September, 2018

• 11 September

  Orban’s ‘illiberal’ regime braces for EU democracy test

  Bloomberg European lawmakers will make final arguments on whether Hungarian Prime Minister Viktor Orban’s “illiberal” government should be subject to the European Union’s strictest sanctions for threatening democracy and the rule-of-law in the world’s largest trading bloc. The 751-member European Parliament has never before voted to trigger Article 7 of the EU treaty against a member state, which could ultimately ...

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• 11 September

  Bank of Montreal chief sees profit growth sans acquisition

  

  Bloomberg Bank of Montreal (BOM)’s chief executive officer says he doesn’t need to make another acquisition to meaningfully lift earnings from the US. “If we continue doing the things that we’re doing organically, I could see a third of the bank coming from US earnings,” Chief Executive Officer Darryl White, 47, said. “To get beyond that you’d have to resume ...

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• 11 September

  Barclays to hire 150 in Europe as part of Brexit plans

  

  Bloomberg Barclays Plc, which houses one of the world’s biggest investment banks, will create about 150 new roles as the firm prepares for Britain’s exit from the European Union, a top executive told UK lawmakers. The new hires in Europe will be in addition to the 150 current UK-based positions that will mostly “ migrate” to Dublin, Kevin Wall, chief ...

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• 11 September

  ING CFO Koos Timmermans to step down after money-laundering fine

  

  Bloomberg ING Groep NV, under fire after paying one of the biggest fines ever given to a Dutch lender, ousted Chief Financial Officer Koos Timmermans, who had once been responsible for the division caught up in a money-laundering probe. The 22-year ING veteran will stay in his position until a successor is found, the Amsterdam-based bank said, adding that it ...

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• 11 September

  DBS starts ‘chat service’ using messaging apps

  

  Bloomberg DBS Group Holdings Ltd., Southeast Asia’s biggest bank, unveiled a service that will allow wealthy clients to interact with their relationship managers on WeChat and WhatsApp. The Singapore-based lender will begin registering interested clients for the service known as Wealth Chat, DBS said. It will initially provide content such as investment reports and research insights, with services like trade ...

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• 11 September

  Decade after Lehman collapse, investors shun bank stocks

  

  Bloomberg Time may heal all wounds. But the decade since the collapse of Lehman Brothers Holdings Inc. hasn’t been long enough to restore investors’ faith in banks. While this week marks the 10-year anniversary of the Lehman bankruptcy, an event seen widely as a catalyst for the global financial crisis, data on stock prices and fund positioning suggests the aversion ...

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• 11 September

  Renesas to acquire American chipmaker IDT for $6.7 billion

  

  Bloomberg Renesas Electronics Corp., the second-biggest supplier of semiconductors used in cars, plans to acquire Integrated Device Technology (IDT) Inc. for about $6.7 billion to expand beyond the automotive sector into data centres and communications devices. The Japanese company will pay $49 a share, it said in a statement, about a 16 percent premium to the US company’s Monday close ...

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• 11 September

  Volvo Cars shuts plant with Hurricane Florence forcing evacuations

  

  Bloomberg Volvo Car Group will temporarily idle its brand new car factory in South Carolina after Hurricane Florence spurred orders to evacuate areas in the path of the Category 4 storm. “We have decided to shut down our plant tomorrow in light of the evacuation order that’s now in place for Charleston, Dorchester and Berkeley counties,” Stephanie Mangini, a Volvo ...

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• 11 September

  UK pay growth pits forecast

  

  Bloomberg UK wage growth accelerated over the summer amid the lowest jobless rate in more than four decades. Earnings excluding bonuses rose an annual 2.9 percent in the three months through July, more than the 2.8 percent economists forecast. In July alone, basic wages rose 3.1 percent, the most since 2015, and vacancies are at record levels, the Office for ...

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• 11 September

  US car brands losing share of shrinking Chinese auto market

  Bloomberg American carmakers are losing ground in a shrinking Chinese market, and their problems are mostly tied to a lack of competitiveness rather than the trade war, an industry body said. The market share of US brands fell to 10.7 percent in the first eight months of 2018 from 12.2 percent a year earlier, according to the China Association of ...

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