August, 2018

• 1 August

  Russia debt sanctions could send the ruble plunging 15%

  Bloomberg The ruble could plunge by as much as 15 percent and borrowing costs would spike to a three-year high if the US goes ahead with proposals to impose sanctions on Russian government bonds, according to a new model developed by Citigroup Inc. Moscow-based analysts at the bank said that such extreme moves would come from a “worst-case scenario” of ...

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• 1 August

  Lloyds profit jumps while missold insurance costs linger

  

  Bloomberg Lloyds Banking Group Plc is quickly gaining earnings momentum, but is still looking over its shoulder to clean up its troubled past. Britain’s largest mortgage lender posted a 23 percent jump in pretax profit for the second quarter, beating analyst estimates, and also upgraded its financial guidance for the full year. It’s also taking a 460 million-pound charge ($602 ...

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• 1 August

  Treasuries slide before Fed as Apple lifts Nasdaq

  

  Bloomberg Treasuries slid and the dollar pared gains as investors counted down to the latest Federal Reserve rate decision. Apple Inc’s rally buoyed the tech sector as an escalation in trade-war rhetoric weighed on equities and battered commodities. A bond sell-off that started in Japan before spreading into Europe picked up steam in the US after the Treasury Department said ...

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• 1 August

  China stocks slide as hopes for politburo boost sputters out

  

  Bloomberg Chinese equities and the yuan extended losses on Wednesday afternoon, gaining downward momentum as concern over possible higher US tariffs overwhelmed optimism about Beijing’s pledge to support economic growth. The CSI 300 Index of large mainland-listed companies slid 2 percent, its biggest loss in a month. The offshore-traded yuan fell 0.17 percent to 6.8170 per dollar, while the yuan ...

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• 1 August

  Tesla plans to invest $5 billion building its factory in China

  

  Bloomberg Tesla Inc. plans to invest $5 billion building a factory in China as the trade war with the US makes establishing production in the world’s fastest-growing auto market more imperative for the electric-car pioneer, a person familiar with the matter said. The company is considering raising funds in China to finance at least a portion of the investment for ...

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• 1 August

  China Tower raises $6.9 billion in IPO

  

  Bloomberg China Tower Corp., the state-owned wireless infrastructure owner, raised $6.9 billion after pricing its Hong Kong initial public offering at the low end of a marketed range, people with knowledge of the matter said. The Beijing-based company sold 43.1 billion shares at HK$1.26 apiece in the IPO, the people said, asking not to be identified because the information is ...

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• 1 August

  Germany blocks China deal

  

  Bloomberg Chancellor Angela Merkel’s government for the first time vetoed a possible Chinese takeover of a German company, signalling a toughening stance toward investments from the country. Merkel’s Cabinet voted to block the potential purchase of German machine tool manufacturer Leifeld Metal Spinning AG Chinese company Yantai Taihai Group, according to person familiar with the matter who declined to be ...

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• 1 August

  Huawei passes Apple in smartphone share for the first time

  

  Bloomberg Huawei Technologies Co. pulled ahead of Apple Inc. to claim the No. 2 position in global smartphone shipments in the second quarter just behind Samsung Electronics Co., solidifying the rise of Chinese competitors. Huawei shipped 54.2 million phones in the quarter, 41 percent more than a year earlier, to jump ahead of the iPhone maker for the first time, ...

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• 1 August

  Apple shares surge 3.5% on iPhone sales projection

  

  Bloomberg Apple Inc. shares jumped 3.5 percent in pre-market trading after the company projected sales that suggest consumers are still snapping up the company’s high-end iPhones even as updated models are on the horizon. The Cupertino, California-based technology giant said it expects fiscal fourth-quarter revenue between $60 billion and $62 billion. Analysts were looking for $59.4 billion, according to Bloomberg ...

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• 1 August

  VW warns of ‘Titanic’ effort to meet trade and emissions goals

  

  Bloomberg Volkswagen AG warned that it will take a huge effort to meet its profit goals this year, as the world’s largest automaker battles trade tensions and stricter emissions rules. Tougher pollution-testing procedures, aimed at preventing a repeat of Volkswagen’s diesel-cheating scandal, will take effect next month and lead to delivery delays. The German manufacturer is also bracing for higher ...

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