November, 2018

• 14 November

  Rate hikes still a wildcard in Asia

  

  Bloomberg Interest-rate hikes are still on the table in Asia as market volatility returns, with Sri Lanka unexpectedly increasing its benchmark rate. Sri Lanka’s central bank raised the standing lending facility rate to 9 percent from 8.5 percent on Wednesday, and almost half of the analysts surveyed are calling for another increase in the Philippines on Thursday. A hike could ...

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• 14 November

  Shadow banking crisis starting to hit India’s consumers

  

  Bloomberg Karan Dua, an electronics shop owner in south-central Mumbai, placed his hope of crackling sales on Diwali — the Hindu festival of lights when Indians splurge on everything from clothes to cars and jewellery to houses. It hardly lit up business for the 35-year-old shop owner. Businesses like Dua’s are seeing sluggish sales this festive season in part because ...

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• 14 November

  Toys ‘R’ Us bankruptcy plan ties payouts to manager lawsuits

  

  Bloomberg Toys ‘R’ Us Inc. won court approval on Tuesday for a bankruptcy exit plan that ties creditor recoveries — including severance pay for 33,000 fired workers — to lawsuits against the defunct retailer’s former officers and directors. The decision by US Bankruptcy Judge Keith L. Phillips means a litigation trust will be set up to try to hold Toys ...

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• 14 November

  HNA offers airline vouchers, not cash, to repay investors

  

  Bloomberg A financing platform under HNA Group Co. is offering investors air tickets rather than cash as repayment, the latest sign of the financial stress the Chinese conglomerate is under despite a slew of asset sales. Shenzhen-based Qianhai Air & Shipping Exchange that sells wealth management products to retail investors online, is offering tickets from Hainan Airlines or Grand China ...

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• 14 November

  Flipkart CEO quits after misconduct probe

  

  Bloomberg The co-founder and chief executive officer of Indian e-commerce company Flipkart Group has resigned after an investigation into allegations of “serious personal misconduct,” owner Walmart said. Binny Bansal, 37, stepped down immediately following an independent probe into the allegations, which the executive denies, Walmart said. The US retail giant completed its $16 billion purchase of the Indian company in ...

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• 14 November

  Flybe in takeover talks as oil price hits earnings

  

  Bloomberg Flybe Group Plc has begun takeover discussions with several parties as the rising cost of oil crimps earnings at Britain’s biggest provider of domestic flights and the company faces increasing financial stress. The Exeter, England-based carrier is in talks with “a number of strategic operators about a potential sale,” it said in a statement, without naming them. The stock ...

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• 14 November

  Cathay tries to pacify angry hack victims with ‘exciting offers’

  

  Bloomberg Reeling from the world’s worst airline hack that exposed personal data of 9.4 million passengers, Cathay Pacific Airways Ltd. is seeking to regain customer trust with “exciting offers” including better in-flight dining and entertainment. The marquee carrier is attempting to soothe angry customers by promising better services on board after coming under fire for the seven-month delay in disclosing ...

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• 13 November

  Adnoc awards Eni 25% stake in mega gas project

  

  ABU DHABI / WAM The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) has signed the first of a series of concession agreements with Italy’s multinational oil and gas company Eni, awarding it a 25 percent stake in its offshore ultra-sour gas mega project. The Ghasha Concession consists of the Hail, Ghasha, Dalma and other offshore fields. ...

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• 13 November

  Dubai foodstuff trade tops AED44bn

  DUBAI / WAM Dubai external trade in foodstuff recorded AED44.24 billion in H1 of 2018. Imports made AED27.68 billion, exports touched AED7.71 billion, and re-exports recorded AED 8.84 billion, according to recent figures released by Dubai Customs in conjunction with the launch of Gulfood Manufacturing Exhibition 2018 in Dubai. Rice took the lion’s share of foodstuff trade with AED2.43 billion, ...

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• 13 November

  Amazon set to invest $5bn in two HQ2 cities

  Bloomberg Amazon announced it has selected New York City and Arlington, Virginia, as the locations for new headquarters, with hiring at both locations beginning in 2019. Amazon will invest $5 billion and create over 50,000 jobs across two new headquarters. It selected Nashville as new operations center of excellence with over 5,000 jobs. The Washington DC metro headquarters in Arlington ...

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