July, 2019

• 7 July

  Facebook’s Libra plan draws ECB warning on regulation

  Bloomberg Financial regulators must act fast to prepare for the push by US tech giants such as Facebook Inc into the financial system, according to European Central Bank Executive Board member Benoit Coeure. “It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous,” Coeure said in ...

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• 7 July

  Deutsche Bank culls its top leadership

  

  Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing promised a “tough” restructuring in May. What he’s likely to deliver involves culling almost a third of the top leadership and slashing the balance sheet. The supervisory board, expected to meet in Frankfurt to adopt the bank’s sweeping revamp, will probably replace three out of nine management board members and cut ...

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• 7 July

  Neto plays down Brazil’s reform-rate cut link

  

  Bloomberg Brazil’s Central Bank President Roberto Campos Neto said there is “no mechanical relationship” between congressional approval of a key pension reform bill and a cut in interest rates, in an interview with the newspaper O Estado de Sao Paulo. The comments appear to partially walk back the messaging in the central bank’s latest minutes, which suggested that the reform ...

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• 7 July

  India’s PNB uncovers fresh $555mn fraud

  

  Bloomberg India’s beleaguered state-run lender Punjab National Bank (PNB) disclosed another incident of fraud amounting to $555 million, roughly one year after it suffered through the country’s costliest banking scandal. The new case relates to the non-performing assets of insolvent Indian firm Bhushan Power & Steel Ltd, PNB said in a filing. It reported the fraud to the Reserve Bank ...

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• 7 July

  US to Congo banks: Step up fight on illegal financing

  Bloomberg The US said banks in the Democratic Republic of Congo must increase their efforts to combat money laundering and financing of terrorism. US authorities recommended the lenders “put in place rigorous control and monitoring of the accounts of politically exposed people,” according to a statement issued by the Association of Congolese Banks . The association met officials from the ...

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• 7 July

  Economic risks building in Europe, warns SocGen chief

  

  Bloomberg Trade tensions and uncertainty surrounding Brexit are raising economic risks for the euro region that may require central bank action, according to Societe Generale SA Chairman Lorenzo Bini Smaghi. “At some point the slowdown may reach bottom, and we want to have the monetary instruments in place to avoid that this becomes a recession,” he said in a Bloomberg ...

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• 7 July

  Boeing offers $100m to help families of Max crash victims

  

  Bloomberg Boeing Co is offering $100 million to support the families of victims and others affected by two crashes of its 737 Max jetliner, which killed 346 people and have led to scores of lawsuits. The money will go towards “education, hardship and living expenses for impacted families, community programmes and economic development in impacted communities,” Boeing said in a ...

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• 7 July

  IAG says it has no plans to revive bid for Norwegian Air

  

  Bloomberg British Airways owner IAG SA said it has no plans to revive a bid for discount rival Norwegian Air Shuttle ASA following a Spanish report that an offer was likely to be made in the next 15 days. The airline group, which also owns Madrid-based Iberia, intended to make an approach worth about $1.2 billion, according to Okdiario newspaper. ...

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• 7 July

  Sainsbury’s shareholders back Coupe despite failed Asda deal

  

  Bloomberg J Sainsbury Plc shareholders gave Chief Executive Officer Mike Coupe a vote of confidence at the supermarket operator’s annual general meeting, despite declining sales and the collapse of its planned acquisition of Walmart Inc’s Asda. More than 99 percent of investors voted in favour of keeping Coupe on the board. Still, some investors questioned Chairman Martin Scicluna on Sainsbury’s ...

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• 7 July

  Scandinavian Air gets overtaken by local bus

  Bloomberg Troubled Scandinavian Airlines operator SAS AB is now smaller than a bus company. Its market value has dropped to just 5.09 billion kronor ($546 million), after its shares slumped almost 40 percent so far this year. That means that Nobina AB, the Nordic region’s largest public-transport service provider, is now bigger, with a market capitalisation of 5.11 billion kronor. ...

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