July, 2019

• 9 July

  Fed chief heads to Congress with interest-rate cut in play

  

  Bloomberg Jerome Powell is likely to leave Federal Reserve interest-rate cuts firmly on the table when he appears before Congress this week, even though the latest US jobs report dialed down the urgency to ease borrowing costs. The Fed chairman, who has been hectored for months by President Donald Trump for not cutting rates, will probably repeat language from the ...

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• 9 July

  Australian banks win regulator concession on capital buffer needs

  

  Bloomberg Australia’s banking regulator has softened its capital buffer requirement on the nation’s largest banks after they argued that there wasn’t sufficient market capacity available to raise the necessary funds. The so-called Big Four banks will need to lift their total capital by three percentage points of risk-weighted assets by January 2024, less than an initial target of four to ...

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• 9 July

  Danske cuts profit forecast for 2019

  

  Bloomberg Danske Bank A/S, contending with negative interest rates and a money-laundering scandal, cut its outlook for profit this year after trading income fell short of expectations and compliance costs mount. The Danish lender now expects profit of $1.9 billion to 15 billion kroner, down from a previous range of 14 billion to 16 billion kroner. The company said second-quarter ...

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• 9 July

  Credit Suisse hires Ford’s Heyer to lead auto tech banking

  

  Bloomberg Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co to oversee investment banking in the automotive technology sector. Heyer’s coverage area will include autonomous vehicles, components and software, the bank said in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with ...

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• 9 July

  Deutsche Bank job cuts leave many chasing ‘few openings’

  

  Bloomberg Deutsche Bank AG’s massive reorganisation will put thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily. The German lender’s sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bank’s workforce by about 18,000 employees globally. Workers from Sydney to London ...

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• 9 July

  Branson’s space unit Virgin Galactic plans to go public

  

  Bloomberg Billionaire Richard Branson’s Virgin Galactic aims to go public later this year and become the world’s first listed space-tourism venture. A stake in Virgin Galactic will be sold to a shell company that already trades on the New York Stock Exchange, raising about $800 million as the project nears its first commercial flights, a person familiar with the matter ...

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• 9 July

  Jet Airways founder grounded as India probes $2.6b fraud

  

  Bloomberg An Indian court denied Naresh Goyal, founder of India’s once largest airline by market value, permission to fly overseas after the government told the court a $2.6 billion fraud investigation involving Jet Airways India Ltd is underway. The Delhi High Court’s single-judge bench of Justice SK Kait expressed apprehension Goyal may not return like others facing allegations of fraud. ...

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• 9 July

  Wumart, Yonghui in final race to buy Metro’s China business

  

  Bloomberg Chinese supermarket operator Wumart Stores Inc and an investor group backed by rival Yonghui Superstores Co are among suitors that proceeded to the final round of bidding for German food wholesaler Metro AG’s China business, people with knowledge of the matter said. Yonghui has teamed up with Hillhouse Capital, according to the people, who asked not to be identified ...

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• 9 July

  Cebu Air shares plunge 38%, wipes out $415m

  Bloomberg Shares of Philippines’ largest budget carrier plunged to their biggest drop on record, wiping out as much as 21.3 billion pesos ($415 million) from its market value in what traders said was likely a fat finger. Cebu Air Inc slumped 38 percent to the lowest since August 2014 in the last few minutes of trading and volume was below ...

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• 9 July

  US, EU head for tariffs over aircraft aid, says trade chief

  

  Bloomberg European Union Trade Commissioner Cecilia Malmstrom signalled that she expects the US and EU to hit each other with tariffs as retaliation over illegal government aid to Airbus SE and Boeing Co. Malmstrom said the US is entitled to strike first by the end of summer and the EU would follow suit five to six months later after the ...

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