February, 2017

• 18 February

  Nestle’s new CEO shows bland can taste good. No, really

    The Ulf-man cometh. And it’s all rather underwhelming. Ulf Mark Schneider, the new chief executive of Nestle SA, has laid out what is ultimately a more sensible course for the world’s largest food company. As expected, he’s ditched the strict adherence to an organic sales-growth target of 5 to 6 percent. This year, it’ll be more like 2 to ...

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• 18 February

  Brexit means markets turn bearish on UK

  

    When UK voters decided last June to leave the European Union, global investors anticipating the opposite result wiped out billions of pounds in the currency market. Sterling plummeted a record 8.05 percent to a 31-year low. It’s been seven months since those British voters narrowly rejected the view of prime ministers, presidents, finance ministers, business leaders and economists that ...

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• 18 February

  Air Canada tumbles after pricier fuel saps profit forecast

  

    Bloomberg Air Canada dropped the most in seven months after the country’s largest airline said rising fuel costs would cause a key profit measure to fall by half in the first quarter. The forecast implies earnings before interest, taxes, depreciation and aircraft rent of C$250 million ($190 million) in the first quarter, trailing the C$366 million estimated by Fadi ...

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• 18 February

  Bombardier sees business-jet rebound as boost from US nears

  

    Bloomberg Bombardier Inc. expects that business-jet sales could rebound as soon as the second half, getting a boost from U.S. demand as the economy gains traction. “We are confident that we are at the bottom or close to the bottom. Moving forward, it should be better,” Chief Executive Officer Alain Bellemare said in a telephone interview Thursday. “I don’t ...

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• 18 February

  Astronauts trip delayed over safety concerns

  

    Bloomberg Boeing Co. and Space Exploration Technologies Corp. won’t be certified this year to send astronauts to space and may be delayed into 2019 because of potential safety hazards, according to US investigators. Boeing parachute systems haven’t been adequately evaluated and SpaceX engine turbines have cracked during testing, the Government Accountability Office said in a report Thursday that outlined ...

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• 18 February

  Boeing, Saab hanker for scale to meet Modi’s ‘make in India’ plea

  

    Bloomberg Boeing Co. and Saab AB, competing for $25 billion in fighter jet orders in India, said the country stands a better chance of securing local manufacturing if its air force and navy join forces. Combining the two orders would give the makers enough scale to set up a local assembly line that Prime Minister Narendra Modi has been ...

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• 18 February

  Ex-Citigroup banker taps global talent to revive India bank

  

    Bloomberg Bank of Baroda, India’s third-largest state-run bank, is looking to a slew of senior managers poached from foreign lenders including Barclays Plc and Standard Chartered Plc to help drive profitability at the 108-year-old company. In the past three months, the Mumbai-based lender has hired Manoj Piplani, a managing director of Barclays’s UK card business, to lead its card ...

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• 18 February

  Citigroup cuts CEO’s compensation 6.1% to $15.5 million

  

    Bloomberg Citigroup Inc. cut Chief Executive Officer Mike Corbat’s compensation 6.1 percent for 2016 to $15.5 million after the firm’s profit declined. Corbat, 56, got a $4.2 million cash award and $9.8 million in shares that vest and pay out over a number of years depending on the bank’s performance, according to a regulatory filing. He also received a ...

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• 18 February

  ANZ bank Q1 cash earnings surge $1.4bn

  

    Bloomberg Australia & New Zealand Banking Group Ltd. (ANZ) first-quarter cash earnings rose on a stronger performance from the lender’s domestic businesses, while the outlook for bad debts has improved. Unaudited cash profit, which excludes one-time items, rose to A$2 billion ($1.54 billion) in the three months ended Dec. 31, the Melbourne-based lender said in a statement to the ...

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• 18 February

  Wells Fargo new accounts drop 31%

    Bloomberg Wells Fargo & Co. said retail customers opened 31 percent fewer checking accounts in January than a year earlier in the wake of a settlement with regulators over fraudulent sales. Customers submitted 47 percent fewer applications for credit cards, the worst year-over-year decline since October, the San Francisco-based lender said in a statement. January marks the fifth consecutive ...

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