March, 2018

• 27 March

  ECB raises concern banks could mask losses for 2017

  

  Bloomberg The European Central Bank alerted auditors that lenders could try to take advantage of the transition to new accounting standards to spread the hit on loan losses over years instead of reflecting them in their 2017 financial results, three people familiar with the matter said. The ECB’s Single Supervisory Mechanism, which oversees the region’s largest banks, flagged the risk ...

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• 27 March

  Deutsche Bank seeking replacement for CEO

  

  Bloomberg Deutsche Bank AG is considering candidates to potentially replace Chief Executive Officer John Cryan amid heightened tensions between him and Supervisory Board Chairman Paul Achleitner, the Times of London reported without saying where it got the information. The bank approached Richard Gnodde, the head of Goldman Sachs Group Inc.’s international operations, but he’s thought to have spurned the overture, ...

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• 27 March

  Indonesia imposes extra bank capital surcharge

  

  Bloomberg Indonesia ordered the nation’s biggest lenders to set aside additional capital to bolster their ability to absorb losses and protect against any bank failures. The Financial Services Authority, known as OJK, told the country’s systemically important banks to create a tier-1 capital surcharge of between 1 percent and 3.5 percent of risk-weighted assets, depending on the size and perceived ...

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• 27 March

  Wells Fargo risk-management leaders to leave in revamp

  Bloomberg Wells Fargo & Co. announced changes to its risk-management leadership as some executives plan to retire, according to a person familiar with the situation. The director of financial crimes risk management Jim Richards; head of operational risk and compliance Kevin Oden; Keb Byers, who runs enterprise risk; and the community banking risk group’s Vic Albrecht are stepping down in ...

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• 27 March

  Riskiest bank debt could spark market turmoil: Bundesbank

  

  Bloomberg Bonds that are supposed to make banks stronger may end up causing another crisis. The 178.6 billion euros ($222 billion) of notes that are meant to absorb losses at European banks — while keeping them a going concern — have gone largely untested. Actually triggering these contingent convertible notes, or CoCos, could spook investors and destabilise other lenders, especially ...

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• 27 March

  Amazon secures French deal with Casino’s Monoprix grocer

  

  Bloomberg Amazon.com Inc. is taking aim at France, securing a delivery deal with Casino Guichard Perrachon SA that shakes up one of Europe’s most competitive grocery markets. Groceries from Casino’s Monoprix stores will be sold via Amazon’s Prime Now service in Paris and the surrounding region, the companies said. The move comes as Amazon pushes further into food in Europe ...

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• 27 March

  H&M tumbles over $4bn pile of unsold garments

  

  Bloomberg Swedish fashion retailer Hennes & Mauritz AB said it’s increasing markdowns this quarter after accumulating a record pile of unsold garments worth more than $4 billion. Operating profit fell 62 percent to the lowest level in 16 years as inventory rose to 17.6 percent of sales in the first quarter. The stock slumped to the lowest in almost a ...

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• 27 March

  Airlines draw British government’s scrutiny of extra fees for booking flights

  

  Bloomberg Airlines are coming under UK government pressure to disclose more information about the hundreds of pounds worth of extra fees that travellers can rack up after they book flights. The UK’s Department for Transport intends to release an aviation policy on the charges, which can cover changing a passenger’s name or reissuing boarding cards, Aviation Minister Elizabeth Sugg said ...

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• 27 March

  Boeing set for worst month in two years on China trade war fears

  

  Bloomberg Boeing Co. is heading for its biggest monthly decline in two years as US-China tensions over tariffs threaten a wider trade war that would stifle demand for its airliners. President Donald Trump’s plan for sweeping duties against China triggered retaliation by the Asian nation, heightening uncertainty for Boeing, which is poised to generate a torrent of cash from a ...

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• 26 March

  ‘UAE will be global centre of AI by ’30’

  Abu Dhabi / WAM The Ministry of Economy said that the economic impact of the country’s investment in the technologies of the “Fourth Generation of the Industrial Revolution,” most notably artificial intelligence (AI) will not be restricted by cost, consumption, production and productivity, and will achieve major economic growth through smart investment in various sectors, based on many international studies ...

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