September, 2016

• 26 September

  Airlines ‘pollution plan’ could cost sector $24bn

  

    Bloomberg The aviation industry is supporting a United Nations proposal to limit pollution from international flights even though the measure may eventually cost companies $24 billion annually. Trade groups representing United Continental Holdings Inc., Boeing Co. and other industry leaders are pushing nations to join the agreement, which would require companies to offset their emissions growth by funding environmental ...

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• 26 September

  Southwest Air flight attendants to vote on proposed contract

  

    Bloomberg Southwest Airlines Co.’s 14,500 flight attendants will decide whether to approve a tentative contract agreement following “intense discussion and debate” by leaders of their union. The board of Transport Workers Union Local 556 voted Friday to send the pact to members after two days of deliberation, the labor group said in a statement posted Friday on its website. ...

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• 26 September

  Aldi ramps up UK expansion plans

  

    Bloomberg The British division of Aldi is ramping up plans for expansion, unaffected by the shock Brexit referendum, as the German discount retailer enjoys booming demand. Aldi UK announced on Monday that it will invest £300 million ($389 million, 346 million euros) to revamp its stores over the next three years. “Future capital expenditure plans are unaffected by the ...

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• 26 September

  Mitsubishi test jet takes off on third attempt to reach USA

  

    Bloomberg Mitsubishi Aircraft Corp., the builder of Japan’s first home-made passenger jet, said a test aircraft took off on its third attempt to fly to the U.S. Monday after aborting flights last month due to problems with air-conditioning sensors. The jet left Nagoya airport at 1:28 p.m. today, said Kenichi Takemori, a Nagoya-based spokesman for Mitsubishi Heavy Industries Ltd., ...

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• 26 September

  EU risks billions in sanctions as WTO faults Airbus support

  

    Bloomberg The European Union failed to eliminate subsidies to planemaker Airbus Group SE that were previously found to violate trade rules, the World Trade Organization said in a ruling that opens the door to billions of dollars in sanctions against Brussels. The finding by a WTO compliance panel Thursday strikes a blow to the EU in a long-running dispute ...

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• 26 September

  Saudi Arabia bolsters banks with $5.3bn to boost financial stability

  

    Bloomberg Saudi Arabia’s central bank stepped up efforts to support lenders in the Arab world’s biggest economy as they grapple with the effects of low oil prices. The Saudi Arabian Monetary Agency, as the central bank is known, said it decided to give banks about 20 billion riyals ($5.3 billion) in the form of time deposits “on behalf of ...

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• 26 September

  Ex-IMF boss on trial over bankers’ luxury sprees

  

    Bloomberg Former IMF chief Rodrigo Rato was jeered as he arrived at court on Monday for his trial for alleged of misuse of funds when he was the boss of two of Spain’s top banks. Rato is standing trial with 64 other former executives and board members at Caja Madrid and Bankia, whose near-collapse sparked an EU bailout of ...

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• 26 September

  France asks Switzerland to hand over 45,000 UBS accounts

  

    AFP French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud, Le Parisien daily said on Monday. Swiss banking giant UBS said in July that the Swiss authorities had asked it to provide client information following a French request for international administrative assistance in ...

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• 26 September

  BofA to cut senior Asia banking jobs

  

    Bloomberg Bank of America Corp. (BofA) plans to eliminate about a dozen senior positions at its corporate and investment banking operations in Asia, the second time the U.S. bank cuts jobs in the region this year, according to people with knowledge of the matter. The reductions by the Charlotte, North Carolina-based bank will involve managing directors and directors and will ...

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• 26 September

  PBOC drains most funds amid debt curb speculation

  

    Bloomberg China’s central bank drained the most funds from the financial system in six months, adding to speculation that it is keeping a tight rein on cash supply as part of efforts to curb excessive leverage. The People’s Bank of China pulled a net 245 billion yuan ($37 billion) from the financial system through reverse-repurchase agreements, the biggest one-day ...

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