August, 2018

• 28 August

  Deutsche Bank Japan head Makoto Kuwahara leaves for Credit Suisse

  

  Bloomberg Deutsche Bank AG’s Japan chief Makoto Kuwahara will leave the German lender after five years in charge of operations in the country, to join Credit Suisse Group AG. Kuwahara, who is also president of local unit Deutsche Securities Inc., is departing to pursue other interests, Deutsche Bank said in a statement. He will be replaced by Tamio Honma, head ...

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• 28 August

  Bank of Montreal’s US push rewarded with ‘profit’

  

  Bloomberg Bank of Montreal (BMO) set a profit record for its US business, thanks in part to Donald Trump’s tax cuts and lower provisions for bad loans. The lender earned $281 million from its US personal-and-commercial division in the fiscal third quarter, helped by rising revenue, and tax reform gains. Earnings for the US business, which includes Chicago-based BMO Harris ...

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• 28 August

  Europe tries to avoid crisis as US-China trade war grows

  

  Bloomberg In the shadow of an escalating trade war, momentum is picking up to protect the World Trade Organisation from turning irrelevant. The European Union will host trade ministers from the US and Japan next month in Brussels, according to two officials with knowledge of the meeting. The gathering will be part of an effort to address China’s trade practices ...

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• 28 August

  Apollo Global to acquire Aspen for $2.6 billion in insurance expansion

  Bloomberg Apollo Global Management LLC, the investment firm led by Leon Black, agreed to acquire Aspen Insurance Holdings Ltd. for $2.6 billion, in the latest example of private equity investors expanding their insurance assets. Apollo will pay $42.75 a share for the Hamilton, Bermuda-based insurer, a premium of 6.6 percent to Monday’s closing share price, in an all-cash deal. The ...

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• 28 August

  Toyota invests $500mn in Uber for self-driving tech

  

  Bloomberg Toyota Motor Corp. is expanding an alliance with Uber Technologies Inc. through a new investment and a plan to get self-driving cars on the road. The Japanese automaker is investing $500 million in Uber, the companies said. The deal values the ride-hailing giant at $72 billion, said a person familiar with the matter. As part of the pact, Toyota ...

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• 28 August

  Netflix appoints Facebook executive Rachel Whetstone

  Bloomberg Netflix Inc. hired Facebook Inc. executive Rachel Whetstone as the company’s new chief communications officer, putting a Silicon Valley veteran in charge of the streaming service’s messaging as it grapples with regulators and competitors in 190 countries. Whetstone has worked in communications at Google, Facebook and Uber, three companies that have faced controversy at home and abroad. She replaces ...

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• 28 August

  Automakers jump as Trump-Mexico deal averts tariff doomsday

  

  Bloomberg Judging from the jump in General Motors Co. and Ford Motor Co. shares, the market thinks President Donald Trump’s accord with Mexico to replace the North American Free Trade Agreement will enable US automakers to carry on business as usual. This could be right, with one big caveat: The companies are going to need Canada to join the deal, ...

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• 28 August

  Trump’s Mexico trade deal looks like a lemon

  

  A car can look like a fantastic bargain on the lot, only to reveal itself as a lemon when you drive it away. It’s not so different with trade agreements. Take the deal hammered out between the US and Mexico on automotive imports, which the two countries hope to extend to Canada, the third member of the North American Free ...

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• 28 August

  Sinopec plans to spin off wrong unit

  

  Shareholders in China Petroleum & Chemical Corp, the giant oil refiner known as Sinopec, have little to complain about this year. Thanks to excitement around the planned spinoff of its pipelines and marketing businesses and better margins in a time of weaker crude prices, the shares are up 38 percent this year. After announcing a record half-year profit over the ...

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• 28 August

  Dark clouds are brewing over technology sector

  Storm clouds are brewing over the global technology industry. A host of hardware companies, including Apple Inc, Samsung Electronics Co, Foxconn Technology Group and Intel Corp are sitting on inventory stockpiles not seen since the financial crisis a decade ago. And it comes amid a possible US-China trade war; likely monetary tightening by the Fed; more expensive growth in China’s ...

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