August, 2018

• 6 August

  Imran Khan’s party claims majority post coalition talks

  Bloomberg Imran Khan’s party said it has formed a majority in Pakistan’s parliament after coalition talks with smaller groups and independent lawmakers, paving the way for the former cricket star to take over as prime minister. The Pakistan Tehreek-e-Insaf, or Movement for Justice, has 174 members of the national assembly on its side so far, above the 172 needed for ...

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• 6 August

  Pepsi’s first female CEO to end 12-year run, replaced by insider

  

  Bloomberg Indra Nooyi is stepping down as chief executive officer of food and beverage giant PepsiCo Inc., handing the reins to a top lieutenant in a transition that will draw attention to the dearth of prominent female CEOs in corporate America. Nooyi, 62, will leave the role in October and remain chairman until early 2019. Ramon Laguarta, 54, who has ...

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• 6 August

  Trade spats weigh on German manufacturers

  

  Bloomberg German manufacturers took a hit in June as a slide in overseas demand knocked factory orders amid escalating trade tensions. Orders fell 4 percent from the previous month — eight times as much as forecast in a Bloomberg survey of economists — and the 0.8 percent drop from a year ago was the first annual decline since 2016. The ...

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• 6 August

  Google in talks with Tencent, Inspur, others for China cloud

  

  Bloomberg Google’s plans for China are even more ambitious than previously understood. The internet giant is in talks with Tencent Holdings Ltd., Inspur Group and other Chinese companies to offer its cloud services in the world’s second-largest economy, according to people familiar with the discussions. The discussions began in early 2018 and Google narrowed partnership candidates to three firms in ...

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• 6 August

  Facebook pushes online ads, then spends its cash on billboards

  

  Bloomberg Silicon Valley’s going old school. As tech companies like Facebook Inc. and Google vacuum up billions of dollars in online advertising, they’re pouring their own marketing dollars into billboards and other forms of outdoor signage. That’s driving growth in one of the oldest forms of marketing and is one reason why the category is the only traditional channel expected ...

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• 6 August

  US stocks fluctuate as dollar, bonds advance

  

  Bloomberg US stocks fluctuated and the dollar climbed versus most of its major peers after China signalled it won’t flinch in a trade war. Major American equity averages swung between gains and losses in trading 14 percent lower than the 30-day average at this time of day. PepsiCo Inc. edged higher after chief executive officer stepped down. The Bloomberg Dollar ...

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• 6 August

  India surges to record high, bank stocks gain

  

  Bloomberg Indian stocks extended recent gains amid an earnings season that has buoyed investor optimism about the outlook for companies’ profit growth and sent the benchmark index to record closes in eight of the last 11 trading sessions. The S&P BSE Sensex climbed 0.4 percent to 37,691.89 at close in Mumbai. As many as 12 out of the 19 sectoral ...

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• 6 August

  Bitcoin slips below $7,000

  Bloomberg Bitcoin slipped below $7,000 to its lowest level in three weeks, as seemingly positive sentiment surrounding the largest virtual currency soured over the weekend. The digital token fell as much as 6 percent to trade with a $6,000-handle for the first time since July 17. Last month’s renewed exuberance, which saw it rise by almost a third, appears to ...

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• 6 August

  Sanctions threat forces Iran to end effort to support rial

  

  Bloomberg Iran’s central bank, acting on the eve of US sanctions, scrapped most currency controls introduced this year in a bid to halt a plunge in the rial that has stirred protests against the government of President Hassan Rouhani. Under the measures, the central bank will allow the market to determine the rate of foreign-exchange transactions except the imports of ...

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• 6 August

  HSBC’s equities unit worst among banks amid surge for rivals

  

  Bloomberg HSBC Holdings Plc posted one of the worst equities-trading revenue performances among global banks in the second quarter amid an overall slump at its markets business. Revenue from stock trading at the Asia-focused bank fell 17 percent to $279 million, according to a company presentation. US banks posted a 14 percent average increase for the period and some of ...

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