May, 2019

• 13 May

  Pakistan bank bucks global trend with plan for 200 new branches

  

  Bloomberg As banks around the world shut branches and lay off tellers, Pakistan’s Faysal Bank is headed in the opposite direction in the hope that a drive into Islamic financial services will boost deposits and shareholder returns. The Karachi-based lender plans to open 200 new branches offering Shariah-compliant deposit accounts in the next two years, and convert 40 regular branches ...

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• 13 May

  Metro Bank falls despite progress in fundraising

  

  Bloomberg Shares in Metro Bank Plc fell more than 9% to a fresh record low despite the British lender’s assurances that its 350 million-pound ($455 million) share sale to repair its finances was well advanced. Metro has started “final discussions with existing shareholders and new investors, and the feedback continues to be positive,” the firm said in a statement, confirming ...

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• 13 May

  JPMorgan bets $1bn of its own cash again for Sinclair deal

  

  Bloomberg To help pull off the biggest media deal of the year, JPMorgan Chase & Co. embraced a Wall Street practice that fell out of favor after the financial crisis. The largest US bank agreed to take a $1 billion equity stake using its own money. The check helped Sinclair Broadcast Group Inc. amass the cash it needed for a ...

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• 13 May

  China ‘linked’ Max approval to support for its own plane

  

  Bloomberg As Boeing Co’s 737 Max was about to enter service in 2017 it became the subject of an unusual diplomatic exchange. Chinese officials, eager to enter the global aircraft manufacturing market dominated by Boeing and Europe’s Airbus SE, raised the prospect with their US counterparts of clearing Boeing’s aircraft for use in China in exchange for favourable treatment of ...

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• 13 May

  Unilever mulls $1b bid for US skincare brand

  

  Bloomberg Consumer goods giant Unilever is considering a $1 billion offer for US skin-care brand Drunk Elephant, the Sunday Telegraph reported, without saying where it got the information. Drunk Elephant, founded in 2012 by Texan mother-of-four Tiffany Masterson and which makes skin-care products with natural, nontoxic ingredients, hired investment banks in January to explore a sale, according to the Wall ...

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• 13 May

  Carrefour considers China options including sale

  Bloomberg Carrefour SA is weighing options including a sale of its Chinese business, mirroring other international consumer firms that have decided to exit the country in recent years, people familiar with the matter said. The French retail giant is working with an adviser and has begun reaching out to potential suitors, the people said, asking not to be identified because ...

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• 13 May

  Rihanna joining LVMH to launch fashion brand Fenty

  

  Bloomberg Pop star Rihanna is joining LVMH to launch a fashion house under her Fenty brand, pairing the world’s largest luxury conglomerate with one of the biggest cultural influencers. The Paris-based label will make its debut this spring, selling ready-to-wear clothing, shoes and accessories, LVMH said in a statement confirming earlier reports on the plans to expand their partnership. The ...

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• 13 May

  First class becoming rarer on Korean carriers

  Bloomberg The most exclusive airline seats are becoming harder to find, with two South Korean carriers becoming the latest to eliminate first class on some of their flights. Korean Air Lines Co will do away with first-class seats on 27 routes starting from June 1, while Asiana Airlines Inc will no longer offer the products on any of its services ...

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• 13 May

  Chico’s weighs buyout while trying to move beyond mall

  

  Bloomberg Malaise in the shopping mall is certainly no secret, with thousands of stores shutting and some familiar names disappearing. Struggling women’s apparel merchant Chico’s FAS Inc now has a potential lifeline — which it may throw back. The retailer said it would review an unsolicited buyout bid from Sycamore Partners, the owner of office supply giant Staples Inc and ...

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• 12 May

  Trump warns China to act on trade deal or face worse terms

  

  Bloomberg US President Donald Trump said it would be wise for China to “act now” to finish a trade deal with the US, warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020. “I think that China felt they were beaten so badly in the recent negotiation that ...

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