April, 2019

• 8 April

  BOJ fuels slowdown fears with economic downgrades

  Bloomberg Japan’s central bank further fueled the growing consensus that the economy has made a turn for the worse with its widest downgrade of the nation’s regional economies in six years. In its equivalent to the Fed’s Beige Book, the Bank of Japan (BOJ) marked down its economic assessment of three out of nine regions in its quarterly report released ...

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• 8 April

  UniCredit China employee embezzled $15mn of clients’ money over 3 years

  

  Bloomberg A UniCredit SpA employee in China allegedly siphoned off about 100 million yuan ($15 million) of clients’ money over three years by taking advantage of shared passwords and other internal security loopholes, according to people familiar with the matter. Local police and the China Banking and Insurance Regulatory Commission were informed late last year, and the regulator will levy ...

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• 8 April

  Barclays, RBS among banks tapping blockchain tech

  

  Bloomberg Some of the world’s largest lenders, law firms and real estate companies are turning to the technology behind Bitcoin to streamline the process of buying and selling property. Barclays Plc, Royal Bank of Scotland Group Plc and Clifford Chance LLP were among 40 firms to test new platform developed by Instant Property Network, a company backed by blockchain software ...

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• 8 April

  Pity for Draghi mounts in despair at Europe’s growth inertia

  

  Bloomberg Economists gathered at an epicenter of Europe’s slowdown said there’s increasing urgency for political action to foster growth and shift the burden from the region’s monetary officials. At a meeting by Lake Como in Northern Italy, there was an outpouring of sympathy for European Central Bank President Mario Draghi and the onus his institution has faced to deliver incessant ...

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• 8 April

  Jet Airways lenders plan to sell up to 75 pct stake

  

  Bloomberg Jet Airways India Ltd’s lenders invited initial bids to buy as much as 75 percent of the debt-laden carrier, starting a process that will determine the future of India’s oldest surviving private airline. Potential buyers must submit their interest by April 10, State Bank of India Ltd, the lead creditor, said in a document. A strategic bidder should have ...

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• 8 April

  Ashley makes another bid to prevent wipeout of equity in Debenhams

  

  Bloomberg Billionaire Mike Ashley made a fresh bid to prevent a wipeout of his equity in Debenhams Plc, offering to underwrite the issuance of 150 million pounds ($196 million) in new shares. The chief executive officer of Sports Direct International Plc said his support for the shareholder rights issue is conditional on him being named CEO of the department-store chain, ...

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• 8 April

  Tiny deals behind Mukesh Ambani’s bid to take on Amazon

  

  Bloomberg A $2.5 billion spending spree involving more than two dozen deals provides some insight into how Mukesh Ambani is piecing together a strategy to take on Amazon.com in India. Asia’s richest man is sharpening his focus on e-commerce with a string of tiny acquisitions and stake purchases to face the world’s largest online retailer, after shaking up India’s telecommunications ...

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• 8 April

  Two ‘hot-sauce fortunes’ poised to collide

  

  Bloomberg Selling “a rich man’s sauce at a poor man’s price” has made David Tran a very wealthy man. The 73-year-old Vietnamese refugee is responsible for bringing Sriracha to American consumers. After settling in Los Angeles in 1979, Tran founded Huy Fong Foods Inc, named for the Huey Fong boat that brought him to the US, and started making hot ...

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• 8 April

  737 Max recall sought as Boeing woes worsen

  

  Bloomberg Just hours after Ethiopia demanded Boeing Co fix flight controls blamed for the crash of a 737 Max 8 jet last month, the parents of an American victim sued the company, and her grand-uncle, consumer advocate Ralph Nader, called for a boycott and recall of the plane. The flurry of new legal woes came as Boeing Chief Executive Officer ...

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• 7 April

  UAE first globally to sign on WEF’s ‘Scale 360’ initiative

  ABU DHABI / WAM The UAE government, in cooperation with the World Economic Forum (WEF) on the Middle East and North Africa (Mena), has become first signatory to the ‘Scale 360’ initiative, which aims at moving towards a more circular economy while using less natural resources and reducing pollution to tackle climate change. This step reaffirms the UAE’s position as ...

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