November, 2018

• 7 November

  Ride-hailing rivalry gears up in Indonesia

  

  A ride-hailing rivalry is gearing up in Southeast Asia. With a fresh $2 billion war chest, Singapore-based GrabTaxi Holdings Pte is doubling down on its expansion into Indonesia. Meanwhile, Go-Jek Indonesia PT is tiptoeing into its main competitor’s home turf, and making a foray into Vietnam’s buzzing cities. Jockeying for success probably comes naturally to the companies’ founders, who were ...

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• 7 November

  Apple used to be an inventor. Now it’s a landlord

  

  For years, analysts and journalists watching Apple Inc. have talked up the growing importance of services, as opposed to hardware sales, to the company’s top line. But it’s only now that Apple’s business model truly appears to be shifting towards collecting rent from the company’s ecosystem and increasingly relying on gadget sales to perpetuate this rent rather than drive growth. ...

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• 7 November

  Danske chairman forced out amid botched crisis response

  

  Bloomberg The main shareholder in Danske Bank A/S just made clear it won’t stand by and watch the chairman muddle through the lender’s biggest crisis in a century. As Danske finds itself at the center of one of Europe’s worst ever money laundering scandals, A.P. Moller Holding A/S used its roughly 20 percent stake in the bank to force Chairman ...

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• 7 November

  China’s central bank raises $2.9bn in bill sale in Hong Kong

  

  Bloomberg The People’s Bank of China sold 20 billion yuan ($2.9 billion) of bills in its first issuance in Hong Kong on Wednesday, a move that could reduce the offshore yuan’s liquidity and support the Chinese currency. PBOC sold 10 billion yuan of three-month bills at 3.79 percent, according to a statement on the central bank’s website. It issued 10 ...

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• 7 November

  Spanish banks soar over tax reprieve

  

  Bloomberg Spain’s largest banks soared in Madrid trading after the Supreme Court said they aren’t liable for mortgage stamp duty payments that could have imposed billions of euros in extra costs. The court reversed an earlier ruling that lenders should pay the tax, which had typically been passed on to customers, sparking fury across the Spanish political spectrum and prompting ...

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• 7 November

  Credit Agricole lifts capital as financing demand rises

  

  Bloomberg Credit Agricole SA’s corporate banking and financing operations helped boost earnings at its investment bank for a second straight quarter, driving up the division’s revenue 5 percent. Analysts and investors will probably focus on the quality of the earnings and key metrics including bank’s improved financial strength and efforts on cost after net income and revenue came in near ...

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• 7 November

  JPMorgan pulls back on high-risk consumer loans

  

  Bloomberg JPMorgan Chase & Co. has been pulling back from some higher-risk pockets of the consumer credit market, concerned about how those types of borrowers will hold up in an economic downturn. The bank has been avoiding subprime auto finance and cut back on long-duration car loans, according to Gordon Smith, chief executive officer of JPMorgan’s consumer-banking unit. The company ...

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• 7 November

  Boeing issues advice on plane sensor after 737 Max jet crash

  

  Bloomberg Boeing Co is advising airlines on procedures to deal with false readings from a plane sensor that authorities say malfunctioned on a 737 Max jet that crashed off the Indonesian coast over a week ago. An operations-manual bulletin was issued, Boeing said in a statement posted to Twitter, and tells crew to use existing guidelines when dealing with erroneous ...

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• 7 November

  United to cut a flight attendant on longest trips to pare costs

  

  Bloomberg United Continental Holdings Inc. will remove a flight attendant on most of its long-distance international routes, in a bid to keep costs in line with those of its US rivals. The change will take effect February 1, affecting flights on United’s Boeing Co. 787 and some models of 767 and 777 jetliners, according to a memo from John Slater, ...

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• 7 November

  Lampert keeps his cash on sidelines as Sears touts sale plan

  

  Bloomberg For once, Eddie Lampert is keeping his wallet in his pocket. Sears Holdings Corp. is closing in on a deal with new lenders to finance it through its bankruptcy, according to a person with knowledge of the situation. Lampert and his hedge fund, ESL Investments Inc, won’t be participating. Then there’s the retail chain’s plan to auction off the ...

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