July, 2019

• 17 July

  Woodford-linked exchange stood up by UK watchdog

  Bloomberg The Guernsey stock exchange says it was stood up by the UK regulator when trying to share information on some of the holdings in Neil Woodford’s flagship fund. The “Financial Conduct Authority failed to show up,” the exchange said in a statement and published by the UK’s Treasury Committee. “Eventually, without explanation, an FCA PA called to suggest reorganisation.” ...

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• 17 July

  Australian bank regulator faces overhaul after review

  

  Bloomberg Australia’s banking regulator is set for a major overhaul after a government-commissioned review found it had a “culture of conformity” and needed to become more forceful. In a scathing 146-page report released on Wednesday, the Australian Prudential Regulation Authority (APRA) was found to be slow to act, tentative in addressing issues that don’t entail traditional financial risks, and have ...

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• 17 July

  Handelsbanken slides over fast cost growth

  

  Bloomberg Svenska Handelsbanken AB, one of Sweden’s biggest banks, is taking a long, hard look at its business model to see which corners it can ax so that costs stop growing faster than income. Carina Akerstrom, who took over as chief executive officer in March, said she’s “not at all” happy with the way in which Handelsbanken’s costs are developing. ...

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• 17 July

  Dewan Housing discusses debt revamp

  

  Bloomberg Cash-strapped Dewan Housing Finance Corp is in discussions with its bondholders to revamp its debt as the Indian mortgage lender tries to shore up its financials after posting its first quarterly loss in more than a decade. In a meeting with its rupee bondholders, Dewan Housing discussed an inter-creditor agreement that the consortium of bankers has agreed to enter ...

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• 17 July

  BOE sees balance sheet halving as QE unwinds

  Bloomberg The Bank of England’s balance sheet should fall to around half its current size when quantitative easing (QE) is finally unwound, according to the executive director for markets. While there’s no sign that the bond-purchase programme will be pared back any time soon, a new BOE Discussion Paper on quantitative tightening suggests that the “steady state” balance sheet should ...

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• 17 July

  Ghana stocks fall as banking concerns linger

  Bloomberg Ghana stocks headed for the lowest in 21 months as investors sold shares to free up cash as they contend with the fallout from banking reforms in the West African nation. The Ghana Stock Exchange Composite Index retreated 1.5 percent in Accra on Wednesday, heading for the lowest close since October 2017. Ghana’s banking industry regulator completed a clean-up ...

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• 17 July

  Swedbank cuts dividend as laundering probes drag on

  

  Bloomberg Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a money laundering scandal that has left it Europe’s worst performing financial stock this year, said it will now target ...

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• 17 July

  United raises profit outlook amid strong travel demand

  

  Bloomberg United Airlines Holdings Inc raised its 2019 profit forecast as strong US travel demand helps the world’s second-largest carrier absorb rising cost pressures from the grounding of Boeing Co’s 737 Max. Earnings will climb to at least $10.50 a share this year, United said in a statement as it reported second-quarter results. That was up from the $10 floor ...

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• 17 July

  Gangwal not to sell IndiGo stake amid feud with partner

  

  Bloomberg Rakesh Gangwal, the co-founder of IndiGo, said he won’t sell his shareholding in India’s largest airline and will maintain his stake amid a feud with his partner Rahul Bhatia. “I am here for the long haul,” Gangwal, who has accused Bhatia of corporate governance lapses, said. “I have no desire to sell my stake or raise my stake.” Gangwal, ...

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• 17 July

  Burberry surges as designer’s new looks boost brand in China

  

  Bloomberg Burberry Group Plc surged as demand for its social-media-savvy designer’s revamped looks took off in China. Store sales rose 4 percent on a comparable basis for the three months through June, double the rate analysts predicted. New collections from Riccardo Tisci, who joined the UK luxury brand last year after winning fame at the French fashion house Givenchy, delivered ...

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