Bloomberg BNP Paribas SA joined Deutsche Bank AG in reporting steep third-quarter declines at its debt-trading business, complicating Chief Executive Officer Jean-Laurent Bonnafe’s plans to meet 2020 profit and growth targets. The French bank posted a sixth consecutive quarterly contraction in revenue from buying and selling bonds, currencies and commodities, while gains from equities trading were also lower than analysts ...
Read More »BofA to pay special bonuses for 2nd year
Bloomberg Bank of America Corp. plans to reward staff with special bonuses for a second straight year after seeing profits soar on tax cuts and a focus on expenses that’s elimin-ated thousands of jobs in recent months. The lender will give $1,000 cash bonuses in December to eligible employees making less than $100,000 annually, Chief Executive Officer Brian Moynihan said ...
Read More »India’s Central Bank is at loggerheads with government
Bloomberg A growing rift between India’s central bank and the government has been many months in the making. In the latest move, the Reserve Bank of India made its disagreement with authorities public in a hard-hitting speech by Deputy Governor Viral Acharya — which he said had the backing of Governor Urjit Patel — defending the central bank’s independence. Failure ...
Read More »Mexico scraps $13bn airport, puncturing investor confidence
Bloomberg Incoming Mexican President Andres Manuel Lopez Obrador, the leftist who calmed investors with his initially market-friendly approach, ditched a $13 billion airport project backed by some of the nation’s wealthiest businessmen, sparking a rout in stocks, bonds and the currency. Lopez Obrador scrapped the project after almost 70 percent of 1.07 million people who participated in a national referendum ...
Read More »Pentagon says more F-35 fuel tubes may need to be replaced
Bloomberg Two more fuel tubes in F-35 jets may need to be replaced, according to the Pentagon, potentially adding to costs and disruption after a temporary grounding of the fleet. It expands the suspect parts beyond an initial fuel supply line that may have contributed to the September 28 crash of a Marine Corps F-35 and forced a brief grounding ...
Read More »Rallye faces new front in rift with short sellers
Bloomberg Rallye SA, the indebted parent of French retailer Casino Guichard-Perrachon SA, may soon face a new front in its battle against short sellers. Distressed debt funds betting against the company have been buying up a Rallye bond due in January 2022 that may enable them to force a default, according to people familiar with the matter. That’s because the ...
Read More »Ryanair defends handling of racial abuse incident on flight
Bloomberg Ryanair Holdings Plc defended its response to a case of racial abuse on a flight last week, saying the Irish carrier reported the matter to police as soon as it became aware of the incident. A video of the event, that went viral on social media, showed a white man racially abusing a black female pensioner. Cabin crew were ...
Read More »Boeing’s first Max crash leaves Indonesia scouring sea for clues
Bloomberg More than a day after a brand-new Boeing Co. 737 Max jet flown by Indonesia’s Lion Air plunged into the Java Sea, the search for the plane failed to yield much as investigators continued the grim task of uncovering the cause of the deadly crash. Indonesia’s National Transportation Safety Board said in a statement on Tuesday that it’s scouring ...
Read More »KhalifaSat successfully launches into orbit
DUBAI / WAM Marking a new milestone that adds to the UAE’s achievements and a new phase in the development of the national space sector, the Mohammed bin Rashid Space Centre (MBRSC) announced the successful launch of the Emirati satellite KhalifaSat into orbit. KhalifaSat is the first Emirati satellite to be 100 percent developed at the facilities of MBRSC in ...
Read More »UAE among top Islamic fintech start-up hubs
DUBAI / WAM The UAE has been ranked as one of the world’s top Islamic fintech hubs with the country home to 12 start-ups specialising in this field, a new analysis from the Dubai Chamber of Commerce and Industry has revealed. The analysis, based on recent data from IFN Fintech, ranked the UAE fourth globally as an Islamic fintech hub. ...
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