July, 2019

• 8 July

  Japan bank resumes overseas expansion

  

  Bloomberg One of Japan’s biggest regional banks is resuming an expansion overseas, 20 years after the country’s financial crisis forced it to retreat. Concordia Financial Group Ltd plans to expand in Asia to offer cash management services to its Japanese corporate clients and infrastructure loans to local entities, president Kenichi Kawamura said. It aims to hire specialists and double overseas ...

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• 8 July

  Australian bank ‘rally to fade’ over rate cuts

  

  Bloomberg Back-to-back interest-rate cuts — and the possibility of more to come — have Credit Suisse AG feeling gloomy about Australia’s banking sector. With interest rates at a record low of 1 percent, banks are reaching the limit on how much they can reduce rates on deposits, which they rely on to fund their loan books. Australia & New Zealand ...

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• 8 July

  Central banks’ gold rush gathers pace

  Bloomberg Central banks are going after gold in 2019, boosting holdings as economic growth slows, trade and geopolitical tensions rise, and some authorities seek to diversify their reserves away from the dollar. The People’s Bank of China said on Monday it raised reserves for a seventh month in June, adding 10.3 tons, following the inflow of almost 74 tons in ...

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• 8 July

  Wall Street banks struggle to hire local talent in China

  

  Bloomberg In the US, Wall Street’s biggest investment banks have been known to reject about 95 percent of job applicants. In China, it’s often the other way around. Although international securities firms are stepping up efforts to expand in Asia’s largest economy, experienced local recruits tend to prefer state-backed companies such as China International Capital Corp and Citic Securities Co. ...

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• 8 July

  Amazon workers plan Prime Day strike

  

  Bloomberg Amazon.com warehouse workers in Minnesota plan to strike during the online retailer’s summer sales extravaganza, a sign that labour unrest persists even after the company committed to paying all employees at least $15 an hour last year. Workers at a Shakopee, Minnesota, fulfillment centre plan a six-hour work stoppage from July 15, the first day of Prime Day. Amazon ...

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• 8 July

  Ocado short sellers circle as tech test looms

  

  Bloomberg A rise of more than 55 percent in Ocado Group Plc’s shares this year, and increased competition, has put the UK online grocer and technology provider back in the sights of bearish speculators. Short interest in Ocado climbed above 5 percent of shares outstanding for the first time since July 2018 last month, after touching a multiyear low in ...

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• 8 July

  British Airways faces $230m data-theft fine

  

  Bloomberg The UK plans to fine British Airways 183.4 million pounds ($230 million) over computer attacks that exposed customer data, marking the first major application of far-reaching European Union rules requiring companies to tighten anti-hacking measures. The proposed penalty relates to data theft affecting about 500,000 customers between June and September last year, the UK Information Commissioner’s Office (ICO), which ...

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• 8 July

  Airports open up to terminal tourists who want to hang out

  

  Bloomberg Chuck Hughey braves security lines at Pittsburgh International Airport at least once a week. Not to catch a flight, but to get an ice cream cone or cruise a few of the concourses. Is he nuts? Not at all, he will tell you, just a doting grandfather. He and 3-year-old Cleo spend quality time there, riding the trams between ...

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• 7 July

  UAE named partner country for Moscow Global Forum

  MOSCOW / WAM The UAE has been named as the partner country of Moscow Global Forum ‘City for Education’ set to take place in conjunction with Aqdar World Summit from August 29 until September 1 in Russia. Maadhad Hareb Mughair Al Khaili, UAE Ambassador to Russian Federation highlighted importance of hosting such international events that ensure the exchange of knowledge ...

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• 7 July

  Abu Dhabi records AED31b realty transactions in H1

  

  ABU DHABI / WAM Around AED31 billion was generated through 10,000 plus real estate transact-ions across Abu Dhabi Emirate in first half of 2019, according to the first biannual report of the Department of Urban Planning and Municipalities (DPM). “These results demonstrate the buoyant real estate market in Abu Dhabi,” Falah Al Ahbabi, Chairman of the DPM, commented, adding, “These ...

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