July, 2016

• 14 July

  USA economy growing modestly, says Fed report

  

    Bloomberg The US economy expanded at a modest pace since mid-May amid “slight” price pressures and some softening in consumer spending, according to a report from the Federal Reserve’s 12 districts that lacked any sense of urgency on the need to raise interest rates soon. “The outlook was generally positive across broad segments of the economy including retail sales, ...

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• 14 July

  Indonesia sukuk beats Malaysia in attracting Brexit-haven funds

  

    BLOOMBERG Indonesia’s Islamic bond yields have fallen faster than Malaysia’s in the past three months, as the nation’s higher-yielding notes do better at attracting investors fleeing plunging rates in the developed world. Yields on rupiah sukuk due 2019 slid 39 basis points in the period, compared with 26 basis points for equivalent paper in Malaysia. Indonesia’s three-year Islamic bonds ...

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• 14 July

  UBS, BofA Merrill Lynch stand atop private-banking industry

  

    Bloomberg UBS Group AG and Bank of America Merrill Lynch stand atop the private-banking industry, managing more than US$3 trillion for the world’s wealthiest people even as assets slid. The private bank at Zurich-based UBS oversaw US$1.74 trillion at the end of 2015, compared with US$1.75 trillion a year earlier, according to an annual study by London-based consulting firm ...

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• 14 July

  Burberry sales beat estimates on recent boost in UK demand

  

    Bloomberg Burberry Group Plc, the UK luxury-goods maker that shook up its top management ranks earlier this week, reported revenue that slightly beat analysts’ estimates as shoppers in the UK stepped up purchases of rucksacks and trenchcoats in the final weeks of June. First-quarter retail revenue was little changed at £423 million ($563 million) in the three months through ...

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• 14 July

  EgyptAir to expand fleet to win more passengers

  

    Bloomberg EgyptAir, seeking to overcome slumping tourist numbers and the impact of a fatal jetliner crash, revealed an order for nine Boeing Co. single-aisle jets and said it plans to buy more planes to aid its recovery. The Mideast carrier, disclosed as the buyer of the 737-800 aircraft valued at $864 million and entered into Boeing’s books some months ...

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• 14 July

  Wells Fargo retail head to leave by month-end

  

    Bloomberg Wells Fargo & Co.’s head of community banking, Carrie Tolstedt, will retire from the firm at the end of July. Tolstedt, 56, who led the retail-bank unit, will be succeeded on July 31 by Mary Mack, who oversees the retail brokerage, San Francisco-based Wells Fargo said this week in a statement. Tolstedt had joined a Wells Fargo predecessor ...

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• 14 July

  Qatar Airways to buy 49pc of Meridiana

  

    REUTERS Qatar Airways is all set to buy 49 percent of Meridiana in a move that could bolster the Italian carrier’s ability to compete in the European market. The agreement was reached at the Farnborough International Airshow and the deal will close in early October, subject to certain conditions, Qatar Airways said in a statement on Thursday. The airline ...

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• 14 July

  Germania airline orders 25 Airbus A320neos worth $2.6bn

    AFP German airline Germania has ordered 25 single-aisle fuel-efficient Airbus A320neos worth $2.6 billion (2.4 billion euros) at list prices in an announcement at the Farnborough air show. The firm aircraft order, for delivery from 2020 onwards, will double the Germania Group’s current fleet of aircraft, the pair announced on the second day of Farnborough. Airlines typically negotiate sizeable ...

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• 14 July

  Oculus boosts Rift virtual realty availability

  AFP Oculus has announced it is ramping up availability of its Rift virtual reality gear and planning a major conference in October for developers making software for it. Facebook-owned Oculus said that all pre-ordered Rift headsets have been sent to buyers, and promised that new orders made online at oculus.com will ship within four business days. “We want to apologise ...

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• 14 July

  Farnborough reels as Airbus cuts superjumbo output

  

    Farnborough / AFP The aircraft sector hit turbulence as European giant Airbus slashed output of its A380 superjumbo because of weak demand, putting the brakes on plane orders generally at Farnborough. The Franco-German planemaker revealed at Farnborough — one of the world’s largest civilian and defence airshows — that it would halve production of its enormous A380 to one ...

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