July, 2019

• 31 July

  Indian equity gauges cap worst July since 2002, eke out gains

  

  Bloomberg Key Indian equities indexes capped their worst decline for the month of July in 17 years, even as shares eked out gains on Wednesday. The benchmark S&P BSE Sensex climbed 0.2 percent to 37,481.12 in Mumbai, easing its decline this month to 4.9 percent. The NSE Nifty 50 Index gained 0.3 percent to 11,118.00 and is down 5.7 percent ...

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• 31 July

  Credit Suisse, BNP break bank gloom with debt trading gains

  

  Bloomberg Traders at Credit Suisse Group AG and BNP Paribas SA broke some of the gloom in European banking, beating most of their Wall Street peers in the second quarter of 2019. The results represent a rare bright spot for institutions contending with a deteriorating economy and huge job cuts, including the 18,000 positions that Deutsche Bank AG expe-cts to ...

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• 31 July

  Fed’s unique regional structure helps preserve policy independence

  

  Bloomberg The Federal Reserve’s uni-que structure helps preserve monetary policy independence, according to a new academic study that comes at a time of heightened tensions between the White House and the central bank. Cleveland Fed economist Edward Prescott and Rutgers University economics professor Michael Bordo argue the Fed’s deliberately decentralised design — with 12 regional banks around the country augmenting ...

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• 31 July

  Indonesia’s oldest bank taps veteran venture capitalist

  

  Bloomberg When Nicko Widjaja was hired to run the venture capital arm of Indonesia’s biggest telecommunication services provider in 2015, corporate venture capital investing had a reputation for being slow, bureaucratic and generating lackluster returns. But in four years, he has made it work. The first venture fund of state-owned PT Telekomunikasi Indonesia, called MDI Ventures, has returned 40 percent ...

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• 31 July

  Goldman Sachs raises S&P 500 target on Fed bet

  Bloomberg While corporate America’s profit engine is about to cool, Goldman Sachs Group Inc. says a Federal Reserve interest-rate cut will continue to boost stock prices this year. The bank cut 2019 earnings estimates for the S&P 500 Index to $167 a share from $173, citing an economic slowdown, lower oil prices and weak margins, according to a note from ...

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• 31 July

  BofA to end payments JV with First Data next June

  

  Bloomberg Bank of America Corp. (BofA) said it will end a payments joint venture with First Data Corp. next June when a contract between the two firms expires. The firms will continue to provide delivery of products and services for existing clients through at least June 2023, but will otherwise pursue in-dependent merchant-services strategies next year, Bank of America said in ...

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• 31 July

  BBVA’s Mexico resilience helps it beat profit estimates

  

  Bloomberg Banco Bilbao Vizcaya Argentaria SA’s (BBVA) Mexican business shrugged off an economic slowdown in the country, helping the Spanish bank make up for the effect of ultra-low interest rates in Europe. The Mexico unit posted its highest quarterly profit in at least a decade, helping BBVA report group earnings that beat analyst estimates. That bucks a trend among Spanish ...

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• 31 July

  Airbus profit soars on higher output of rival to Boeing Max

  

  Bloomberg Airbus SE earnings surged in the second quarter, helped by a ramp up in deliveries of a narrow-body model that rivals Boeing Co’s grounded 737 Max. Adjusted profit before interest and tax increased 72 percent to $2.2 billion, beating estimates, as Airbus handed over close to 300 of the A320 planes. Four-fifths of the jets were the revamped Neo ...

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• 31 July

  British Airways fails to block pilots strike

  

  Bloomberg British Airways (BA) lost a UK court bid to halt a pilot strike, in a ruling that may clear the path for walkouts at the height of the busy summer travel season. Wednesday’s decision raises the risk of the airline’s first pilot strike in about four decades, in a dispute about pay, profit sharing and a stock-awards programme. Brian ...

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• 31 July

  Ryanair says hundreds of jobs on the line over Brexit, Max delays

  

  Bloomberg Ryanair Holdings Plc Chief Executive Officer Michael O’Leary told workers the budget airline needs 1,500 fewer pilots and cabin crew than originally envisaged amid a slump in earnings and delays to expansion plans forced by the grounding of Boeing Co’s 737 Max jetliner. In a video message to staff seen by Bloomberg, O’Leary said the carrier has an excess ...

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