth

  Bloomberg Brazil’s central bank signaled an acceleration in economic growth will be slow even as a benign inflation outlook clears the way for more benchmark interest rate cuts and the government readies new stimulus. Gross domestic product (GDP) was likely stable or slightly positive in the second quarter and growth will probably show “some acceleration” going forward, policy makers wrote ...

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• 7 August

  Citi reduces S&P 500 profit forecast on trade effects

  Bloomberg Citigroup Inc. has grown concerned the US-China trade war will persist long enough to dent any potential profit rebound for corporate America. Tobias Levkovich, the firm’s chief US equity strategist, cut his earnings forecast for S&P 500 companies this year by $3.80 to $166.20 a share. Global stocks have tumbled this month amid concern that the US-China trade spat ...

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• 7 August

  Emerging Asia’s $5trn reserves tested in currency war

  

  Bloomberg It used to be that a buildup in foreign reserves was seen as a bulwark against currency shocks and swift turns in investor sentiment. Those days seem far away — and that defense less robust — as the trade conflict between the US and China evolves into a full-blown currency war that’s threatening emerging markets globally. Reserves of central ...

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• 7 August

  Barneys files for bankruptcy struggling with rivals, rent

  

  Bloomberg Barneys New York Inc filed for bankruptcy protection from creditors and laid out plans to shutter most of its stores after getting squeezed by rising rents and fewer visitors to its luxury fashion stores. The Chapter 11 filing in New York allows the department-store chain to stay open while it seeks to sell a slimmed-down business and to negotiate ...

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• 7 August

  Boeing conducts China workshops to bring Max back

  

  Bloomberg Boeing Co is holding workshops with Chinese airlines about the grounded 737 Max plane as it tries to bring the troubled jet back to operation. Boeing invited pilots and engineers from China Southern Airlines Co to a gathering in Guangzhou, according to an emailed statement from Boeing. More such workshops will be held with Air China, China Eastern Airlines, ...

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• 7 August

  American Air to spend $90m on LA stadium sponsorship

  

  Bloomberg American Airlines will pay $90 million over 10 years to sponsor the new home of the NFL’s Rams and Chargers, becoming the first official partner for billionaire Stan Kroenke’s new Los Angeles Stadium. American Airlines agreed to sponsor the 2.5-acre space that serves as main entrance to the $5 billion Inglewood, California, stadium, which doesn’t have a naming-rights partner ...

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• 7 August

  Cathay Pacific sees trade spats hurting demand

  Bloomberg Cathay Pacific Airways said geopolitical and trade tensions are likely to damage the business after the airline rebounded to a profit in the first half. Protests in Hong Kong cut inbound passenger traffic in July and are “adversely” affecting bookings, Cathay said in a statement Wednesday. First-half net income was $172 million compared with a year-ago loss of HK$263 ...

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• 7 August

  Walmart may sell ModCloth to curb online losses

  Bloomberg Walmart is reportedly looking to sell ModCloth, the women’s apparel site it acquired two years ago, as it looks for ways to pare losses at its online business. “I can confirm that Walmart has received outside interest from buyers for ModCloth,” the site’s CEO Silvia Mazzucchelli told Glossy magazine. “We are in the process of exploring potential opportunities.” Recode ...

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• 7 August

  Air freight in decline for eighth consecutive month, says IATA

  

  Geneva / Emirates Business The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), decreased by 4.8 percent in June 2019, compared to the same period in 2018. This marks the eighth consecutive month of year-on-year decline in freight volumes. Signs of a modest recovery in recent months ...

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• 6 August

  Kizad cuts fees for over 75% services to spur investment

  

  ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), an Abu Dhabi Ports subsidiary, has waived the charges for over 75 percent of its services, in line with the Abu Dhabi Government directive to encourage further investment into the emirate. In an ongoing commitment to the growth and success of operations at Kizad, three-quarters of services will be offered ...

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