Week 35 2017

Week 35 2017

28 August – 01 September

 

28 August

 

The European Central Bank’s supervisory arm has imposed its first fine on a eurozone lender, imposing a €2.5m penalty on Permanent TSB, an Irish bank, for breaching liquidity rules. 

 

Top executives of Samsung Electronics were attempting to rally the troops as the South Korean conglomerate grappled with the prospect of a prolonged leadership vacuum, after the group’s billionaire heir-apparent Lee Jae-yong was sentenced to jail for corruption.

 

Aston Martin is embracing electric technology with a pledge that every car in its range will use hybrid technology within a decade.

 

With the dollar hovering at a 15-month low and energy prices feeling the pinch from Harvey, US equity indices are set to push slightly higher at the start of trading on Monday.

 

29 August

 

Bond investors hunting for yield have a fresh location to search: Tajikistan. The central Asian nation is preparing its debut benchmark offering, which could come to the market as early as next week, according to a person familiar with its thinking. It is the first emerging-market sovereign debt deal since the summer break, which will test investors’ risk appetite.

 

With a tropical storm hammering Texas and political drama simmering in Washington, gold is having a glittering run on Monday.

 

Uber drivers in India are to receive free life and accident insurance as the company looks to improve its reputation, following a string of controversies about everything from its aggressive corporate culture to the way it treats both drivers and passengers.

 
 
Russia-focused gold-miner Polymetal has called a peak in its debt levels and negative cash flows as spending on a new critical asset in Kazakhstan begins to abate.

 

30 August

 

The rate of US growth picked up more steam than initially thought in the second quarter, signalling building momentum since the beginning of the year.

 

United Technologies is closing in on a $22.5bn deal to buy aviation systems and cabin equipment maker Rockwell Collins, as consolidation among the world’s biggest aircraft suppliers gathers pace.

 

A startup that has stopped growing is going to find it pretty hard to attract investment. Venture capital investors look for growth above all else and a business that isn’t expanding its top line — or even its userbase — isn’t going to get a lot of attention.

 

Two South Korean shipbuilders are poised to win a combined $1.5bn order to build container ships for Mediterranean Shipping Company in the latest sign the industry is recovering from a prolonged global slump. 

 

31 August

 

Inflation in the eurozone rose faster than expected in August, but underlying measures that exclude volatile energy prices remained stagnant, adding to the headaches facing the European Central Bank ahead of its monetary policy meeting next week.

 

US gasoline futures leapt above $2 per gallon early Thursday as damage from hurricane Harvey curtailed supplies from oil refineries and an important pipeline.

 

Kunlun Energy climbed as much as 10 per cent on Thursday after Chinese regulators cut natural gas prices for non-residential users in a bid to increase demand for cleaner fuels.

 

Box shares slid in extended trading on Wednesday after the cloud storage company said its net loss widened in the second quarter and that the pace of revenue growth cooled.

 

01 September

 

India’s manufacturing sector bounced back from a 101-month low as greater familiarity with a new system of taxation aided a rise in new orders and output across the country.

 

China’s factories outperformed again in August as export orders expanded at the fastest rate in more than seven years, according to an independent gauge of manufacturing activity.

 

A strong performance at Universal Music Group drove a five per cent increase in revenues at Vivendi in the first half of 2017 — but it wasn’t enough to halt a slide in profits at the global media group controlled by French billionaire Vincent Bolloré.

 

Serco shares had their biggest gain in more than a year on Thursday after UBS said that next year could be the long-awaited turning point for UK outsourcers.