July, 2019

• 16 July

  Wells Fargo’s net interest income lowest since 2016

  Bloomberg Wells Fargo & Co is already feeling the sting of falling rates. Net interest income (NII), the difference between what the bank charges borrowers and what it pays depositors, fell to the lowest since 2016. That brought the net interest margin to a lower-than-expected 2.82 percent. Declining interest rates and a potential Federal Reserve cut have fuelled concern across ...

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• 16 July

  Schwab in talks to buy USAA units

  

  Bloomberg Charles Schwab Corp appears to be making a play to grab more advisory clients as fees fall for asset management and trading. The San Francisco-based brokerage firm is in talks to buy USAA’s brokerage and wealth-management operations for roughly $2 billion, the Wall Street Journal reported. The deal may be reached this month, the newspaper said, citing people familiar ...

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• 16 July

  EU won’t pull UK market access amid Brexit: Lombard

  Bloomberg The European Union is unlikely to withdraw the UK stock market’s equivalence status as a Brexit “negotiating tool” after withdrawing market recognition from Switzerland earlier this month, according to Lombard Odier. The UK’s equity market is almost twice the size of Switzerland’s and London’s clearing houses, which guarantee contracts even if one side proves insolvent, are a “core part” ...

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• 16 July

  ECB may mull bank-bond buying amid unappealing menu

  

  Bloomberg Europe’s bond investors are starting to ask whether the European Central Bank (ECB) will pair a potential interest rate cut with unprecedented purchases of senior bank debt. Policy makers have previously shied away from buying unsecured bank bonds, not least because of possible conflicts of interest stemming from the ECB’s role in regulating banks it would be purchasing notes ...

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• 16 July

  Nissan bets on new Skyline model to heal brand image

  

  Bloomberg Nissan Motor Co unveiled a new version of its Skyline sports sedan, adding the carmaker’s most advanced autonomous driving technology, as well as design elements shared with models like the GT-R sports coupe. The automobile, Nissan’s first major product debut in Japan since the arrest and ouster of former Chairman Carlos Ghosn, will let drivers take their hands off ...

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• 16 July

  Indian lenders warn of ‘severe plunge’ in recoveries after ruling

  

  Bloomberg A group of lenders led by State Bank of India has filed a case in the nation’s Supreme Court seeking to annul a ruling that gives almost equal rights over the country’s largest distressed steel mill’s obligations to lenders and its 1,936 vendors. Earlier this month an Indian bankruptcy court, that allowed ArcelorMittal’s $6 billion purchase of Essar Steel ...

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• 16 July

  China Merchants Shekou plans $800m REIT IPO in Hong Kong

  

  Bloomberg China Merchants Shekou Industrial Zone Holdings Co is planning an initial public offering of a real estate investment trust in Hong Kong, the city’s first REIT listing in five years, according to people with knowledge of the matter. The company has engaged potential advisers for the share sale and aims for a listing as soon as this year, the ...

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• 16 July

  Japan sees no talks on S Korea export curbs

  Bloomberg Japan doesn’t see a quick resumption of talks with South Korea on export restrictions for materials vital to its tech sector, as a deadline approaches for Tokyo to step up curbs on its neighbour. Economy Minister Hiroshige Seko told reporters that export controls were not a matter for international organisations. His comments came the day after South Korean President ...

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• 16 July

  Muji battles Chinese copycats over products

  

  Bloomberg The retailer Muji became one of Japan’s most recognisable brands by selling simple, practical items that it hopes will last for decades. It turns out, though, that “less is more” has its limits as a business strategy. After a decade of expansion that brought its minimalist emporia of modular shelving, sturdy kitchen gear and earth-tone fashions to cities from ...

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• 16 July

  Trump’s Nafta alternative is a very bad deal indeed

  

  President Donald Trump claims he has “tremendous Democrat support” in the House for the accord he signed last year with Mexico and Canada to replace the North American Free Trade Agreement. He threatens to withdraw from Nafta if Congress doesn’t quickly pass his new trade deal. House Speaker Nancy Pelosi wants the deal, now called the United States-Mexico-Canada agreement, improved ...

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