PBOC to mirror Fed with rate hike keeping other taps open

Bloomberg The People’s Bank of China will raise borrowing costs in the open market if the US Federal Reserve decides to increase rates this week, according to a Bloomberg survey. A majority of 31 economists said the PBOC will increase by five basis points the rate it charges on reverse-repurchase agreements, which guide funding costs in financial markets, after the ...

Read More »

Draghi set to boost euro, weigh on bonds

Bloomberg Buy the euro, sell bonds. That’s the takeaway from strategists who expect that the European Central Bank President Mario Draghi will announce on Thursday an end to the institution’s asset-purchase program as the immediate risks surrounding Italian politics subside. Analysts have become more bullish on the euro following recent hawkish comments from ECB officials, with Credit Agricole SA forecasting ...

Read More »

UK banks urged to step up fight against cyber threat increase

Bloomberg The Bank of England told banks to be ready for war against the mounting threat of crippling cyber attacks. “I would like our firms to be on a WAR footing: withstand; absorb; recover,” Lyndon Nelson, deputy chief executive of the BOE’s Prudential Regulation Authority, said in a speech. The PRA expects firms to set out their own tolerances for ...

Read More »

Asia central banks juggling risks find solace in stable food

Bloomberg Asian central bankers grappling with wobbly markets, higher energy costs and simmering trade tensions are getting relief from an old foe: food prices. In a region vulnerable to volatile price swings, food inflation has been largely contained, thanks in part to favourable weather and increased investment in production, storage and distribution. For developing nations like India and China — ...

Read More »

Rolls-Royce parts shortage to delay 787 engine repair

Bloomberg Rolls-Royce Holdings Plc is wrestling with a shortage of parts needed to repair hundreds of faulty engines that power Boeing Co.’s 787 wide-body jets, further stretching a tight timetable for repairs. The fix for excessive wear on the Trent 1000 turbines is taking about three days longer than planned in some cases due to a shortfall in stocks of ...

Read More »

CVC Capital buys Malaysian snack producer Munchy

Bloomberg CVC Capital Partners acquired Malaysian snack producer Munchy Food Industries Sdn., as the private equity firm deepens its exposure to the fast-growing consumer industry in Southeast Asia. The London-based investment firm’s Asia Fund IV completed the purchase of a 100 percent stake in Munchy Food on June 8, it said in an emailed statement, confirming an earlier Bloomberg News ...

Read More »

Lightning strikes more than once for Lufthansa’s tardy eurowings

Bloomberg A freak bout of electrical storms over Germany is to blame for the worst monthly punctuality record at Deutsche Lufthansa AG in at least two years, according to the company. The country suffered more lightning strikes in the first five months than in the whole of 2017, with planes hit by an average of three bolts a week, according ...

Read More »

Gatwick spends $1.5bn to add 7mn more passengers

Bloomberg London’s Gatwick airport plans to spend 1.11 billion pounds ($1.5 billion) on expanding the capacity of its two terminals by 7 million passengers within five years. The world’s busiest single-runway hub will devote much of the cash to lengthening one of the piers at its North Terminal, used by airlines including EasyJet Plc and Virgin Atlantic Airways Ltd., to ...

Read More »

Amazon’s clever machines moving from warehouse to HQ

Bloomberg Amazon.com Inc. has long used robots to help humans move merchandise around its warehouses. Now automation is transforming Amazon’s white-collar workforce, too. The people who command six-figure salaries to negotiate multimillion-dollar deals with major brands are being replaced by software that predicts what shoppers want and how much to charge for it. Machines are beating people at the critical ...

Read More »

ICD profit hits $6.7bn in 2017

Dubai / WAM Investment Corporation of Dubai (ICD) has announced its consolidated financial results for year ended December 31, 2017, delivering record revenues of AED 200.9 billion and an improved net profit of AED24.6 billion. Revenues increased to AED200.9 billion, an increase of 13.8 percent from the prior year period, supported by higher revenues in the oil and gas and ...

Read More »
Send this to a friend