July, 2019

• 14 July

  Axis Bank picks lenders for $1.3 billion share sale

  

  Bloomberg Axis Bank Ltd has picked banks including Citigroup Inc and JPMorgan Chase & Co to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter. The bank has also selected Credit Suisse Group AG, BNP Paribas SA, HSBC Holdings Plc, UBS Group AG and Axis Capital Ltd for the proposed offering, ...

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• 14 July

  Dewan Housing posts first loss in more than a decade

  

  Bloomberg Beleaguered Indian shadow lender Dewan Housing Finance Corp (DHFL) posted its first quarterly loss in more than a decade, missed interest payments and cast doubt on its ability to continue as a going concern. DHFL posted a loss of 22.23 billion rupees ($324 million) for the quarter ended in March compared with 1.34 billion rupees in net income a ...

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• 14 July

  IAG ordered 737 Max as ‘it was fed up with Airbus’

  

  Bloomberg IAG SA Chief Executive Officer Willie Walsh said frustration with Airbus SE over late jetliner deliveries was a factor in his decision to place a $24 billion order for Boeing Co’s grounded 737 Max model. Cost and a desire to have a mixed narrow-body fleet weren’t the only considerations in the purchase, with IAG experiencing a 70-day delay on ...

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• 14 July

  Cancellations rise as United Airlines cuts Max 737 until Nov 2

  

  Bloomberg United Airlines Holdings Inc is removing the Boeing Co 737 Max from its schedule through November 2, with flight cancellations growing each month the troubled jet remains out of service. United, the world’s second-largest carrier, currently has 14 of the 737 Max in its fleet and had planned to expand to 30 by year’s end. That means daily cancellations ...

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• 14 July

  Lufthansa chief slams rivals’ ultra-cheap fares

  Bloomberg Deutsche Lufthansa AG’s CEO Carsten Spohr criticised competitors for offering unprofitable ultra-cheap fares as a price war squeezes industry earnings. Tickets costing less than 10 euros ($11) are “economically, ecologically and politically irresponsible,” he said in an interview with the Swiss newspaper NZZ am Sonntag. “Flights for less than 10 euros shouldn’t exist.” Europe’s two biggest low-cost carriers are ...

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• 14 July

  Prime Day becomes holiday testing ground for toymakers

  

  Bloomberg It hasn’t replaced Christmas, but Amazon’s Prime Day is becoming a holiday testing ground for toy companies. Toymakers including Mattel Inc and MGA Entertainment Inc are using the e-commerce giant’s annual sales event to roll out new products and learn more about customers ahead of the critical holiday season. For the first time, Mattel is gearing up for a ...

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• 14 July

  Barneys New York weighs bankruptcy

  Bloomberg Luxury department store Barneys New York is considering a bankruptcy filing, Reuters reported, citing unidentified people familiar with the matter. The retailer is working with Kirkland & Ellis LLP to prepare for a potential bankruptcy that could come in the coming weeks, Reuters cited one of the people as saying. Barneys has not yet made a final decision and ...

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• 14 July

  Walmart e-comm unit seeks new exec while losses pile up

  

  Bloomberg Walmart Inc has a hole to fill at its online unit, and whoever assumes the role faces a big challenge ahead. The company is searching for a new chief revenue officer for its US e-commerce business, who would work under online leader Marc Lore to help map out its battle plan against Amazon.com Inc, Target Corp and other rivals. ...

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• 14 July

  Trump has a favourite currency; it’s not bitcoin

  

  When Donald Trump’s former adviser, Steve Bannon, praised bitcoin last year as “disruptive populism“ and revealed he was working on his own cryptocurrency, it was evidence of something many people had long suspected: The forces driving the growth of anarchic, get-rich-quick digital tokens are very similar to those buoying Trump and his imitators. Both are born out of a resentment ...

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• 14 July

  Trade-off between jobs, inflation fades

  

  Earlier this week Representative Alexandria Ocasio-Cortez challenged Federal Reserve Chair Jerome Powell on whether something known as the Phillips curve — the hypothetical inverse relationship between unemployment and inflation — is “no longer describing what is happening in today’s economy.” In a rare moment of bipartisan agreement, presidential economic adviser Larry Kudlow agreed. Ocasio-Cortez is probably concerned about wages. Although ...

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