February, 2017

• 28 February

  Rolls-Royce freezes pay as profit tumbles

  

    Bloomberg Rolls-Royce Holdings Plc will freeze salaries for 8,000 managers as Europe’s biggest aircraft-engine maker deepens cost cuts after earnings fell by almost half in 2016. While raises for managers and executive staff will be announced as usual in March, they won’t be implemented until September, with no backdated payments, Chief Executive Officer Warren East said in an internal ...

  Read More »
• 28 February

  UK steel warns of Brexit pain as protectionism spreads

  

    Bloomberg Brexit may aggravate a headache for the UK’s embattled steel industry: more under-priced Chinese supply, according to a trade group. Britain, which is looking toward a future of free trade outside the European Union, has for years resisted a proposal that would raise EU tariffs on imported steel, saying it would increase costs for users. If the UK ...

  Read More »
• 28 February

  Scotiabank profit tops estimates on gains in capital markets

  

    Bloomberg Bank of Nova Scotia said fiscal first-quarter profit rose 11 percent, beating analysts’ estimates, on gains in capital markets. The lender raised its quarterly dividend 2.7 percent to 76 cents a share. Net income for the period ended Jan. 31 climbed to C$2.01 billion ($1.52 billion), or C$1.57 a share, from C$1.81 billion, or C$1.43, a year earlier, ...

  Read More »
• 28 February

  Barclays Africa to list Gold ETF in Kenya

  

    DUBAI / Reuters Barclays Africa Group Ltd. is preparing to list its NewGold ETF on the Nairobi Securities Exchange after receiving regulatory approval to begin trading the securities. “We expect the listing to take place early this year,’’ Michael Mgwaba, head of exchange traded products at Johannesburg-based Barclays Africa’s Absa Capital unit, said in an e-mailed response to questions. ...

  Read More »
• 28 February

  SocGen banker to give secret testimony in Libya bribery case

  

    Bloomberg A Societe Generale SA executive will have his testimony in a Libyan bribery lawsuit heard in secret because of the risk he may incriminate himself in a U.S. criminal probe. Judge Nigel Teare refused a request by head of sales for global markets Marc El Asmar to escape testifying, according to the banker’s attorneys, who said on Monday ...

  Read More »
• 28 February

  Brexit poses biggest challenge for economy: BOE

  

    Bloomberg Bank of England Deputy Governor-designate Charlotte Hogg said Brexit poses the biggest challenge for the economy and warned of the potential for a sharp drop in consumer spending that could hurt growth. BOE policy makers expect real incomes will be eroded this year as the slump in the pound boosts inflation above its 2 percent target. That’s a ...

  Read More »
• 28 February

  Ukrainian central banker edging towards exit unnerves markets

  

    Bloomberg The possible departure of Ukraine’s central bank governor unnerved bond investors as questions arose over the fate of vital economic overhauls should she step down. Disappointed by a lack of government reforms, Valeriya Gontareva has told President Petro Poroshenko of her intention to resign, a person familiar with the matter said. Presidential spokesman Svyatoslav Tsegolko declined to comment ...

  Read More »
• 28 February

  Starbucks to make Italian debut after 35 years

  

    Bloomberg Starbucks Corp., setting up shop in Italy for the first time, will open a Roastery location in Milan next year, turning to its upscale brand to gain a foothold in the country that birthed espresso. The 25,500-square-foot (2,370-square-meter) retail space will open in a historic post office in the city’s center in late 2018, about a year later ...

  Read More »
• 28 February

  Vodacom’s Tanzania unit plans to raise $213mn in debut IPO

  

    Bloomberg Vodacom Group Ltd.’s Tanzanian unit plans to raise 476 billion shillings ($213 million) in a share sale, the first of a series of initial public offerings by telecommunications companies on the domestic stock exchange this year. The company plans to sell 560 million shares at 850 shillings each after it received approval on Tuesday from the Capital Markets ...

  Read More »
• 28 February

  India may sell 51% stake in Air India to investor

  

    Bloomberg India is considering selling a majority stake in Air India to a strategic partner after a $3.6 billion bailout failed to turn around the loss making national carrier, people with knowledge of the matter said. The proposal includes reviving Air India within five years of selling a 51 percent stake, the people said, asking not to be identified ...

  Read More »