June, 2018

• 11 June

  HSBC’s $17bn plan falls flat on investors

  

  Bloomberg HSBC Holdings Plc Chief Executive Officer John Flint’s plan to pour as much as $17 billion into expanding its key Asian markets and improve technology failed to inspire investors. In his first wide-ranging plan since taking the helm four months ago, Flint said the bank would roughly invest two thirds of that amount by 2020 to build its presence ...

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• 11 June

  Pakistan devalues rupee for 3rd time since Dec

  

  Bloomberg Pakistan’s central bank devalued the rupee for a third time since December amid a worsening economy and speculation the country will need support from the International Monetary Fund. The managed currency dropped as much as 5.1 percent to 121.5 per dollar in trade, according to bank foreign-exchange traders who asked not to be identified as they are not authorised ...

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• 11 June

  UBS: Chinese banks yet to feel the worst of deleveraging pain

  

  Bloomberg China’s banks have managed to sidestep the severest curbs on their shadow banking activity, suggesting the real pain of the deleveraging process lies ahead, according to a report by UBS Group AG. A squeeze on their interbank borrowing was mitigated through extensive use of a short-term funding instrument called negotiable certificates of deposit, the report by UBS analysts led ...

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• 11 June

  Swiss reject plan that would have revolutionised banking

  

  Bloomberg Switzerland dismissed a proposal to radically change the way banks lend money, a victory for the financial establishment including central bank chief Thomas Jordan. Vollgeld, as the plan is known in German, was the latest in a string of national ballots in recent years that critics argued were reckless and would make Switzerland unattractive for businesses. Swiss National Bank ...

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• 11 June

  Temasek, others to buy Hainan Airlines stake for $1.1 billion

  

  Bloomberg Hainan Airlines Holding Co. plans to raise as much as 7 billion yuan ($1.1 billion) by selling shares to investors, including an arm of Singapore state investment company Temasek Holdings Pte., as part of a restructuring planned by the unit of Chinese conglomerate HNA Group Co. The Haikou, Hainan-based carrier is selling up to 20 percent of its Shanghai-listed ...

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• 11 June

  India’s V-Mart plans to sell goods online

  

  Bloomberg V-Mart Retail Ltd., India’s most-profitable department store chain, is planning to sell apparel and other goods online in a bid to attract youth in villages and small towns. The retail store, which runs medium-sized stores that sell clothes, accessories, footwear and everyday staples, is also planning to add 30 to 40 stores every year to its current 177 stores, ...

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• 11 June

  Rolls-Royce 787 engine woes widen as fault found

  

  Bloomberg Rolls-Royce Holdings Plc’s engine-durability crisis worsened as the company revealed it has detected new issues that will require extra repair shop visits on a further batch of turbines that power Boeing Co.’s 787 airliner. The glitch concerns the intermediate pressure compressor on a “small number” of Package B Trent 1000 engines for the Boeing plane, London-based Rolls-Royce said in ...

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• 11 June

  These new airport lounges are designed to fight jet lag

  

  Bloomberg A stretching studio. Guided meditation sessions. Shower suites with light therapy. They sound like the features of a New Age spa. But all are elements of Qantas Airways’ new international transit lounge at the Perth Airport. And they’re all designed with one purpose in mind: helping you combat jet lag. For the Australian carrier, this is an especially relevant ...

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• 10 June

  UAE sends aid ship to Yemen’s Socotra

  ABU DHABI / WAM The Khalifa bin Zayed Al Nahyan Foundation has sent a ship loaded with humanitarian and food aid to the Yemeni island of Socotra. The move follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the follow-up of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs ...

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• 10 June

  UAE saves AED8 billion through smart services

  

  ABU DHABI / WAM Smart Government applications generated savings of AED8 billion in three years, according to a study conducted by the Telecommunications Regulatory Authority (TRA). The study addressed the impact of the UAE Smart Government on the Sustainable Development Goals (SDG) from 2015 through 2017, during which e-services contributed to cutting 377,000 tonnes of CO2 emissions, primarily thanks to ...

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