January, 2019

• 28 January

  ECB’s Knot says recession concerns are ‘premature’

  

  Bloomberg The European economy doesn’t show any signs of falling into a recession, ECB Governing Council member Klaas Knot said. “The European economy is doing pretty well,” and even though capacity utilisation is high and unemployment low, this isn’t leading to inflation, the Dutch central bank president said in Dutch television show Buitenhof. “I do find talk about a crisis, ...

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• 28 January

  S&P Global enters China rating market

  

  Bloomberg Chinese regulators have allowed S&P Global Ratings’ Beijing-based wholly owned unit to conduct credit rating business on the mainland, according to a statement from the People’s Bank of China (PBOC). The credit assessor is now allowed to register for bond rating service in China’s interbank market. The PBOC didn’t mention Moody’s Investors Service and Fitch Ratings in its announcement ...

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• 28 January

  Carney: Hitting bank pay is regulators’ best tool

  Bloomberg Bank of England Governor Mark Carney said tough oversight of bankers and threats of jail aren’t enough to prevent talent from joining the industry. Carney was discussing the UK’s Senior Managers’ Regime, a response to the “relatively limited consequences” for senior bankers in the wake of the financial crisis. It works on the basis that ignorance is no defense, ...

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• 28 January

  Powell on the spot after Fed messages whipsaw market

  

  Bloomberg Federal Reserve Chairman Jerome Powell has some further explaining to do after the central bank’s monetary messages whipsawed financial markets over the last month. Powell holds a press conference at 2:30 pm on Wednesday in Washington following a two-day meeting of the Federal Open Market Committee. Investors expect the FOMC to keep interest rates on hold. Its policy statement ...

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• 28 January

  Europe’s retail rout deepens as UK and Germany lose jobs

  

  Bloomberg Europe’s retail crisis deepened as companies in the UK and Germany are poised to cut thousands of jobs as online shopping accelerates the erosion of sales from traditional bricks-and-mortar stores. Tesco Plc, the biggest UK grocer, will eliminate about 15,000 positions and close meat, fish and delicatessen counters, the Mail reported, citing unidentified industry sources. Galeria Kaufhof, which has ...

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• 28 January

  Ailing Jet Air seeks approval to swap debt for its shares

  

  Bloomberg Jet Airways India Ltd is seeking the approval of shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner. India’s biggest full-service carrier has called an extraordinary general meeting on February 21 in Mumbai, during which it will also seek consent for lenders to ...

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• 28 January

  US airlines rally as American, Southwest rekindle expectations

  

  Bloomberg US airlines rallied as American Airlines Group Inc and Southwest Airlines Co predicted strong revenue gains after surpassing Wall Street’s profit estimates late last year. American vowed to outperform rivals in charging higher fares this year as it adds flights at hubs where it dominates traffic, such as Charlotte, North Carolina, and Dallas-Fort Worth. Southwest said it was benefiting ...

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• 28 January

  Credit Suisse loses $60mn on Canada Goose trade

  

  Bloomberg Credit Suisse Group AG lost about $60 million late last year after it was left holding shares in the luxury parka maker that slumped during tensions between Canada and China, according to people with knowledge of the matter. Credit Suisse acted as an underwriter on the sale of 10 million shares by Canada Goose Holdings Inc stockholders in late ...

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• 28 January

  KFC, Walmart Canada vow to reduce use of plastics

  

  Bloomberg Plastic has been a hot topic in Davos and more big-name companies are stepping up commitments to reducing plastic waste — playing catch-up to other industry leaders. Fast-food chicken chain KFC said that all plastic-based, consumer-facing packaging will be recoverable or reusable by 2025. Walmart Canada announced plans that include reducing plastic bag use by 2025 that will take ...

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• 27 January

  Adnoc seals $5.8bn deal with Eni, OMV

  

  Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed, on Sunday, the signing of two new strategic equity partnerships between the Abu Dhabi National Oil Company (Adnoc), Eni and OMV covering both Adnoc Refining and a new trading joint venture, which will ...

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