June, 2018

• 20 June

  Floods kill 19 in Ivory Coast

  Bloomberg Ivory Coast authorities are planning an emergency response after at least 19 people died in floods and scores of others were evacuated from their homes. Heavy rains pounding the world’s biggest cocoa producer made roads impassable in Ivory Coast’s economic capital Abidjan on June 19, according to the agency that coordinates national rescue operations. President Alassane Ouattara shortened a ...

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• 20 June

  May fends off Tory rebellion to win key UK vote on Brexit

  Bloomberg Prime Minister Theresa May faced down a rebellion from pro-European rebels in her party, keeping her Brexit strategy on track and bolstering her position. But the narrow result indicates more battles to come. Lawmakers voted 319-303 to reject an amendment to her flagship Brexit legislation that was supported by some rebels in her Conservative Party. It was intended to ...

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• 20 June

  Merkel to attend crisis summit on migration

  

  Bloomberg German Chancellor Angela Merkel will meet with other European Union leaders for an emergency session on migration as the clock ticks for her to strike a deal to stem the flow of refugees or face mutiny within her governing coalition. Merkel will gather with counterparts from Italy, Spain, Greece, Malta, Bulgaria, Austria and France on Sunday to try and ...

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• 20 June

  Spanish PM facing first threats from allies

  

  Bloomberg Spanish PM Pedro Sanchez is already facing pushback from the multi-coloured alliance that put him into office less than three weeks ago. In his first question and answer session at the Parliament in Madrid, a left-wing group from the Valencia region complained that Sanchez is backing away from plans to reform the regional financing system and questioned whether it ...

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• 20 June

  Tech rally drives US stock gains, Treasury yields edge higher

  

  Bloomberg US stocks were lifted by a rally in tech shares as concerns about a potential global trade war eased. Treasury yields edged higher and oil rallied. The S&P 500 was slightly higher after paring an early advance, while the Dow Jones Industrial Average slipped a seventh straight day. The Nasdaq Composite Index added to an all-time high, buoyed by ...

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• 20 June

  Crude advances as US stockpile drop presages OPEC meet

  

  Bloomberg Crude clung to gains after a larger-than-expected decline in US crude stockpiles heightened the importance of a key OPEC meeting later this week. Futures rose as much as 1.9 percent in New York on Wednesday. American oil inventories plunged by 5.91 million barrels last week, a bigger withdrawal than any of the 12 analysts in a Bloomberg survey expected. ...

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• 20 June

  Trump’s tariffs could deliver sizeable hit to China economy

  

  Bloomberg Donald Trump’s threat to impose tariffs on another $200 billion of Chinese imports could cut as much as half a percentage point from the nation’s economic growth, according to economists. The warning comes amid signs that the world’s second biggest economy—and biggest contributor to global growth— is already slowing down as a simmering trade dispute with the US risks ...

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• 20 June

  India wins in cotton market as US-China trade dispute escalates

  

  Bloomberg In the global cotton market, India stands to be a winner amid escalating trade tensions between the US, the world’s top exporter, and China, the biggest buyer. The weak rupee makes India’s exports more appealing, and freight costs to the neighbouring Asian country can be relatively cheap, Keith Brown, the president of Keith Brown & Co., a brokerage in ...

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• 20 June

  Xiaomi to draw Qualcomm, China Mobile to $6.1bn IPO in Hong Kong

  

  Bloomberg Xiaomi Corp. has set tentative terms for the world’s biggest initial public offering in nearly two years, aiming to raise as much as $6.1 billion in Hong Kong, people with knowledge of the matter said. The Chinese smartphone maker and some existing investors plan to offer 2.18 billion shares at HK$17 to HK$22 apiece, according to the people, who ...

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• 20 June

  Telstra plans to cut 8,000 jobs to fend off competition

  

  Bloomberg Telstra Corp. plans to cut 8,000 jobs, sell assets and potentially spin off a new infrastructure business in a make-or-break attempt to fend off competition. The stock tumbled. Australia’s former phone monopoly, which has lost more than half its market value since early 2015, said it will almost double its cost-cutting programme. An asset carve-off will raise as much ...

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