April, 2018

• 22 April

  ‘New Zealand bank culture better than Australia’

  

  Bloomberg New Zealand’s banking sector doesn’t share the cultural problems that are coming to the surface at an inquiry into misconduct in Australia’s financial industry, Reserve Bank Governor Adrian Orr says. “The true problem and challenge going on in Australia is cultural,” Orr said in an interview on Television New Zealand’s Q+A. New Zealand bank culture “is infinitely better than ...

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• 22 April

  Wells Fargo’s big fine puts fresh focus on power of Trump tweets

  

  Bloomberg For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct. Then President Donald Trump tweeted his ire about Wells Fargo & Co. and — at least in the case of the embattled bank — the GOP is singing a different tune. Watchdogs ...

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• 22 April

  FAA orders emergency engine checks after Southwest fatality

  Bloomberg US aviation regulators ordered emergency inspections of one of the world’s most popular jet engines after the fatal accident this week on a Southwest Airlines Co. plane. The Federal Aviation Administration (FAA) order covers an estimated 352 CFM International Inc. engines in the US that have made at least 30,000 flights, the agency said in a statement. The emergency ...

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• 22 April

  Bezos touts Amazon’s 100mn Prime members to investors

  

  e Bloomberg Amazon.com Inc. Chief Executive Officer Jeff Bezos said the e-commerce giant has exceeded 100 million paid Prime subscribers and will continue to invest to meet “ever-rising” customer expectations. Bezos noted the milestone in his annual shareholder letter. The letter is the founder’s opportunity to underline his long-term strategy for investors, seeking to bolster their confidence as he continues ...

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• 22 April

  Macerich CEO Coppola to step down in 2018

  

  Bloomberg Macerich Co.’s chief executive officer and chairman, Arthur Coppola, will retire from the US mall owner at the end of the year, the company said. Coppola joined Macerich as a founding partner in 1976 and has led the company since 1993, according to a statement. Macerich has started looking for a replacement CEO and named Steven Hash, an independent ...

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• 22 April

  UK retail sales fall more than forecast amid snow chaos

  Bloomberg UK retail sales plunged in March as snow and freezing temperatures kept consumers indoors and disrupted deliveries of stock. The data comes as a fresh blow to the British high street after a year of consumer pullback in the face of rising prices and sluggish wage growth. While pay and inflation data this week show tentative signs that the ...

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• 22 April

  Honeywell CEO proves Loeb wrong as aerospace boosts profit

  

  Bloomberg Honeywell International Inc.’s confidence in its aerospace business was bolstered by expanding sales of in-flight internet and cockpit controls that drove first-quarter earnings higher than analysts’ expected. The company raised its 2018 profit target. A drag on earnings as recently as last year, the aerospace business is taking off on higher demand for commercial aircraft parts and service, increased ...

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• 21 April

  Trade tensions, debt seen as threats to global growth

  Bloomberg The global growth outlook faces rising threats from trade tensions and mounting debt despite a strengthening and “increasingly broad-based” expansion at the moment, according to a statement from world finance ministers and central bankers. “Risks are broadly balanced in the near term, but remain skewed to the downside beyond the next several quarters,” according to a communique by IMF’s ...

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• 21 April

  Dubai’s GDP surges to AED389 billion in 2017

  

  DUBAI / WAM Dubai Statistics Center (DSC) revealed that Dubai’s real gross domestic product (GDP) reached AED 389 billion in 2017 compared to AED 379 billion in 2016. According to DSC, the growth was fuelled by the performance of strategic sectors that accounted for 72.2% of total growth in 2017. The transportation and storage sector was the biggest contributor to ...

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• 21 April

  Jafza’s trade with India exceeds $3.4 billion

  

  DUBAI / WAM Trade between Jebel Ali Freezone (Jafza) and India reached over $3.4 billion in 2017. Latest figures from Jafza show that over 788 Indian companies are trading from the freezone, serving key markets in the region and building on historical ties that date back to 1985 when it first opened. DP World has extensive business interests in India, ...

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