September, 2016

• 29 September

  ‘Brexit set to weigh on profit for four years’

  

    Bloomberg Ryanair Holdings Plc Chief Executive Officer Michael O’Leary said the fallout from Britain’s decision to quit the European Union will weigh on the discount carrier’s profit for as long as four years. The process of the UK negotiating its way out of the bloc, which could take two to four years, is set to depress yields, a measure ...

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• 29 September

  Air Berlin to halve airline fleet

  

    AFP Air Berlin Plc announced the most sweeping job cuts in almost 40 years of flying in a bid to rescue its ailing business, slashing its fleet by half as 40 jets are leased to arch-rival Deutsche Lufthansa AG and 35 others are deposited in a new tourism arm with an uncertain future. About 1,200 of 8,650 staff may ...

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• 29 September

  C Series engine issues slowing Bombardier momentum: CEO

  

    Bloomberg Bombardier Inc. Chief Executive Officer Alain Bellemare said the marketing of the company’s marquee aircraft has been hurt by delays caused by engine supplier Pratt & Whitney. The planemaker reduced its forecast for deliveries of the C Series jetliner on Sept. 6, citing the issues at Pratt. Seven of the new aircraft are now slated to be handed ...

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• 29 September

  Deutsche Bank to double ‘digital factory’ staff to 800

  

    Bloomberg Deutsche Bank AG plans to double the product development team at its “Digital Factory” fintech center in Frankfurt to 800 workers by 2018 and struck a partnership with the Massachusetts Institute of Technology to foster new ideas. The lender is introducing smartphone and web-banking facilities this year and early next year including mobile payments, a financial planner and ...

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• 29 September

  Wells Fargo CEO denied $41mn in compensation

  

    AFP Wells Fargo CEO John Stumpf will forgo $41 million in compensation, the bank’s board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The bank has already apologized and said it fired 5,300 employees tied to the illegal conduct, which saw employees boost sales figures by opening unauthorized deposit and credit accounts ...

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• 29 September

  China money rate rises to 14-month high

  

    AFP China’s benchmark money-market rate climbed to a 14-month high as the central bank pulled funds from the financial system and commercial lenders stocked up on cash to meet quarter-end requirements. The seven-day repurchase rate, the benchmark gauge of funding availability in the financial system, rose 12 basis points to 2.75 percent as of 5:07 p.m. in Shanghai. That’s ...

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• 29 September

  Credit Suisse plans Mideast growth

  

    Bloomberg Credit Suisse Group AG expects the Middle East to account for a significant part of its growth in private banking as the number of super wealthy individuals in the region increases. The Zurich-based bank expects to expand in Dubai and Saudi Arabia as millionaires in the region rise to 500,000 from about 330,000, Iqbal Khan, head of its ...

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• 29 September

  EU calls for sweeping changes to Basel Bank-capital proposals

  

    Bloomberg Global banking regulators need to make sweeping changes to proposed new rules on measuring asset risk to protect European Union banks against a spike in capital requirements, said Valdis Dombrovskis, the bloc’s financial-services chief. The Basel Committee on Banking Supervision should rework planned restrictions on how banks estimate the risk from real-estate loans as well as corporate and ...

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• 29 September

  Thousands of Indonesian workers protest tax amnesty

  

    Jakarta / AFP Thousands of workers rallied on Thursday in the Indonesian capital Jakarta against a controversial government scheme to raise revenues that, critics claim, has allowed wealthy tycoons to avoid paying tax. The tax amnesty programme began in July, offering low rates to people who came forward to declare their untaxed wealth stashed at home and overseas. Wealthy ...

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• 29 September

  China punishes coal, steel firms in overcapacity cut drive

    Bloomberg China has punished coal and steel companies for illegal production or unsafe operations as part of the government’s efforts to reduce industrial overcapacity. Following safety checks at 4,624 coal mines, the regulator revoked the licenses of 28 and halted production at 286, the National Development and Reform Commission said in a statement on its website. Thirty-three coal companies ...

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