August, 2017

• 9 August

  HSBC plans Saudi growth thanks to kingdom’s ‘unprecedented’ change

  

  DUBAI / Reuters HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks on one of the biggest economic transformations attempted by any country, the bank’s regional chief Georges Elhedery told Reuters. Opportunities for investment banks have increased tremendously due to Vision 2030, the reform programme launched by Crown Prince Mohammed bin Salman to diversify ...

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• 9 August

  ECB poised to exit stimulus in a decade

  

  Bloomberg A decade ago, the European Central Bank took its first step to becoming the euro area’s firefighter-in-chief. Its $112 billion emergency loan to banks on Aug. 9, 2007, was the initial response to a financial crisis that would force the Frankfurt-based institution to expand its balance sheet by trillions of euros. The ECB — together with international peers such ...

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• 9 August

  Commonwealth Bank of Australia profit rises

  

  Bloomberg Commonwealth Bank of Australia reported its eighth consecutive year of record profit, driven by growth in mortgage and business lending. Cash profit, which excludes one-time items, rose 4.6 percent to A$9.88 billion ($7.8 billion) in the 12 months ended June 30, from A$9.45 billion a year earlier, the Sydney-based lender said in a filing Wednesday. That compares with the ...

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• 9 August

  Mizuho seeks $100 bn from overseas transaction banking

  

  Bloomberg Mizuho Financial Group Inc. wants to grow its business managing overseas corporate money by $100 billion this fiscal year, as it seeks new ways to boost international earnings at a time of negative interest rates at home. “We’re expanding with a focus on the cross-border transactions of non-Japanese corporations doing business in Asia,” Zenichi Tanakamaru, a senior vice president ...

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• 9 August

  BOE’s assessment offers little reason to lift key rate

  Bloomberg The Bank of England presented a fresh downbeat assessment of the UK economy, highlighting slower consumer spending and weak wage growth, reinforcing the view that an interest-rate increase is far from imminent. A report by the BOE’s regional agents published on Wednesday said that the initial impact of the weaker pound on prices may be almost done, goods-price inflation ...

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• 9 August

  ABN Amro bolsters capital as Dutch growth drives profit rise

  

  Bloomberg A gain from selling Asian private-banking assets and an expanding Dutch economy helped ABN Amro Group NV reinforce its capital position and more than double quarterly profit. Net income in the three months through June rose to $1.13 billion from 391 million euros a year earlier, the Amsterdam-based bank said on Wednesday. That beat the 762 million-euro average estimate ...

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• 9 August

  United Airlines, Avianca and Delta stop flying to Venezuela

  

  Bloomberg Airlines are continuing to pull out of Venezuela, and this time it’s not just about trapped cash but a whole series of grievances including staff held up at gun point, luggage theft, poor runway maintenance and low quality jet fuel. United Airlines, Avianca and Delta Air Lines have either stopped flying to Venezuela or said they would leave the ...

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• 9 August

  Aimia investors’ fate diverges ‘in future’

  

  Bloomberg Aimia Inc. bondholders are betting the loyalty-programme company can ride out the short-term turbulence caused by the loss of its key partner. Shareholders aren’t so sure. The Montreal-based company’s C$250 million ($197 million) of May 2019 bonds have bounced back from their initial drop after Air Canada, the country’s largest airline, said in May that it will withdraw from ...

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• 9 August

  American Apparel set to relaunch e-commerce site

  

  Bloomberg Gildan Activewear Inc. has big plans for American Apparel. Since buying the iconic L.A. brand at a bankruptcy auction earlier this year, the Canadian maker of T-shirts and underwear has rebuilt inventory and ramped up shipments to wholesalers. It’s now preparing to relaunch the e-commerce website, while also aiming to boost exports and explore retail opportunities. “At the end ...

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• 9 August

  Fewer fliers bumped by US airlines after dragging case

  

  Bloomberg A raft of airline policy changes prompted by the high-profile case of a man who was injured while being dragged off a plane in Chicago earlier this year have had a dramatic result: airlines reported the lowest level of in- voluntary passenger bumpings in history. Ticketed passengers who were refused a seat on flights fell to 44 per million ...

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