May, 2017

• 18 May

  StanChart’s pursuit of wealth may be a waste of time

  

  Bill Winters is trying, but it won’t be easy for the Standard Chartered Plc CEO to rebuild a wealth-management franchise that became an object of archaeological curiosity on his predecessor Peter Sands’s eight-year watch. It’s not clear if it’s worth the effort. The challenge starts at the top, with acquiring clients’ wealth, and gets tougher in the middle and at ...

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• 18 May

  Americans’ savings make wealth managers rich

  

  There was an interesting and slightly scary article in the Wall Street Journal recently, in which reporter Andrea Fuller tries to find out what fees she’s paying to the financial adviser who manages her money. At long last, after a torturous experience with the company, she finally manages to find out how much she’s paying — 1.4 percent of assets ...

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• 18 May

  Deutsche’s Cryan sees better revenue opportunities in 2017

  

  Bloomberg Deutsche Bank AG Chief Executive Officer (CEO) John Cryan said there are more opportunities to increase revenue this year as Europe’s largest investment bank continues its turnaround plan. “2017 is another year of restructuring even though in a better outlook,” Cryan told the bank’s shareholders on Thursday at the annual general meeting in Frankfurt. “We see better revenue opportunities, ...

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• 18 May

  Oman appoints banks ahead of debut public dollar sukuk

  

  DUBAI / Reuters Oman has appointed banks to arrange a global fixed income investor call ahead of a potential dollar sukuk issuance which would be the first public international sale of Islamic bonds by the Gulf state. The planned sale, expected to raise around $2 billion, would be in addition to a $3.6 billion syndicated loan that Oman is in ...

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• 18 May

  ECB official cites risk of jolting markets

  

  Bloomberg The European Central Bank (ECB) can’t wait too long to signal the winding down of its stimulus measures, Executive Board member Benoit Coeure warned on Thursday, citing the risk of jolting the markets. “Too much gradualism in monetary policy bears the risk of larger market adjustments when the decision is eventually taken,” Coeure said in an interview with Reuters ...

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• 18 May

  Wells Fargo, consumers made last ditch efforts to rescue $142mn bogus-account settlement

  

  Bloomberg Both sides of Wells Fargo & Co.’s $142 million settlement over its fake-accounts scandal made last-ditch efforts to salvage the class-action pact after a federal judge voiced misgivings about some of its terms. Lawyers for the bank and customers submitted new information in an attempt to address U.S District Judge Vince Chhabria’s concerns that the deal shortchanges consumers and ...

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• 18 May

  Steinhoff plans Africa spinoff after US$3 billion expansion

  

  Bloomberg Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after ...

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• 18 May

  Etihad, Ellery mark 10-year milestone at Mercedes-Benz Fashion Week Australia

  

  Abu Dhabi / Emirates Business Distinguished Australian designer, Ellery, co-hosted an exclusive event – ELLERY X ETIHAD AIRWAYS – together with the Abu Dhabi-based airline at Mercedes-Benz Fashion Week Australia. The event celebrated ELLERY’s 10th year since showing for the first time at Australian Fashion Week with a retrospective of iconic looks from the ELLERY archive. Etihad Airways celebrated its ...

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• 18 May

  Burberry cleans up its wardrobe to make way for a new chief

  

  Bloomberg Burberry Group Plc says a sleeker cut will help Chief Executive Officer Marco Gobbetti lift the brand’s image when he takes over in July. The UK trenchcoat maker said on Thursday that it has sacrificed some sales in the short term in order to strengthen its luxury credentials in a bid to raise profitability down the road. It said ...

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• 18 May

  Singapore Airlines reports $99.3mn loss on cargo provisioning

  

  Bloomberg Singapore Airlines Ltd., Southeast Asia’s biggest carrier, posted a surprise fourth-quarter loss after making a provision for its cargo unit, while the main carrier had a loss amid competition from budget operators in the region. The carrier reported a net loss of S$138.3 million ($99.3 million), compared with an estimate for a profit for S$54.3 million in a Bloomberg ...

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