April, 2019

• 27 April

  HSBC begins cost review as CEO John Flint rebukes top bankers

  

  Bloomberg HSBC Holdings Plc has started a cost review that could lead to job cuts, as Chief Executive Officer John Flint rebuked top managers at a meeting in Hong Kong last month for missing revenue and cost targets, according to people familiar with the matter. About 400 executives attended the global conference where Flint called out leadership for “incompetence” and ...

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• 27 April

  Colombia holds key interest rate at 4.25%

  

  Bloomberg Colombia left its benchmark interest rate unchanged as policy makers remain wary of derailing the weak, jobless recovery by raising borrowing costs too soon. The seven-member board voted unanimously to leave the policy rate unchanged at 4.25 percent for a twelfth straight month, bank Governor Juan Jose Echavarria said after the meeting. The decision was forecast by all 24 ...

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• 27 April

  Crypto market hit by allegations against Tether, Bitfinex

  

  Bloomberg One of the world’s most widely traded virtual currencies faces renewed doubts about its stability, after New York’s top cop accused the coin’s issuer of participating in a cover-up to hide the loss of about $850 million in client and corporate funds. The allegations against Tether and the operator of cryptocurrency exchange Bitfinex, announced by the New York attorney ...

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• 27 April

  Norwegian uses 737 crisis to wring fleet deal from Boeing

  

  Bloomberg Cash-strapped Norwegian Air Shuttle ASA secured a deal to delay deliveries of Boeing Co 737 Max jets, aided by the bargaining power granted by the model’s global grounding after two fatal crashes. Boeing agreed to postpone the handover of 14 Max 8s due in 2020 and 2021, which together with an outline accord to restructure Airbus SE deliveries will ...

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• 27 April

  SAS cancels 587 additional flights amid pilot strike

  

  Bloomberg SAS AB cancelled an additional 587 flights across Scandinavia scheduled for Sunday because of a strike by pilots, disrupting travel for an estimated 64,000 passengers, the company said in a statement on Saturday. The pilots are striking over pay, having started the action after rejecting measures proposed by a mediator in talks that have been going on since March. ...

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• 27 April

  Walmart explores options for UK grocer including IPO

  

  Bloomberg Walmart Inc is exploring options for its Asda unit including an initial public offering after plans to combine the business with J Sainsbury Plc to create the UK’s largest supermarket chain collapsed, according to people familiar with the matter. In addition to a potential listing, the US retailer may also revisit a sale, though interest from private-equity firms has ...

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• 27 April

  Hermes sales grow most in four years

  Bloomberg Hermes International reported its fastest quarterly sales growth in more than four years, buoyed by demand from Chinese consumers, another sign that the world’s largest luxury market is holding up. The French maker of the famed Birkin bag reported sales growth of 12 percent at constant exchange rates, beating analysts’ estimates. “This is a rock solid start to the ...

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• 27 April

  Bed Bath & Beyond activists urge ousting CEO, selling assets

  

  Bloomberg The activist investors in Bed Bath & Beyond Inc say the retailer could unlock about $1.9 billion of value if it were to hire a new chief executive officer, improve inventory and explore selling non-core assets. Legion Partners Asset Management, Macellum Capital Management and Ancora Advisors proposed those changes and others in a 168-page report with their diagnosis of ...

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• 24 April

  EDB raises home finance for UAE nationals to AED1.45b

  

  ABU DHABI / WAM The Board of Directors of the Emirates Development Bank (EDB) approved AED1.45 billion worth of housing finance for UAE nationals, during its meeting on Wednesday. The bank’s financing solutions provide up to AED5 million for home buyers and up to AED3 million towards construction, enabling Emiratis to maintain a good standard of living. The meeting was ...

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• 24 April

  Saudi records budget surplus of $7.4b in Q1

  

  Bloomberg Saudi Arabia started the year with a quarterly budget surplus for the first time since the 2014 collapse in oil prices. The biggest Arab economy posted a surplus of 27.8 billion riyals ($7.4 billion) in the first quarter, helped by an increase in non-oil revenue as well as income from crude exports, Finance Minister Mohammed Al- Jadaan told an ...

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