July, 2018

• 4 July

  Danske Bank ‘allegedly used’ to launder $8.3bn in funds

  

  Bloomberg Danske Bank A/S’s Estonian operations may have been used to launder as much as $8.3 billion in a case that has rocked Denmark and triggered calls for tougher penalties from the country’s political establishment. The amount, which represents roughly a third of Danske’s market value and almost 3 percent of Danish GDP, is more than double that previously estimated, ...

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• 4 July

  Bahrain hires Lazard to help fix finances

  

  Bloomberg Bahrain hired investment bank Lazard Ltd. to advise on how to repair its strained public finances, according to people with knowledge of the matter, as the island kingdom seeks to secure crucial support from rich neighbors to avoid a currency devaluation. Lazard is helping Bahrain evaluate fiscal reforms to help ease pressure on the state’s budget, the people said, ...

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• 4 July

  China’s PBOC faces policy bind over debt, growth goals

  

  Bloomberg China’s central bank is caught in a bind, as it seeks to tighten monetary policy for some parts of the economy while loosening it for others. Already engaged in the mammoth task of wringing bad debts out of China’s $40 trillion-plus financial system, the People’s Bank of China is now attempting to achieve that while simultaneously being asked to ...

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• 4 July

  Banks leave it late to secure post-Brexit future

  

  Bloomberg Just 20 banks have applied for a license to operate in the European Union in time to receive approval before Britain leaves the bloc. The European Central Bank has talked with 50 financial companies exploring options to retain the so-called passport that grants them access to one of the world’s largest economies, said Pentti Hakkarainen, a member of its ...

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• 4 July

  UK investigators drop Lloyds Libor probe

  Bloomberg The UK Serious Fraud Office has dropped a criminal investigation into Lloyds Banking Group Plc and its former traders over Libor rigging, according to a newspaper report. Investigators concluded there was insufficient evidence to take the matter further in respect of former traders and the bank, The Times reported, without saying where it obtained the information. The SFO has ...

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• 4 July

  Ryanair faces summer strikes as Irish pilots vote for action

  

  Bloomberg Ryanair Holdings Plc is facing pilot strikes in its Irish home market next week, in what may become the most significant confrontation between Europe’s biggest low-cost carrier and organized labor to date. A poll of Ryanair cockpit crew produced a 94 to 1 vote in favour of industrial action including strikes, a spokesman for the Irish Air Line Pilots’ ...

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• 4 July

  ANA to scrap 113 flights for Rolls’s engine checks

  

  Bloomberg ANA Holdings Inc., Japan’s largest airline, will cancel 113 domestic flights for mandatory checks to help assess possible glitches in the Rolls-Royce Holdings Plc engines powering its Boeing Co. 787 Dreamliners. The flights will be cancelled from July 6-12, the Tokyo-based carrier said in a statement on Wednesday. ANA is assessing whether more flights need to be scrapped beyond ...

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• 4 July

  Asiana flights go without meals after food caterer swapped

  

  Bloomberg Asiana Airlines Inc., South Korea’s second-biggest carrier, said its struggle to provide in-flight meals to passengers departing Seoul continued for a fourth day after a caterer was unable to deliver the food on time. About seven out of 79 flights were expected to depart on Wednesday from Incheon airport, which serves Seoul, without any food for passengers, a spokesman ...

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• 4 July

  Tyson Foods faces claims on price fixing

  Bloomberg Supervalu Inc. and other supermarket and restaurant chains alleged that chicken producers conspired to limit supplies and inflate prices, adding to antitrust lawsuits against companies including Tyson Foods Inc. and Pilgrim’s Pride Corp. Closely held grocery chains Publix Super Markets Inc., Wakfern Food Corp., Associated Grocers of the South Inc. and Meijer Inc., along with OSI Restaurant Partners LLC, ...

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• 4 July

  Sainsbury shows need for Asda deal as grocery growth slows

  

  Bloomberg J Sainsbury Plc showed why it’s so eager to lead a consolidation push among the UK’s grocers. Excluding fuel, Sainsbury’s comparable retail sales rose 0.2 percent in the 16 weeks through June 30, the London-based company said. That met the average analyst estimate but marked the slowest growth since the company acquired catalog retailer Argos in 2016. “The slowdown ...

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