November, 2018

• 14 November

  US stocks pare gains on trade angst; crude rises

  

  Bloomberg US stocks pared an advance after a key Democrat called into question the revamped Nafta deal, rekindling concern over trade. Crude rebounded from the worst rout in three years. The S&P 500 looked for its first gain in five sessions, while technology shares all but erased a rise that topped 1 percent. Bill Pascrell, in line to chair the ...

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• 14 November

  Pound volatility soars as traders look ahead to next Brexit hurdle

  Bloomberg Volatility in the pound jumped as traders looked ahead to the next hurdle on the Brexit path even if a draft deal is signed off by Prime Minister Theresa May’s senior ministers. Overnight volatility in the pound against the dollar climbed to the highest level in more than a year. One-, two- and three-month measures also rose, suggesting that ...

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• 14 November

  Greek banks inch towards relief from $47bn bad loans

  

  Bloomberg Greek authorities are moving forward with two different plans to save their banks from a downward spiral. Some would-be investors think they’re too clever by half. To reduce non-performing loans, the Greek central bank is proposing a special-purpose vehicle created with the stricken lenders’ tax credits — themselves an accounting creation of the nation’s past debt restructuring. With those ...

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• 14 November

  Polish bank watchdog resigns after report of $10 million bribe

  

  Bloomberg Poland’s financial industry regulator quit after a newspaper reported that he made an improper offer to the owner of a troubled bank, triggering a government investigation. Financial Supervision Authority Chairman Marek Chrzanowski said allegations by Gazeta Wyborcza were a “dishonest and groundless” provocation, but that he must resign to ensure stability in the banking industry, he told Poland’s PAP ...

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• 14 November

  Danish PM feels ‘let down’ over banks’ performance

  

  Bloomberg Denmark’s prime minister says he feels “deceived” and “let down” after backing free-market policies that helped make life easier for a financial industry now mired in scandal. Lars Lokke Rasmussen, who leads a center-right coalition, told lawmakers in the Danish parliament that his country’s banks “didn’t behave at all,” leaving him feeling “completely let down.” Denmark is trying to ...

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• 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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