June, 2019

• 23 June

  Monty Python and the unholy fail of Jet Airways

  

  Two months after India’s oldest private-sector airline grounded its last plane, and with even a water-bottling firm threatening to drag the carrier into bankruptcy, a consortium of lenders led by State Bank of India can finally stop pretending that a white knight is coming. With the insolvency tribunal taking Jet Airways India Ltd. under its wing, there may be one ...

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• 23 June

  Eleven stocks, $14b erased amid debt crisis in India

  

  Bloomberg A year after a rare default in India’s credit market led to its mini-Lehman moment, several shadow banks in the country, its oldest surviving private airline and the parent company of its biggest television broadcaster are still reeling. The fear which erased more than 1 trillion rupees ($14.4 billion) in market capitalisation of the 11 worst-hit firms is refusing ...

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• 23 June

  Gulf stocks decline over US-Iran row

  

  Bloomberg Stock markets in the Gulf declined as tension between the US and Iran kept investors on high-alert. President Donald Trump said the US will impose major new sanctions on Iran on Monday, days after he abruptly called off a plan for airstrikes against the Islamic Republic, but gave no additional detail. The United Arab Emirates civil aviation authority ordered ...

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• 23 June

  Crypto platform Luno starts African hiring spree

  Bloomberg Naspers Ltd-backed cryptocurrency platform Luno is planning to increase its workforce by almost 60 percent to expand its South African headquarters as Bitcoin once again breaches $10,000. The Bitcoin and Ethereum exchange will hire 150 new employees by the end of the year to boost its software-development team, taking its headcount to more than 400 across seven offices in ...

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• 23 June

  Fed’s rate cut chatter grows as Kashkari backs half-point drop

  

  Bloomberg The drumbeat for a Federal Reserve interest rate cut is getting louder, with one policy maker calling for a 50 basis point reduction. Minneapolis Fed President Neel Kashkari said that he’d advocated for such a move at the central bank’s June 18-19 meeting, where officials ended leaving rates unchanged. Other policy makers speaking didn’t go as far as Kashkari, ...

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• 23 June

  Facebook’s crypto team holds talks with major banks

  

  Bloomberg The biggest US banks have a chance to get in on the new cryptocurrency spearheaded by Facebook Inc. The association behind the Libra coin is in talks with the banks to participate in its governing body, according to a person familiar with the matter who asked not to be identified discussing private negotiations. The person didn’t specify which banks ...

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• 23 June

  BOJ governor’s yield flexibility sets up market test amid a dovish tide

  

  Bloomberg As peers in the US and Europe take a dovish turn, Bank of Japan (BOJ) Governor Haruhiko Kuroda signalled he’s unfazed as bond yields in his own country get caught up in the global shift lower. “There is no need to be extremely and strictly mindful about a concrete range for the rate” on Japan’s benchmark 10-year bond yield, ...

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• 23 June

  Norway increases rates for third time in a year

  Bloomberg Norway’s central bank is on a lonely march towards higher interest rates, torn between an oil industry running at full speed on its home turf and slowing growth abroad. Governor Oystein Olsen’s commitment to tightening has surprised markets with a more hawkish outlook three meetings in a row. He raised the key rate for a third time in less ...

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• 23 June

  BMO hits US growth target in 6 months

  

  Bloomberg Bank of Montreal (BMO) Chief Executive Officer Darryl White said last September that he’d like a third of his bank’s earnings to come from the US in three to five years. It was a matter of months before the goal was reached. Now he expects things to settle down a bit. “I wouldn’t have put a three-to-five-year target out ...

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• 23 June

  Paraguay keeps interest rate steady on ‘prudent’ strategy

  

  Bloomberg Paraguayan policymakers kept their benchmark interest rate at 4.75 percent, reiterating that its current level is the “most prudent” strategy amid slowing growth and tame inflation. In an interview a day before the monetary policy meeting, central bank chief Jose Cantero said that the key rate was at “neutral levels” taking into account the economy and consumer prices. The ...

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