June, 2019

• 11 June

  Deutsche Bank’s top officer, ex-CEO ensnared in tax probe

  

  Bloomberg Deutsche Bank AG investment-banking head Garth Ritchie and former co-Chief Executive Officer Anshu Jain were swept into a widening German probe on dividend tax payments, adding to strain on top leadership as the shares hover near record lows. Ritchie and Jain joined a growing list of potential targets for prosecutors investigating the so-called cum-ex tax scandal that’s rocked Germany’s ...

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• 11 June

  Fed’s easing history shows Swiss franc as best bet: JPMorgan

  

  Bloomberg Swiss franc bulls have history on their side as speculation grows that the Federal Reserve is about to cut rates. The franc was the best-performing currency during the past four rate-cutting cycles, according to JPMorgan Chase & Co. It’s already rallying as Treasury yields plummet, evidence the pattern might repeat. JPMorgan believes it will, leading the bank to upgrade ...

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• 11 June

  Elusive Sweden inflation could extend negative rate era

  

  Bloomberg Central bank policy makers in Stockholm could soon be forced to follow a growing number of their colleagues abroad in abandoning plans to tighten as inflation is starting to fade. A key report at the end of this week is predicted to show that Swedish inflation once again fell below the 2 percent target, and is even slower when ...

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• 11 June

  BOE may not wait for Brexit clarity to hike interest rates, says Saunders

  

  Bloomberg The Bank of England (BOE) doesn’t have to wait until all political uncertainty around Brexit is resolved to raise interest rates, according to policy maker Michael Saunders. The economy will probably move to “significant excess demand” over the next two to three years if Brexit goes smoothly, Saunders said, and will need monetary tightening as a result. Consumer spending ...

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• 11 June

  ‘ECB toolkit includes rate cuts, more QE’

  

  Bloomberg The European Central Bank (ECB) is willing to cut interest rates, resume bond purchases or strengthen its promises to keep borrowing costs low if necessary to battle economic weakness, policy maker Olli Rehn said. “The Governing Council is determined to act and stands ready to adjust all of its instruments, as appropriate,” Rehn, who heads Finland’s central bank, said ...

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• 11 June

  Hudson’s Bay chairman offers escape from retail’s carnage

  

  Bloomberg Hudson’s Bay Co has tried everything to appease shareholders, from cutting costs to selling off assets. None of it has halted the stock’s steady decline, so Chairman Richard Baker is stepping in with a cash bid valued at about C$1.74 billion ($1.31 billion) to take the company private. Baker is teaming up with investors, including Rhone Capital LLC and ...

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• 11 June

  Chanel takes a minority stake in ‘green’ silk maker

  

  Bloomberg Chanel Inc has become the latest retail giant to make a public nod towards environmentally conscious products, investing in a “green” chemistry company as part of an effort to make luxury items less damaging to the planet. Both the apparel and cosmetics industries are major sources of waste, and chemicals often used to make fabrics and skincare products — ...

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• 11 June

  CEO-to-CEO call pave way for United Technologies’ mega deal

  

  Bloomberg When Greg Hayes took the reins at United Technologies Corp in late 2014, the newly minted CEO said he would pursue huge deals to reshape the industrial conglomerate. He’s been true to his word, though not without a little pressure from activist investors pushing for a transformation. Since late last year, he has completed the acquisition of Rockwell Collins ...

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• 11 June

  Kenya Air proposes ‘new entity’ as airport bid fails

  

  Bloomberg Kenya Airways Plc is willing to operate under a state-owned holding company after the troubled airline failed in its bid to jointly run the country’s main airport, according to Chairman Michael Joseph. Lawmakers in the East African nation are expected to issue alternative proposals, including the possible partial nationalisation of Kenya Airways, after they rejected the airline’s proposal to ...

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• 10 June

  Oil holds near $54 on Saudi-Russia pledge to prevent slump in prices

  

  Bloomberg Oil held near $54 a barrel after Saudi Arabia said it would work with Russia and other members of the Opec+ coalition to prevent a slump in prices. Futures were little changed in New York, after rising 2.7 percent. Saudi Energy Minister Khalid Al-Falih said oil producers would take “preventive steps” to stop prices from diving, after meeting with ...

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