May, 2018

• 22 May

  Record $1 billion loss signals a ‘happy year’ for India’s SBI

  

  Bloomberg State Bank of India, the country’s largest lender by assets, joined its private peers in shrugging off losses as investors believe the lenders have finally got a handle on bad loans. SBI’s shares surged to a six-week high after it reported a record loss on Tuesday, weighed down by a doubling in provisions for soured debt. A similar contrarian ...

  Read More »
• 22 May

  Former exec sues Deutsche Bank over $4.7 million bonus

  

  Bloomberg A former Deutsche Bank AG executive, Nizar Al-Bassam, is suing the German lender to reclaim bonuses totaling about 4 million euros ($4.7 million) following a probe into hiring practices in Russia and the UK. Al-Bassam, a former head of corporate and debt capital market finance for central and eastern Europe, the Middle East and Africa, said he believed the ...

  Read More »
• 22 May

  Wells Fargo ready to boost auto lending

  

  Bloomberg Wells Fargo & Co. Chief Executive Officer Tim Sloan said the firm is ready to increase lending for car sales after pulling back last year, and it’s now looking with consternation at the commercial real estate market. In auto lending, “we’ve pulled back enough and now we’re going to be growing that business again,” Sloan said in an interview ...

  Read More »
• 22 May

  ETF investors sour on Canada banks ahead of earnings season

  Bloomberg Investors are decamping Canadian banks ahead of earnings season, with six straight weeks of outflows from the largest exchange-traded fund tracking the industry. The BMO Equal Weight Banks Index ETF saw a record C$263 million ($204 million) leave the fund between April 2 and May 11, according to data compiled by Bloomberg. But the fact that the iShares S&P/TSX ...

  Read More »
• 22 May

  Ghana regulator lines up investors to spur bank deals

  

  Bloomberg Ghana’s central bank is lining up investors for lenders willing to combine their operations in an unprecedented push to force consolidation and strengthen the industry, according to people familiar with the matter. Investors from local pension funds to foreign private-equity firms are on standby to pump cash into the system as lenders scurry to bolster their capital levels, according ...

  Read More »
• 22 May

  Southwest Air’s $49 fares signal summer deals despite pricier oil

  

  Bloomberg The price of jet fuel is surging, but so far the airline industry has been so competitive that carriers haven’t been able to pass on much of the cost to consumers. That means investors are bracing for lower profit margins as travellers take advantage of cheap flights. An abundance of seats in the domestic market means airlines have limited ...

  Read More »
• 22 May

  M&S to shut part of UK stores amid online push

  

  Bloomberg Marks & Spencer Group Plc plans to close around a third of its large UK stores over the next four years, as the retailer belatedly adapts to the rise of e-commerce. M&S will close more than 100 stores that sell both clothing and food by 2022, the company said in a statement. The London-based retailer intends to increase the ...

  Read More »
• 22 May

  Airbus may crack Ryanair as CEO touts order prospect

  

  Bloomberg Airbus SE may end up with a significant new customer as Ryanair Holdings Plc looks to beef up a newly acquired unit that uses planes from the European manufacturer. Ryanair, which previously operated only Boeing Co. aircraft, will expand the fleet at Austria’s LaudaMotion to as many as 50 Airbus A320s over four years and the narrow-body model could ...

  Read More »
• 22 May

  H&M, Esprit ban threatens S African mohair industry

  

  Bloomberg A ban on mohair by dozens of clothing retailers, including Hennes & Mauritz AB and Esprit Holdings, is threatening a $117 million industry in South Africa, the world’s biggest producer of the fibre. Almost 70 clothing companies worldwide have announced they’ll stop using mohair following the release this month of video footage from twelve Angora goat farms in South ...

  Read More »
• 22 May

  Boeing’s sci-fi foldable wing design for new 777s gets go-ahead

  

  Bloomberg US regulators have approved a Buck Rogers makeover of Boeing Co.’s revamped 777 jetliner that will allow the tips of its massive wings to fold upward after landing so the plane can park at existing airport gates. The new wings, the largest ever created by the Chicago-based planemaker, are taking shape as Boeing builds the first of its 777X ...

  Read More »