July, 2016

• 9 July

  Air France-KLM group’s CFO quits

  

    Bloomberg Air France-KLM Group Chief Financial Officer Pierre-François Riolacci announced he’s stepping down a week after a new CEO took charge, leaving the airline scrambling to find a successor amid tensions with French pilots over cost-cutting efforts. The stock dropped to a 3 1/2-year low. Riolacci will leave the carrier in November to become CFO at Danish facilities manager ...

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• 9 July

  Marks & Spencer sales slump worsen

  

    Bloomberg Marks & Spencer Group Plc reported its steepest drop in clothing sales in eight years as new chief Steve Rowe’s efforts to win back customers with cheaper prices on leggings and fewer clearances came at a cost. Same-store sales of clothing and home goods fell 8.9 percent in the 13 weeks ended July 2, the London-based company said ...

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• 9 July

  Lufthansa spends on sharkskin patches

  Bloomberg Deutsche Lufthansa AG’s plane-servicing business, the German airline’s most profitable unit, is more than quadrupling research and development spending to shore up its dwindling market share and fading margins. The Lufthansa Technik maintenance, repair and overhaul division is in the middle of a 200 million-euro (US$221 million), five-year R&D program that’s come up with products such as sharkskin-like fuselage ...

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• 9 July

  BOE may cut interest-rate

  

    Bloomberg The Bank of England may cut interest rates for the first time since 2009 next week to stabilise an economy in turmoil after Britons voted to leave the European Union, according to a majority of economists. Governor Mark Carney has said stimulus is likely to be needed soon and many economists expect the Monetary Policy Committee to act ...

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• 9 July

  ECB mulls legal steps as Slovenia raids bank

  

    Bloomberg European Central Bank President Mario Draghi warned of potential legal steps after Slovenian police raided the country’s central bank in connection with a probe into a 2013 bank bailout. Nova Ljubljanska Banka dd and other state-owned lenders pushed Slovenia to the brink of an international bailout in 2013 before the government and the central bank spent 3.2 billion ...

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• 9 July

  Bank strains emerge as Brexit strikes with money-fund overhaul

  

    Bloomberg For US banks, Brexit couldn’t have come at a worse time, raising funding costs just as changes to the US$2.7 trillion money-fund industry threaten to sap demand for the lenders’ short-term debt. In the derivatives market, measures of banks’ funding stress are climbing on speculation the fallout from last month’s UK referendum will weaken global economic growth and ...

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• 9 July

  Brazil’s top bank returns to asset-backed revival

    BLOOMBERG Caixa Economica Federal, Brazil’s second-largest bank, is returning to the asset-backed security market after two years to take advantage of investors’ rising appetite for risk. Caixa plans to raise as much as 4 billion reais (US$1.2billion) of such securities for the FIDC fund it manages, the Brasilia-based company said in a regulatory filing last month. Proceeds will be ...

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• 9 July

  PBOC drains most money in 4 months

    BLOOMBERG China’s central bank drained the most funds from the financial system in four months, mopping up liquidity added over the last three weeks, even as economists predicted monetary easing to limit the fallout from last month’s Brexit vote. The People’s Bank of China withdrew a net 645 billion yuan (US$96 billion) from the financial system in the past ...

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• 9 July

  European banks focus on investor skittishness

  

    Bloomberg Europe’s banks have been a focal point of investor skittishness since Britons voted to leave the European Union, but reasons to be worried about financial firms pre-date the referendum. Whether it be the mountain of non-performing loans, the challenge from fintech firms and alternative lenders encroaching on what was once their turf, or rock bottom interest rates eroding ...

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• 9 July

  A peek beyond the cosmic veil

  

    Madrid / DPA Work will begin in 2018 to build the largest radio telescope in the world. The Square Kilometre Array, or SKA, half located in Australia and the other half in southern Africa, will eventually become the world’s biggest single scientific instrument. Scientists hope to use the SKA to find answers to major astrophysical questions such as how ...

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