Posts belonging to Category banks



Massive cyber attack

Petya cyber attack: Ransomware spreads across Europe with firms in Ukraine, Britain and Spain shut down

Major firms, airports and government departments in Ukraine have been struck by a massive cyber attack which began to spread across Europe on Tuesday afternoon. In Ukraine, government departments, the central bank, a state-run aircraft manufacturer,  the airport in Kiev and  the metro network have all been paralysed by the hack.

In the UK, the advertising firm WPP said its systems had also been struck down, while in the Netherlands a major shipping firm confirmed its computer terminals were malfunctioning. The virus is believed to be ransomware – a piece of malicious software that shuts down a computer system and then demands an extortionate sum of money to fix the problem.

http://www.telegraph.co.uk…   Wed.,  28  June 2017

The future of Nestle

 U.S. activist presses for ‘bold action’ at Nestle

U.S. activist shareholder Third Point LLC has targeted Nestle (NESN.S) by taking a $3.5 billion stake in the food maker and urging Europe’s most valuable company to boost returns as demand for its products weakens.

Nestle shares jumped as much as 4.8 percent on Monday, touching a record high after Third Point disclosed its position late on Sunday in a letter to the hedge fund’s investors. In the letter, Third Point said it was urging the Swiss group to improve margins, buy back shares and get rid of non-core businesses, including its $27 billion stake in L’Oreal (OREP.PA). Third Point’s 40 million shares – or 1.3 percent of the total – make it Nestle’s eighth-largest shareholder, according to Thomson Reuters data. The $10 billion added to Nestle’s market value on Monday showed that shareholders hoped the investment would spark change at a company which has a reputation for being slow-moving and insular.

http://www.reuters.com…   Tue.,  27  June 2017

Japanese airbag maker Takata files for bankruptcy

Takata would be bought for $1.6 billion by U.S.-based Key Safety Systems

Japan’s Takata Corp (7312.T), the firm at the centre of the auto industry’s biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by U.S.-based Key Safety Systems.

In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls and lawsuits.

http://www.reuters.com…   Mon.,  26  June 2017

Oil glut fears

Asian stocks rise, oil languishes near 10-month low

Asian stocks advanced on Thursday, but oil futures hovered near a 10-month low hit overnight on concerns over a supply glut and falling demand. European stocks were mixed with financial spreadbetter CMC Markets expecting Britain’s FTSE 100 .FTSE to open up 0.1 percent, Germany’s DAX .GDAXI to be little changed and France’s CAC 40 .FCHI to start the day down 0.1 percent. All three closed in negative territory on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.7 percent. Japan’s Nikkei .N225 rose almost 0.1 percent. Shares in auto air bag-maker Takata Corp plunged 50 percent as they exchanged hands for the first time since sources said last week it was preparing to file for bankruptcy.

South Korea’s KOSPI .KS11 added 0.3 percent, while Australian shares jumped 1 percent. Taiwan shares .TWII hit a 27-year high. Chinese shares added to gains made on Wednesday after MSCI included mainland shares in its emerging market indexes. The blue-chip index .CSI300 rose 1.3 percent. Hong Kong’s Hang Seng .HSI climbed 0.5 percent. Crude oil was subdued as investors’ doubts that OPEC-led output cuts would dent a three-year glut offset data showing a drop in U.S. inventories.

http://www.reuters.com…   Thu.,  22  June 2017

Malls are doomed: 25% will be gone in 5 years

Mom and Pops shops come back

Store closings and even dead malls are nothing new, but things might be about to get a whole lot worse. Between 20% and 25% of American malls will close within five years, according to a new report out this week from Credit Suisse. That kind of plunge would be unprecedented in the nation’s history.  In 1970 there were only 300 enclosed malls in the U.S., and now there are 1,211 of them. In fact, despite the recent turbulence in the retail industry, the number of malls open has actually edged higher every year. But now, as the brick-and-mortar chains die a slow and painful death, small businesses could make a comeback by filling the void, according to two Goldman Sachs executives.

“I think there will become a degentrification, for lack of a better word,”explains Kim Posnett, head of internet investment banking at Goldman Sachs.. “We will see the rents come down, and mom and pops shops will come back in a much more curated, personal way that goes along these lines of creating great service and a sense of community, and a desire to support your community.”

http://www.cnn.com…   Wed.,  21  June 2017

AIRBUS versus BOEING

Boeing launches new jet

Boeing unveiled a new version of its best-selling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world’s biggest airshow in Paris.
After years of booming orders driven by increased air travel and more fuel-efficient planes, passenger jet manufacturers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets.

 http://www.reuters.com…   Tue.,  20  June 2017

The globalisation counter-reaction

Globalisation is a highly disruptive force

WHEN the Archduke Franz Ferdinand was assassinated in 1914, there were few initial indications that world war would follow. In retrospect, many people have argued that the killing was a freak event that should not have resulted in the folly of war.

But was the subsequent war really an exogenous event? Or was it the near-inevitable consequence of the tensions resulting from the first great era of globalisation? If Franz Ferdinand had survived, maybe something else would have triggered the conflict. If the latter possibility is right, that may be a warning sign for the current era.

http://www.economist.com…   Thu.,  15  June 2017

“Due To Popular Demand” Goldman Starts Covering Bitcoin

Bitcoin officially made its way to Wall Street

It’s official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, “hedge” funds – starved of volatility in virtually all other asset classes –  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman’s chief technician, Sheba Jafari to start covering it.

In the report that Goldman released this afternoon ago, Jafaru concludes that “the balance of signals are looking broadly heavy” with the following view: “wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.

http://www.zerohedge.com…   Wed.,  14  June 2017

Climate change: 30 US mayors negociate directly with UN against Trump

Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States’ greenhouse gas emissions targets under the Paris climate accord

Representatives of American cities, states and companies are preparing to submit a plan to the United Nations pledging to meet the United States’ greenhouse gas emissions targets under the Paris climate accord, despite President Trump’s decision to withdraw from the agreement.

The unnamed group — which, so far, includes 30 mayors, three governors, more than 80 university presidents and more than 100 businesses — is negotiating with the United Nations to have its submission accepted alongside contributions to the Paris climate deal by other nations.

http://www.nytimes.com…  Fri.,  02  June 2017

The Pound weakness

It’s ‘time to get bearish’ on the pound again

Deutsche Bank has turned bearish on the pound once again, saying that any possible upside for the currency from next week’s election has already been priced into the market.
Writing on Tuesday, Deutsche Bank strategists Alan Ruskin and George Saravelos used their latest FX Blueprint note to warn investors it is “time to get bearish on GBP again,” after just over one and a half months of a positive outlook on the UK’s currency.

http://www.businessinsider.com…  Wed.,  31  May 2017