July, 2018

• 1 July

  BofA looks to capitalise on AI in currency research

  

  Bloomberg Bank of America (BofA) is jumping on the AI bandwagon. For the first time, the bank’s currency strategists are using machine-learning programs — which enable computers to comb through vast amounts of data to draw inferences and make predictions on their own — to tell clients what to buy and sell. They began producing AI-based research last month, as ...

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• 1 July

  PBOC panel signals shift to growth, market stabilisation

  

  Bloomberg China’s central bank said it’ll keep economic development steady and stabilise market expectations, and reiterated a more cautious tone on debt containment. The People’s Bank of China will keep a close eye on domestic and global economic developments and step up “forward-looking policy fine-tuning,” according to a statement released after a meeting a day earlier of the monetary-policy advisory ...

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• 1 July

  BOJ cuts bond purchases third time in June

  

  Bloomberg The Bank of Japan reduced debt purchases for a third time in June, taking advantage of the recent stability in bond yields and the yen. The BOJ lowered buying in the five-to-10 year segment by 20 billion yen ($181 million) to 410 billion yen at a regular operation. The yen — which has in the past shown a tendency ...

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• 1 July

  S African banks put brakes on lending

  

  Bloomberg The pain felt in South Africa’s economy in the first quarter was echoed in the banking industry. The value of new consumer credit granted in the first quarter declined more than 10 percent to 121.6 billion rand ($8.9 billion) from the previous three months, according to data compiled by the National Credit Regulator. The number of applications for loans ...

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• 1 July

  Emerging-market central banks are losing battle against traders

  

  Bloomberg Central banks in emerging economies are losing the battle with markets as their efforts to shield their currencies struggle for traction, suggesting policy makers have more work to do. Rising US interest rates, the strong dollar, higher oil prices, China’s market and economic wobbles and fears of a global trade war are conspiring to pressure emerging-market currencies. Here’s a ...

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• 1 July

  Amazon makes $1bn splash in healthcare, buying PillPack

  

  Bloomberg Amazon.com Inc. is buying its way into the heart of the US healthcare system, instantly shaking up a prescription-drug industry already in the midst of a broader transformation. Insurance companies and drug-benefit managers have struck a series of deals in recent months designed in part to thwart a potential big splash in the health world from Amazon. But the ...

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• 1 July

  Marc Anthony’s haircare firm raises $182 million in IPO

  

  Bloomberg MAV Beauty Brands Inc., the personal-care company founded by celebrity hairstylist Marc Anthony Venere, raised C$242 million ($182 million) in its initial public offering, according to people familiar with the sale. The Toronto-based firm priced its shares at C$14 each, the low end of its marketed range of C$14 to C$16, the people said, asking not to be identified ...

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• 1 July

  Fastjet shares plunge due to funding squeeze

  

  Bloomberg Fastjet Plc dropped 48 percent in London trading after saying it needs to raise further funds to survive as it runs short of cash and losses mount. A cash balance that stood at $7.5 million on May 24 had shrunk to $3.3 million as of June 18 following spending on aircraft, and Fastjet is struggling to access some loan ...

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• 1 July

  Kenya Air dusts off expansion dream with 10-Boeing plan

  

  Bloomberg Kenya Airways Plc revived long-shelved plans to expand its network by proposing to buy as many as 10 Boeing Co. 737 Max aircraft as part of a five-year strategy. The move follows three consecutive years of losses caused by a poorly executed expansion strategy and fuel-hedging contracts that saw it miss out on rock-bottom oil prices. The losses forced ...

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• 1 July

  Ethiopian Air to resume Eritrea flights by Sept

  Bloomberg Ethiopian Airlines Enterprise will reintroduce flights to Eritrea by mid-September, two decades after a border conflict upended relations between the Horn of Africa neighbours. “Ethiopian Airlines get ready because soon you’ll start going to Eritrea and coming back,” PM Abiy Ahmed said in Addis Ababa. “Let us not transfer to our children hatred and the holding of grudges.” Ethiopian ...

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