April, 2019

• 9 April

  Big foreign lenders could face new risk rules under Fed’s plan

  

  Bloomberg The Federal Reserve is proposing a new approach for overseeing foreign banks such as Deutsche Bank AG, Barclays Plc and Credit Suisse Group AG that’s expected to require some of them to hold bigger stockpiles of easy-to-sell assets to guard against losses. Fed board members voted 4-1 to seek comment on its plan for a new system that closely ...

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• 9 April

  Trumps says US economy doing well despite ‘destructive’ Fed

  

  Bloomberg President Donald Trump fired a fresh broadside at the Federal Reserve for raising interest rates last year, saying the economy is in good shape “despite the unnecessary and destructive actions” taken by the central bank. In a tweet, Trump added that trade agreements with China, Canada and Mexico are “moving along nicely, there is little or no Inflation, and ...

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• 9 April

  SocGen to cut 1,600 jobs globally as slump hits trading

  

  Bloomberg Societe Generale SA said it plans to cut about 1,600 jobs after a slump in trading revenue pushed Chief Executive Officer Frederic Oudea to intensify efforts to boost profit at the investment-banking unit. The reductions include close to 1,200 positions at the global banking and investor solutions division, which houses its trading activities, a trade union representing SocGen’s French ...

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• 9 April

  Deutsche Bank’s trading arm key for ECB in takeover talks

  

  Bloomberg Deutsche Bank AG’s troubled trading arm will be a focus of European banking regulators when they decide whether to approve a potential takeover of rival Commerzbank AG, according to people familiar with the matter. Supervisors at the European Central Bank and national authorities want a clear idea of how much the combined entity will depend on the securities unit ...

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• 9 April

  Carney: Risk of no-deal Brexit alarmingly high

  Bloomberg The risk of a no-deal Brexit is now “alarmingly high,” according to Bank of England Governor Mark Carney, who described some claims about how the UK could manage such a situation as “absolute nonsense.” Leaving the European Union without an agreement has become the “default” outcome despite being opposed by Parliament, and could happen by accident, he said in ...

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• 9 April

  ECB needs more scrutiny from parliament: Report

  

  Bloomberg European lawmakers should play a bigger role in scrutinising the European Central Bank and appointing its key officials, according to a report from the Positive Money Europe advocacy group. The organisation, which wants a fairer banking system and opposes policies such as quantitative easing, recommen-ds giving politicians more time to put questions to President Mario Draghi at his quarterly ...

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• 9 April

  EU-US trade war escalates over disputed aviation subsidies

  

  Bloomberg The European Union is preparing retaliatory tariffs against the US over subsidies to Boeing Co, significantly escalating transatlantic trade tensions hours after Washington vowed to hit the EU with duties over its support for Airbus SE. The two sets of planned punitive measures are the latest twists in a 14-year-old dispute that the US and EU have fought at ...

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• 9 April

  Boeing 737 output cut echoes across aviation industry

  

  Bloomberg Boeing Co’s plan to cut its 737 jetliner production by 19 percent this year is expected to have negative spillover effects across the aerospace industry, from parts suppliers to engine makers and even airlines. The planemaker said it would cut output to 42 airplanes a month by mid-April, as the company fights global criticism about the safety of its ...

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• 9 April

  Lenders seize Debenhams in snub to Ashley

  

  Bloomberg Debenhams Plc, the 241-year-old UK department-store chain that anchors many of the country’s troubled shopping streets, was taken over by lenders after rebuffing a last-minute offer from billionaire Mike Ashley. The retailer entered a form of UK insolvency proceedings that allowed US hedge funds and other lenders to take control. Stores employing about 26,000 people will continue to operate ...

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• 9 April

  UK consumer spending declines over Brexit deal

  

  Bloomberg Consumer spending declined in March as concerns over Brexit and the late timing of the Easter holiday held back shoppers. Total retail sales decreased by 0.5 percent, compared to a 2.3 percent gain a year earlier when the holiday was in March, the British Retail Consortium and KPMG said. That’s below the three- and 12-month averages. On a like-for-like ...

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