July, 2019

• 2 July

  UK’s peer-to-peer lender plans fundraising, IPO

  

  Bloomberg Zopa Ltd is planning to raise as much as 200 million pounds ($253 million) as the online lender works to satisfy regulatory requirements en-route to winning a UK banking license. The company is talking to private equity and sovereign wealth funds about the cash, which could come in the next several months, Chief Executive Officer Jaidev Janardana said in ...

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• 2 July

  Khan’s Credit Suisse exit deepens Zurich talent war

  

  Bloomberg The abrupt departure of a potential heir apparent at Credit Suisse Group AG marks a compelling twist in the power plays transfixing Zurich’s intimate private banking world. Iqbal Khan’s leaving as head of Credit Suisse’s international wealth-management unit confirmed persistent speculation that he’d been in talks with crosstown rivals including UBS Group AG and Julius Baer Ltd. The executive ...

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• 2 July

  Southwest CEO calls latest 737 Max delay ‘very disappointing’

  

  Bloomberg Southwest Airlines Co, the largest operator of the grounded Boeing Co 737 Max, said the discovery of a new safety issue with the jetliner is extending its absence “well beyond” what was hoped, forcing the carrier to reassess its schedule for the rest of the year. The latest problem, “unfortunately, is going to delay the timeline for returning the ...

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• 2 July

  Boeing outsourced 737 Max software to $9 programmers

  

  Bloomberg It remains the mystery at the heart of Boeing Co’s 737 Max crisis: how a company renowned for meticulous design made seemingly basic software mistakes leading to a pair of deadly crashes. Longtime Boeing engineers say the effort was complicated by a push to outsource work to lower-paid contractors. The Max software — plagued by issues that could keep ...

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• 2 July

  Polish retailers drop over fast return to sales tax rule

  Bloomberg Poland’s biggest retailers fall as the government pulls forward plans to restore a controversial sales tax to September. The Polish cabinet updated its legislation agenda on Tuesday, which includes fast-tracking a levy that was suspended for three years amid a European Union probe on whether it constituted illegal state aid. In May, Poland won a challenge against the European ...

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• 2 July

  Coty slides as turnaround plan comes with $3bn writedown

  

  Bloomberg Cosmetics maker Coty Inc will take a $3 billion writedown — about a third of its market capitalisation — as its aging mass-market brands face new competition from savvy upstarts in the booming beauty industry. The company, under pressure to turn its business around as revenues stagnate, laid out the first steps of a turnaround plan intended to revive ...

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• 2 July

  Walmart heir, Buffett to give away $4.8b of fortunes

  

  Bloomberg The world’s richest can’t give away their money fast enough — but that’s not stopping them from trying. Warren Buffett said he plans to donate $3.6 billion of Berkshire Hathaway Inc stock to five charities — one of his largest gifts ever — while Walmart Inc heir Jim Walton gave away $1.2 billion of the retailer’s shares. And Home ...

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• 1 July

  UAE entrenched its stature as a global centre, capital of tolerance

  ABU DHABI / WAM The initiatives and events that took place in the UAE over the past six months have reinforced its position as a global centre and capital of tolerance. The UAE’s diplomatic message and international stances have promoted tolerance, despite the heightened tensions in the region. Tolerance by countering terrorism: The meeting between His Holiness Pope Francis, head ...

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• 1 July

  Opec to extend output cut into 2020 as demand ebbs

  

  Bloomberg The Organization of Petroleum Exporting Countries (Opec) will extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not ...

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• 1 July

  Non-resident deposits in UAE banks top loans by AED64.5b

  ABU DHABI / WAM The value of non-resident deposits in the UAE’s banking system exceeded non-resident loans by AED64.5 billion at the end of May 2019 compared to the same period in 2018, according to statistics from the UAE Central Bank. This statistics reflect the trust in the country’s banking systems, which has enabled it to attract more foreign investments. ...

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