July, 2017

• 18 July

  BNP Paribas fined $246mn over currency manipulation

  

  Bloomberg BNP Paribas SA agreed to pay $246 million to settle Federal Reserve allegations that the bank failed to keep its currency traders from using electronic chatrooms to manipulate prices. The Fed ordered the Paris-based lender to improve its oversight and internal controls for foreign-exchange trading. BNP Paribas also agreed to $350 million settlement in May with the New York ...

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• 18 July

  Piraeus to reach ECB target for reducing bad loans

  

  Bloomberg The new chief executive officer of Piraeus Bank SA is trying to make up for lost time. CEO Christos Megalou must offload 4 billion euros ($4.6 billion) in bad loans by the end of the year under a restructuring plan worked out with the European Central Bank’s supervisory arm months before he took over at the largest Greek lender. ...

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• 18 July

  Wells Fargo buys rest of $10bn ‘active quant’ firm Golden

  Bloomberg Wells Fargo & Co. exercised an option to buy the rest of Golden Capital Management, an ‘active quant’ investment firm that helps oversee $10 billion. The bank, which built up a 65 percent stake in Golden in 2011, said in a statement that it finished purchasing the rest at the start of this month. It didn’t disclose the terms. ...

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• 18 July

  ‘Europe well-positioned to deliver sustainable profit growth’

  

  Dubai / Emirates Business Following a period of economic uncertainty, Europe’s recovery has gathered speed over the last year and the outlook has improved considerably. In its recent edition of EMEA Perspectives, J.P. Morgan Private Bank’s Gabriele Zaninetti analyses the current investment landscape in Europe and shares his views on why Europe offers a rich source of attractive investment opportunities. ...

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• 18 July

  Lufthansa struggles to rein in costs as fare pressures loom

  

  Bloomberg Deutsche Lufthansa AG struggled to reduce operating costs, setting up the German airline for a difficult second half with pressure on fares set to intensify. The shares fell as much as 4.3 percent, the biggest intraday drop in three months, despite Lufthansa raising its 2017 operating profit forecast to gradually catch up with analyst estimates. While first-half earnings almost ...

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• 18 July

  Cathay Pacific’s H1 performance disappointing: CEO

  

  Bloomberg Cathay Pacific Airways Ltd.’s operating environment remained challenging in the first half of the year, Chief Executive Officer Rupert Hogg said, dashing expectations of an early recovery for the carrier that’s cutting jobs following the first annual loss in eight years. “We said that we expected the operating environment in 2017 to remain challenging,” Hogg said in a statement ...

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• 18 July

  Puma boosts its forecasts as quarterly sales surge

  

  Bloomberg Puma SE increased its full-year forecasts for the second time in three months as the German sporting-goods maker brought forward figures showing a jump in quarterly sales and profit. Currency-adjusted revenue for 2017 will rise by 12 percent to 14 percent, the company said in an unscheduled statement, up from a prior forecast of low double-digit growth. Puma boosted ...

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• 18 July

  TNT reels from cyberattack as damage lingers

  Bloomberg FedEx Corp.’s TNT unit is still slogging through some transactions by hand and information systems may never fully recover from a June cyberattack that is expected to deal a blow to earnings. The shares fell the most in two months after the courier said customers continue to experience widespread service and invoicing delays. While TNT facilities are functioning, they ...

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• 18 July

  Tim Hortons operators worry chain is losing its Canadian culture

  

  Bloomberg Tim Hortons coffee and doughnuts are about as closely linked with the Canadian identity as hockey and universal health care, but the institution is under attack. That’s the view of many of the chain’s franchisees, who are chafing under the corporate ownership of Restaurant Brands International Inc., the fast-food conglomerate that also runs Burger King and Popeyes Louisiana Kitchen. ...

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• 17 July

  Masdar’s new device to make solar thermal tech more efficient

  

  Abu Dhabi / Emirates Business The Masdar Institute of Science and Technology announced the development of a high-performance solar absorber that could make solar thermal technologies significantly more efficient. Masdar Institute is part of the Khalifa University of Science and Technology. The solar absorber, developed with the Massachusetts Institute of Technology (MIT), features an ultrathin nanocomposite film made of silver ...

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