October, 2018

• 30 October

  Wall Street may be Powell’s most powerful protector from Trump

  

  Bloomberg The ultimate guarantor of job security for presidential whipping boy Jerome Powell may lie not in Washington, but on Wall Street. President Donald Trump could confront a huge blow back from the financial markets — with stocks, bonds and the dollar all going down — if he made a serious move to oust the Federal Reserve chairman, market professionals ...

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• 30 October

  South Africa central bank sees higher rates to curb inflation

  

  Bloomberg The South African Reserve Bank sees higher interest rates in the next two years to help contain accelerating inflation. The central bank’s quarterly projection model forecasts a benchmark rate of 7.7 percent by the end of 2020 compared to 6.5 percent currently, it said in its six-monthly Monetary Policy Review released in Pretoria, the capital. While policy will remain ...

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• 30 October

  BNP debt trading declines in Q3

  

  Bloomberg BNP Paribas SA joined Deutsche Bank AG in reporting steep third-quarter declines at its debt-trading business, complicating Chief Executive Officer Jean-Laurent Bonnafe’s plans to meet 2020 profit and growth targets. The French bank posted a sixth consecutive quarterly contraction in revenue from buying and selling bonds, currencies and commodities, while gains from equities trading were also lower than analysts ...

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• 30 October

  BofA to pay special bonuses for 2nd year

  Bloomberg Bank of America Corp. plans to reward staff with special bonuses for a second straight year after seeing profits soar on tax cuts and a focus on expenses that’s elimin-ated thousands of jobs in recent months. The lender will give $1,000 cash bonuses in December to eligible employees making less than $100,000 annually, Chief Executive Officer Brian Moynihan said ...

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• 30 October

  India’s Central Bank is at loggerheads with government

  

  Bloomberg A growing rift between India’s central bank and the government has been many months in the making. In the latest move, the Reserve Bank of India made its disagreement with authorities public in a hard-hitting speech by Deputy Governor Viral Acharya — which he said had the backing of Governor Urjit Patel — defending the central bank’s independence. Failure ...

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• 30 October

  Mexico scraps $13bn airport, puncturing investor confidence

  

  Bloomberg Incoming Mexican President Andres Manuel Lopez Obrador, the leftist who calmed investors with his initially market-friendly approach, ditched a $13 billion airport project backed by some of the nation’s wealthiest businessmen, sparking a rout in stocks, bonds and the currency. Lopez Obrador scrapped the project after almost 70 percent of 1.07 million people who participated in a national referendum ...

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• 30 October

  Pentagon says more F-35 fuel tubes may need to be replaced

  

  Bloomberg Two more fuel tubes in F-35 jets may need to be replaced, according to the Pentagon, potentially adding to costs and disruption after a temporary grounding of the fleet. It expands the suspect parts beyond an initial fuel supply line that may have contributed to the September 28 crash of a Marine Corps F-35 and forced a brief grounding ...

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• 30 October

  Rallye faces new front in rift with short sellers

  

  Bloomberg Rallye SA, the indebted parent of French retailer Casino Guichard-Perrachon SA, may soon face a new front in its battle against short sellers. Distressed debt funds betting against the company have been buying up a Rallye bond due in January 2022 that may enable them to force a default, according to people familiar with the matter. That’s because the ...

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• 30 October

  Ryanair defends handling of racial abuse incident on flight

  

  Bloomberg Ryanair Holdings Plc defended its response to a case of racial abuse on a flight last week, saying the Irish carrier reported the matter to police as soon as it became aware of the incident. A video of the event, that went viral on social media, showed a white man racially abusing a black female pensioner. Cabin crew were ...

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• 30 October

  Boeing’s first Max crash leaves Indonesia scouring sea for clues

  

  Bloomberg More than a day after a brand-new Boeing Co. 737 Max jet flown by Indonesia’s Lion Air plunged into the Java Sea, the search for the plane failed to yield much as investigators continued the grim task of uncovering the cause of the deadly crash. Indonesia’s National Transportation Safety Board said in a statement on Tuesday that it’s scouring ...

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