June, 2018

• 17 June

  Russia extends pause in monetary easing

  

  Bloomberg Russia extended its pause in monetary easing as the central bank struck a surprise hawkish tone and warned that it’s slowing a shift to looser policy because of fiscal plans unveiled by the government. Policy makers in Moscow kept their key interest rate at 7.25 percent, according to a statement. The central bank said the balance of risks has ...

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• 17 June

  Citigroup agrees to pay $100mn over state Libor probes

  

  Bloomberg Citigroup Inc. agreed to pay a combined $100 million to 42 US states to resolve a probe into fraudulent conduct tied to interest-rate manipulation that affected financial instruments worth trillions of dollars. The settlement was announced by several of the states, who alleged Citigroup misrepresented the integrity of the Libor benchmark to state and local governments, not-for-profit organisations and ...

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• 17 June

  BNP Paribas moves to grab bigger piece of German private bank action

  

  Bloomberg BNP Paribas SA plans a major hiring spree in German wealth management, seeking to become a leader in one of Europe’s biggest markets. The Paris-based lender wants to add as many as 150 staff to its private-banking operations across German cities over the next three years, according to Vincent Lecomte, co-head of the bank’s wealth-management business. That will about ...

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• 17 June

  Kenya plans to repeal interest-rate cap that curbed bank lending

  Bloomberg Kenya plans to repeal a law that caps commercial interest rates, after it crimped lending by banks in East Africa’s biggest economy, Treasury Secretary Henry Rotich said. The surprise proposal to repeal section 33B of the Banking Amendment Act will be welcomed by Kenyan banks that have complained the 400 basis-point ceiling on the cost of loans nullified their ...

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• 17 June

  Ex-Carrefour boss gives up $4.6 million bonus after pay furor

  

  Bloomberg The former boss of top French supermarket chain Carrefour SA walked away from a multi-million-euro payment after the country’s economy minister denounced his package as exorbitant. Former Chief Executive Officer Georges Plassat decided to waive his right to a non-compete fee valued at 4 million euros ($4.6 million) because of the “misunderstanding” surrounding the award, the company said in ...

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• 17 June

  American to pay $45mn to end airfare collusion suit

  

  Bloomberg American Airlines Group Inc. agreed to pay $45 million to end a consumer antitrust lawsuit that accused it and three other major US airlines of colluding to limit plane capacity and drive up domestic airfares. The Fort Worth, Texas-based carrier is the second to settle in the three-year-old litigation. Southwest Airlines Co. won preliminary court approval for its offer ...

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• 17 June

  Pentagon’s new copter for Afghans lacks lift of old Russian-made ones

  

  Bloomberg The US Army’s Black Hawk helicopters are less capable for some missions conducted by Afghanistan’s Air Force than the Russian-made ones they’re replacing, according to the Pentagon’s inspector general. It’s a setback six years after lawmakers started pushing for the US to stop buying the Mi-17 sold by Rosoboronexport, Russia’s state-owned weapons exporter, in light of President Vladimir Putin’s ...

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• 17 June

  Qantas Air ‘nosedives’ over Pacific after hitting jet wake

  Bloomberg A Qantas Airways Ltd. A380 superjumbo suddenly lost altitude for about 10 seconds more than 30,000 feet above the Pacific Ocean after flying through the wake of another plane. Flight QF94, two hours after taking off from Los Angeles to Melbourne on the night of June 10, plunged upon hitting the wake turbulence of another Qantas A380 that was ...

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• 17 June

  Toys ‘R’ Us mascot, orphaned by bankruptcy, finds home

  

  Bloomberg Geoffrey the Giraffe has gone from the morgue to the hospital. Toys ‘R’ Us, the toy retailer that’s liquidating in bankruptcy, found a New Jersey children’s hospital that was willing to take the 16-foot tall statue of the African mammal that stood in the lobby of its headquarters. The chain has held going-out-of business sales at its stores and ...

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• 13 June

  Arab coalition to deliver urgent aid to Hodeidah

  ABU DHABI / WAM Reem bint Ibrahim Al Hashimy, Minister of State for International Cooperation, said that the Arab Coalition has prepared a large-scale and comprehensive surge plan for the rapid delivery of humanitarian aid to the Yemeni Governorate of Hodeidah, and surrounding areas. In a statement, the minister said food and essential supplies have been stocked and prepared for ...

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