June, 2018

• 30 June

  US consumer spending cools, inflation tops Fed goal

  

  Bloomberg US consumer spending rose less than forecast in May as outlays on services fell and Americans saved more of their incomes. Inflation topped the Federal Reserve’s goal by more than expected. Purchases rose 0.2 percent from April after a 0.5 percent advance that was less than previously estimated, Commerce Department figures showed. The Bloomberg survey median called for a ...

  Read More »
• 30 June

  Apple gets second supplier for OLED iPhone screens

  

  Bloomberg Apple Inc. will soon land a second supplier for the organic light-emitting diode screens used in high-end iPhones, according to people familiar with the matter, a key step in the US company’s push to reduce iPhone costs and its dependence on Samsung Electronics Co. South Korea’s LG Display Co. will initially supply between 2 million and 4 million units, ...

  Read More »
• 30 June

  Tsinghua Unigroup in talks to buy Linxens for $2.5bn

  

  Bloomberg Tsinghua Unigroup Ltd., the state-linked Chinese technology giant, is in advanced talks to acquire French smart-card components maker Linxens, people familiar with the matter said. The Beijing-based company could announce an agreement with Linxens’s owner, private equity firm CVC Capital Partners, as soon as the next couple weeks, according to the people. Tsinghua Unigroup has been discussing a potential ...

  Read More »
• 30 June

  Kakao seeks partners for ‘blockchain’

  

  Bloomberg South Korea’s dominant message-app operator is considering a private placement next month to raise funds from partners interested in helping to build its crypto platform. Ground X Corp., a blockchain subsidiary of Kakao Corp., may initially seek capital and business alliances with consumer-service companies, Jason Han, the unit’s chief executive officer, said in an interview. Ground X is targeting ...

  Read More »
• 30 June

  Self-driving shuttles become first robot rides in Detroit

  

  Bloomberg A self-driving shuttle bus ferrying workers in Detroit from a parking garage to their office has become the first autonomous vehicle to ply the roads of America’s automotive capital. May Mobility, an Ann Arbor, Michigan-based startup backed by Toyota and BMW, is deploying a small fleet of six-seat, electric-powered shuttles in downtown Detroit to transport the employees of Bedrock, ...

  Read More »
• 30 June

  AI will thrash economy like a ‘tsunami’: Allstate

  Bloomberg Artificial intelligence is coming for the service economy, according to Allstate Corp. CEO Tom Wilson. “It’s going to rip through this economy like a tsunami,” Wilson said in an interview on Bloomberg TV from Aspen, Colorado. Automation will affect a wide swath of workers, from traders to taxi drivers. McKinsey & Co. estimates that more than 400 million people ...

  Read More »
• 30 June

  Fed stress test slaps Wall Street titans, unleashes record payout

  

  Bloomberg Federal Reserve stress tests forced some of Wall Street’s top banks to rein in ambitious plans for pumping out cash to shareholders. But even those diminished returns spell a record payout to investors. As the central bank’s annual stress tests ended, the nation’s four largest lenders — JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. ...

  Read More »
• 30 June

  Draghi warns risks from trade war may be understated

  

  Bloomberg European Central Bank President Mario Draghi warned European Union leaders that an escalating trade war between the US and the world’s biggest economies may have a larger impact than policy makers and investors currently expect. Rising tensions could erode confidence to an extent that is difficult to gauge, Draghi told the 27 heads of government from the bloc at ...

  Read More »
• 30 June

  Employees at dozens of leading banks face German probe

  

  Bloomberg Prosecutors in Cologne are preparing their first indictments in a tax-evasion probe involving some of the biggest names in finance that cost the German treasury billions of euros, according to people familiar with the matter. Investigators are looking at the role of dozens of banks, brokerages, accounting companies, and law firms in the deals, and the cases involve hundreds ...

  Read More »
• 30 June

  Kenya bank says Ethiopia ready for ‘take-off’

  

  Bloomberg Kenya’s biggest bank is waiting eagerly for Ethiopia to open its closely guarded financial services sector as new Prime Minister Abiy Ahmed warms up to foreign investment in ongoing market reforms. KCB Group Ltd. set up a representative office in Addis Ababa, the Ethiopian capital, in 2015 to position itself for when Africa’s fastest-growing economy finally relaxes its policy ...

  Read More »