October, 2018

• 3 October

  Europe teaches Uber to do business better

  

  On Monday, Uber returned to Dusseldorf, Germany, a city it was forced to abandon in 2015. This is a victory both for German regulators and for Uber, or rather, for its new version under Chief Executive Dara Khosrowshahi. It shows that the San Francisco-based company can actually function as a tech platform, rather than as a taxi business that pretends ...

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• 3 October

  Apple is looking down on ads but takes billions from Google

  

  What if everyone is wrong about Apple Inc.’s most closely watched growth business? Investors have been obsessed with what Apple calls its “services” segment — a grab bag that includes the company’s cut of iPhone app sales; the AppleCare warranty program for devices; and subscriptions for internet add-ons including Apple Music, iCloud digital file storage and perhaps soon a Netflix-like ...

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• 3 October

  India strikes uncomfortable balance on biometrics

  

  India’s extraordinary attempt to give every resident a biometric ID, the Aadhaar project, has just been declared constitutional — in part — by the country’s Supreme Court. It was hard to imagine any other outcome; too much time and money had been spent on Aadhaar, and too many of India’s poorest people had waited patiently in line for their chance ...

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• 3 October

  US stocks, dollar rise on data; Italian bonds gain

  

  Bloomberg US stocks rose towards records and the dollar gained after upbeat private jobs data bolstered confidence in the world’s largest economy. European assets firmed on news the Italian government may rein in spending. The S&P 500 Index headed for a record close as technology and financial shares advanced. Italian debt jumped after four days of selling and the Stoxx ...

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• 3 October

  World’s worst stock market is not cheap enough to buy

  Bloomberg For some Philippine money managers, it’s still too soon to scoop up shares in the world’s worst-performing stock market. As the Philippine Stock Exchange Index dipped below 7,100, taking its valuation to its lowest level since January 2016, Metropolitan Bank & Trust Co. is among the firms that’s staying on the sidelines. John Padilla, the head of equities at ...

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• 3 October

  Powell sees muted inflation risk in ‘extraordinary’ economy

  

  Bloomberg Federal Reserve Chairman Jerome Powell welcomed recent increases in Americans’ wages while expressing confidence that low unemployment won’t spur a takeoff in prices that would force him to hike interest rates aggressively. “The rise in wages is broadly consistent with observed rates of price inflation and labor productivity growth and therefore does not point to an overheating labor market,” ...

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• 3 October

  Randal Quarles is in two-horse race to succeed Carney at FSB

  

  Bloomberg Randal Quarles, the Federal Reserve’s vice chairman for supervision, is vying with the head of the Dutch central bank to lead a watchdog panel for the global financial system. Quarles, the US central bank’s chief Wall Street regulator, and Klaas Knot are the front-runners to lead the Basel-based Financial Stability Board after Mark Carney steps down on Dec. 1, ...

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• 3 October

  Italian yields hit post-2014 high

  

  Bloomberg Italian assets were roiled yet again after a prominent euroskeptic said that the nation could resolve its debt problems with its “own currency.” The yield on the nation’s 10-year bonds touched the highest level in more than four years after Claudio Borghi, head of the lower house budget committee, said the euro was “not sufficient” to solve Italy’s fiscal ...

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• 3 October

  Wells Fargo regulator not satisfied with its auto-lending response

  

  Bloomberg Wells Fargo & Co. hasn’t yet satisfied one of the regulators responsible for deciding whether the bank is properly reimbursing customers who might have been harmed by recent scandals involving its auto-lending and mortgage businesses. “We are not comfortable where we are with them,” Joseph Otting, chief of the Office of the Comptroller of the Currency, told senators at ...

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• 3 October

  Danske in historic management shift after 6 top people leave

  

  Bloomberg As Danske Bank A/S struggles through its worst crisis this century, it’s also undergoing an historic shift in its upper ranks. Denmark’s biggest bank has lost six of its highest-ranking people since December, including its chief executive officer, its chief financial officer, its general counsel and its heads of international banking and wealth management. The bank’s chairman has signaled ...

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