September, 2016

• 8 September

  Africa’s biggest bank drops as profit misses estimate

  

    Bloomberg FirstRand Ltd., Africa’s biggest bank by market value, fell after full-year profit missed estimates as the company invested in an expansion on the continent and loan-impairment charges rose. Earnings excluding one-time items rose to 22.4 billion rand ($1.6 billion) in the 12 months through June from 21.1 billion rand a year earlier, Johannesburg-based FirstRand said in a statement ...

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• 8 September

  HSBC may face US charge upending settlement

  

    Bloomberg US prosecutors are considering a criminal charge against a unit of HSBC Holdings Plc related to conduct on its foreign-exchange desk, according to two people familiar with the matter, imperiling an earlier deal that let the bank avoid prosecution. The Justice Department has already charged two people who were on the bank’s foreign-exchange desk with improper trading and ...

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• 8 September

  Postal Savings Bank’s capital feast masks profit famine

    Bloomberg The Chinese bank with the biggest branch network in the country is pigging out on capital. Not only does Postal Savings Bank of China hope to scoop up at least $8 billion in an initial public offering this month in Hong Kong, it also plans to raise almost as much money by selling Tier 2 securities. Postal Savings ...

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• 8 September

  Lufthansa’s Eurowings to meet EasyJet threat

  

    Bloomberg Deutsche Lufthansa AG’s Eurowings arm will start flights from Munich next year to combat rivals such as Easyjet Plc, in a strategy switch that will see the discount unit make its first major incursion at one of its parent’s German hubs. “Low-cost carriers are quite active already,” Karl Ulrich Garnadt, the Lufthansa board member responsible for Eurowings, said ...

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• 8 September

  IAG SA assesses plane orders on slow economy

  

    Bloomberg IAG SA, the owner of British Airways and Spanish carrier Iberia, is considering reining in fleet plans as worldwide economic growth slows and the company grapples with the effects of Britain’s referendum to exit the European Union. “Without doubt all airlines, including airlines within IAG, are reassessing their requirements for new aircraft,” as the outlook for growth has ...

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• 8 September

  Qantas, Virgin Australia ground Samsung Note 7 after recall

  

    Sydney / AFP Australian carriers Qantas and Virgin Australia told customers on Thursday not to use or charge Samsung’s Galaxy Note 7 during flights after faulty batteries in the new smartphone caused some handsets to explode. Samsung, the world’s largest smartphone maker, said last week it was suspending sales of its latest flagship mobile device and recalling 2.5 million ...

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• 8 September

  Drop in travel demand not severe: EasyJet CEO

  

    Bloomberg EasyJet Plc Chief Executive Officer Carolyn McCall said financial markets “overreacted” to Britain’s decision to exit the European Union, as a feared drop in travel demand hasn’t been as severe as investors expected. There was a “short-term” impact from the collapse of the pound in the aftermath of the referendum, McCall said on Thursday in London. While that ...

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• 8 September

  Airline shares jump as Southwest eases overcapacity fears

  

    Bloomberg U.S. carriers climbed the most in almost two months after Southwest Airlines Co. said it would slow capacity growth next year, bringing the supply of seats and flights more in line with demand and possibly relieving pressure on fares. Capacity will expand less than 4 percent next year, down from this year’s pace of 5 percent to 6 ...

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• 8 September

  Dixon Carphone gets a boost from Brexit retail therapy

  

    Bloomberg When the going gets tough, Brits buy 4K TVs and fancy food mixers. Dixons Carphone, one of the retailers most exposed to the fall-out from Britain’s vote to leave the European Union, reported first-quarter sales that beat analyst expectations, and said it had seen “no detectable impact” from the referendum result on UK consumers. Britons it seems, have ...

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• 8 September

  Obama warns China over South China Sea ruling

  

    Vientiane / AFP US President Barack Obama warned Beijing on Thursday it could not ignore a tribunal’s ruling rejecting its sweeping claims to the South China Sea, driving tensions higher in a territorial row that threatens regional security. The dispute has raised fears of military confrontation between the world’s superpowers, with China determined to cement control of the strategically vital ...

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