February, 2019

• 10 February

  SocGen to shrink trading unit, cut costs after market rout

  

  Bloomberg Societe Generale SA is shrinking its markets business and cutting an additional 500 million euros ($567 million) of costs to combat the market rout that sent trading revenue tumbling. The Paris-based bank is replacing global markets head Frank Drouet and cutting about 8 billion euros ($9.1 billion) of risk-weighted assets. SocGen will review less profitable fixed-income and currencies activities ...

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• 10 February

  Romania extends rate pause amid ‘greed tax’ paralysis

  

  Bloomberg Romania left borrowing costs unchanged as the central bank complains that surprise tax measures to shore up the budget are restricting its ability to function. The benchmark was kept at 2.5 percent for a sixth straight meeting, matching the predictions of all but one economist surveyed by Bloomberg. The fiscal package, which triggered the country’s biggest market crash since ...

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• 10 February

  Powell planted clue to policy U-turn with 2017 inflation pledge

  

  Bloomberg The secret behind Federal Reserve Chairman Jerome Powell’s surprise U-turn on monetary policy can possibly be found in comments he made in New York a year and a half ago. Asked how he’d respond to what was then a hypothetical scenario of below target price rises and low unemployment, Powell replied: “My own view would be that we have ...

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• 10 February

  Standard Chartered mulls options for Malaysia Islamic banking unit

  

  Bloomberg Standard Chartered Plc is considering options for its Islamic banking unit in Malaysia, including a potential sale, people with knowledge of the matter said. The London-based lender has been gauging interest from potential buyers for the business, known as Standard Chartered Saadiq Bhd, according to the people. It is weighing an exit from Malaysia’s Islamic banking market as fierce ...

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• 10 February

  Philippines holds rate, cuts inflation forecasts

  Bloomberg The Philippines central bank left its benchmark interest rate unchanged for a second straight policy meeting, while cutting inflation forecasts for this year and next. The overnight reverse repurchase rate was held at 4.75 percent, Bangko Sentral ng Pilipinas said in a statement in Manila. The decision was in line with the forecasts of all 22 economists surveyed by ...

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• 10 February

  Billionaire Bass’s supersonic jet dream wins Boeing backing

  

  Bloomberg Boeing Co is joining with Aerion Corp, a startup founded by Texas billionaire Robert Bass, to help build a supersonic business jet that would cut trans-Atlantic flight times by three hours. The US aerospace giant will make a “significant investment” in Aerion to accelerate design and development, according to a statement. Boeing will replace Lockheed Martin Corp., which had ...

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• 10 February

  Air France-KLM weighs changing Dutch unit head

  

  Bloomberg Air France-KLM is discussing whether to replace Dutch unit head Pieter Elbers over concerns he may not fully support Chief Executive Officer Ben Smith’s plans to strengthen ties between the two carriers, according to people familiar with the matter. Smith, who took the helm of the holding company in September, is keen for the heads of Air France and ...

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• 10 February

  Expedia sues United Air in fight over ticket-distribution costs

  

  Bloomberg Online travel agency Expedia Group Inc. says United Airlines has threatened to withhold fare data as soon as next week as part of faltering contract talks between the companies. Such a move would halt Expedia’s ability to sell United’s flights for trips after September 30, the travel seller said in a lawsuit filed in federal court in New York. ...

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• 10 February

  Adidas unveils customised in-store shoe printing

  Bloomberg Adidas AG is looking to better tap rapidly changing consumer tastes by increasing pace of development and production, and printing out customized shoes right in its stores. “Trends change extremely fast these days,” CEO Rorsted said in an interview with Euro am Sonntag. “What’s hot today in New York or Tokyo spreads in seconds around world through social media.” ...

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• 10 February

  Norwegian Air builds up London long-haul office to lure talent

  

  Bloomberg Norwegian Air Shuttle ASA is consolidating the team that runs its long-haul flights in London as the debt-laden carrier seeks to add executive talent at a unit crucial to its survival in the ultra-competitive discount market. The company is building a 16-strong contingent in the city, leaving just a few dedicated staff at its main base in Fornebu, near ...

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