October, 2018

• 2 October

  Citibank Russia unit sees surge in foreign currency

  Bloomberg Citigroup Inc.’s Russia unit gained more foreign currency holdings from retail depositors than any other bank during the ruble’s crash in August. Clients’ foreign currency current account holdings increased by 17 percent month on month to the equivalent of $1.4 billion, according to Bloomberg calculations based on data provided by the lender. That was the largest net gain among ...

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• 2 October

  Leveraged-loan buyers clamour for crumbs in hot market

  

  Bloomberg When a Credit Suisse Group AG salesman asked investors for their final orders for pieces of a corporate loan this week, his email included an unusual visual goad: a photograph of a few crumbs of cake left on an otherwise empty plate. The bank received so much demand for the $5.05 billion loan, which is helping to finance KKR ...

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• 2 October

  JetBlue bets on fewer-frills fare, bag fees to lift revenue

  

  Bloomberg JetBlue Airways Corp., lagging the airline industry’s share returns for a third straight year, is stepping up efforts to boost revenue. The New York-based carrier led US airlines in raising fees for checked bags this summer. It’s cutting frills in a new fare class designed to keep up with similar offerings at larger rivals and smaller discounters. And its ...

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• 2 October

  Primera Air filing for bankruptcy citing Airbus delivery delays

  

  Bloomberg Primera Air is filing for bankruptcy. The Nordic carrier, which had only just started a new business flying long-range, fuel-efficient Airbus SE narrowbodies across the Atlantic, will cease operations as of midnight, it said in an emailed statement. The airline, which along with Norwegian Air Shuttle has attempted to upend the existing trans-Atlantic thoroughfare with low-cost, long-haul flights, was ...

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• 2 October

  Target adds Quip toothbrush to stores

  

  Bloomberg Target Corp. is the first brick-and-mortar retailer to carry the Quip toothbrush, as the retailer adds yet another startup brand hatched on the web. The cheap-chic merchant now offers Quip’s electric brushes in all its stores and online, and will include the product in its holiday gift guides. The $40 battery-powered metal toothbrush comes in four colors, and customers ...

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• 2 October

  Toys ‘R’ Us lenders plan brand revival as auction cancelled

  Bloomberg The same Toys “R” Us Inc. lenders that have been taking heat for their role in the decision to liquidate the company in March are now working on bringing the brand back to life, according to new court documents. In a bankruptcy court filing, the funds that now control Toys “R” Us said they’d canceled a plan to auction ...

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• 2 October

  US malls aren’t dying as fast as some traders would like

  

  Bloomberg For traders betting on the death of America’s malls, being right and making money are proving to be two very different things. Reminiscent of Michael Burry of “The Big Short” fame, these hedge funds have piled into a trade that could reap huge profits if loans taken out by beleaguered mall and shopping-center operators eventually go bust. While the ...

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• 1 October

  UAE federal budget invests in nation’s most cherished assets

  ABU DHABI / WAM The UAE federal budget over the coming three years carries forward a profound message that reaffirms the government’s unswerving determination to forge ahead with its ambitious developmental and investment strategy with the ultimate goal of ensuring the well-being of our human capital, being the core and crux of our comprehensive developmental drive. Approved by the Cabinet ...

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• 1 October

  US, Canada reach trade deal to replace Nafta

  

  Bloomberg The US and Canada have agreed on a trade deal that would save the North American Free Trade Agreement as a trilateral bloc, according to three people familiar with the matter. US and Canadian negotiators worked around the clock to secure an agreement, allowing leaders from those nations and Mexico to sign the accord by late November. The 24-year-old ...

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• 1 October

  Top companies ink deals with innovative start-ups

  

  DUBAI / WAM Dubai Startup Hub, an initiative of the Dubai Chamber of Commerce and Industry, announced the signing of several deals among three UAE-based companies, namely Emirates NBD, Nikai Group, and Sanofi, and start-ups that were selected as winners of the Market Access programme’s second cycle. A total of four memoranda of understanding (MoUs), were unveiled during a deal-signing ...

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