June, 2019

• 9 June

  Mideast stocks rise as traders return to work

  

  Bloomberg Middle East stocks generally advanced on Sunday, catching up with emerging-market peers, as traders returned to work following holidays. Gauges in Saudi Arabia, Dubai, Kuwait, Bahrain, Oman and Egypt climbed following last week’s increase for the MSCI Emerging Markets Index. Stock exchanges in the Arab world were closed for most of last week due to Eid al-Fitr, the holiday ...

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• 9 June

  ‘Yuan breaching 7 per dollar within 3 months’

  Bloomberg Goldman Sachs Group Inc expects the yuan to weaken past 7 per dollar in the next three months — a level the currency hasn’t breached in more than a decade. The bank revised its forecasts for the yuan against the dollar because it sees the currency’s decline as a natural offset to higher US tariffs, even if policymakers are ...

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• 9 June

  India eases bad-debt resolution rules

  

  Bloomberg The Reserve Bank of India (RBI) eased rules to give lenders laden with bad debt more time to resolve delinquent accounts and lifted a deadline for pushing defaulters into bankruptcy courts. The directive, which also covers shadow banks, gives lenders 30 days to review a delinquent account and a further 180 days to implement a resolution plan, loosening the ...

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• 9 June

  Blockchain’s appeal limited for retail banks

  

  Bloomberg Retail banks have been slower to embrace blockchain technology and face greater challenges in reaping its potential benefits than their more adventurous co-unterparts in investment-banking world, according to new research from McKinsey & Co. Headwinds for retail lenders to adopt a shared system of distributed computer ledgers to manage day-to-day activities include a tougher regulatory environment for consumer finance ...

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• 9 June

  BOJ to cut negative rate in September: JPMorgan

  

  Bloomberg The Bank of Japan (BOJ) will lower its short-term interest rate to -0.3 percent from -0.1 percent in September to head off risks posed by an expected Federal Reserve rate cut, JPMorgan Chase & Co. said in a research note. Fed cuts are now expected in September and December after escalating US-China trade tensions have raised the risk that ...

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• 9 June

  Draghi’s rate-cut plan fails to sway investors

  

  Bloomberg Mario Draghi’s insistence that he’s determined to revive euro-zone inflation with interest-rate cuts and renewed bond purchases if needed isn’t convincing investors. The European Central Bank president talked a tough game after policy makers extended their pledge to keep borrowing costs at record lows and announced more cheap loans to banks. Yet traders pared bets on a rate cut, ...

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• 9 June

  Fitch slashes Deutsche Bank rating to BBB

  Bloomberg Deutsche Bank AG’s credit rating was cut by Fitch Ratings, which cited the firm’s lack of progress in improving operations. The bank’s long-term issuer default rating was downgraded to BBB from BBB+, Fitch said in a statement. “The downgrade of Deutsche Bank reflects its continued difficulty and limited progress in improving its profitability and stabilising its business model,” Fitch ...

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• 9 June

  Lawmakers seek documents on 737 Max faulty sensor alert

  

  Bloomberg House lawmakers demanded records from Boeing Co, one of its suppliers and US aviation regulators on why a cockpit alert that might have helped pilots in two fatal 737 Max crashes was installed with a defect that the planemaker didn’t plan to fix it until 2020. Representative Peter DeFazio, the Oregon Democrat who heads the House Transportation and Infrastructure ...

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• 9 June

  Fosun in talks to buy Thomas Cook unit

  

  Bloomberg Fosun International Ltd’s tourism unit is in talks to buy Thomas Cook Group Plc’s tour-operating business, Sky News reported. Hong Kong-listed Fosun is already Thomas Cook’s biggest shareholder and is working with JPMorgan Chase & Co on the potential offer. Discussions are at an early stage and it isn’t certain a bid will emerge, Sky said, citing people it ...

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• 9 June

  Steinhoff, Tongaat woes raise South African auditor scrutiny

  

  Bloomberg Steinhoff International Holdings NV’s financial scandal and sugar maker Tongaat Hulett Ltd’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed off are reliable, the standards used don’t require them to uncover wrongdoing. That ...

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