United States

Jet Airways’ lenders still undecided on funding; board to meet April 16

Money Control | Apr 15, 2019 at 7:56 PM
  • Jet Airways’ survival remained under serious threat after its lenders Monday deferred a much-anticipated decision to provide emergency funds to the carrier following a marathon meeting, even as its pilots’ union appealed to the lenders and the prime minister to save the airline.
  • On March 25, the airline’s board had approved ‘the debt resolution plan’, under which SBI-led consortium would provide an emergency loan of Rs 1,500 crore and in turn acquire majority stake, following which founder chairman Naresh Goyal and wife Anita would leave the airline and pare his stake to around 25 percent.

India

JPMorgan, Barclays Join Itau in Slashing Brazil Growth Forecast

Bloomberg Quint | Apr 15, 2019 at 7:46 PM
  • JPMorgan Chase & Co and Barclays became the latest financial institutions to lower their estimates for Brazil’s economic growth this year, on the back of weak activity data and increased political uncertainty.
  • Barclays sees Brazil’s gross domestic product expanding 1.7 percent this year, versus 2.2 percent previously.

United States

Goldman Sachs plans wealth product aimed at mass affluent

Financial Planning | Apr 15, 2019 at 7:28 PM
  • Goldman Sachs is eyeing wealth management for the mass affluent as part of the continuing expansion of its nascent consumer banking business.
  • Goldman Sachs indicated Monday that its strategy in the mass affluent wealth management business will be built around partnerships with employers.
  • Goldman reported net earnings of $2.25 billion in the first quarter, down from $2.83 billion in the same period a year earlier.

China

Iconic Trade Fair Loses Luster

Caixin Global | Apr 15, 2019 at 7:21 PM
  • China’s decades-old export and import fair apparently has struggled to attract buyers to its spring session, boding ill for the country’s exports.
  • The China Import and Export Fair, or Canton Fair, which has been held twice a year since 1957 in the southern city of Guangzhou, is seen as a barometer for the vitality of China’s international goods trade.
  • The World Trade Organization’s latest World Trade Outlook Indicator fell to 96.3 for the first quarter, the weakest reading since March 2010 and below the baseline value of 100 for the index.

United States

Disappointing Earnings Drag on Financial Sector ETFs

ETF Trends | Apr 15, 2019 at 6:07 PM
  • Financial stocks and sector-related exchange traded funds retreated Monday after Goldman Sachs (NYSE: GS) announced a decline in first-quarter profits and Citigroup (NYSE: C) revealed a worse-than-expected hit to revenue.
  • The Financial Select Sector SPDR (NYSEArca: XLF), the largest financial sector-related ETF on the market, declined 0.5% on Monday.
  • GS makes up 2.3% of XLF’s underlying portfolio.

Korea, Republic of

S. Koreans increasingly go cashless: BOK survey

Yonhap News Agency | Apr 15, 2019 at 6:05 PM
  • South Korean people are increasingly going cashless as more people rely on credit cards and digital payment tools, a survey by the Bank of Korea (BOK) showed Tuesday.
  • People in their 20s had an average 54,000 won, compared with 67,000 won for people in their 30s, 91,000 won for people in their 40s and 105,000 won for people in their 50s.
  • The BOK has also made efforts to phase out cash from the market to reduce the cost of producing new currency.

United States

SunTrust CFO to depart following merger with BB&T

Mergers & Acquisitions | Apr 15, 2019 at 5:22 PM
  • Allison Dukes’ long career at SunTrust Banks in Atlanta will end later this year after the bank completes its merger with BB&T.
  • The companies announced in early February that BB&T, based in Winston-Salem, N.C., would acquire SunTrust for about $28 billion and Dukes had initially been identified as one of the SunTrust officers who would be part of the executive management team at the combined company.

Ukraine

Court postpones case on grounds for PrivatBank nationalization

Kyiv Post | Apr 15, 2019 at 4:54 PM
  • The Sixth Administrative Court of Appeals has postponed until April 22, the day after the second round of the presidential elections, the consideration of the appeal of the National Bank of Ukraine (NBU) against the decision of Kyiv’s District Administrative Court to annul the NBU order on conducting an audit of PrivatBank in October 2016, the results of which formed the basis of the nationalization of the financial institution.
  • In particular, the company in March 2017 filed a lawsuit demanding that the NBU order dated October 2016, by which the regulator initiated an unscheduled inspection, be canceled.
  • The Kyiv District Court on March 2, 2018 satisfied the claim.

United States

BofA-ML sees RBI slashing rates for the third straight shot

Money Control | Apr 15, 2019 at 4:47 PM
  • A foreign brokerage Monday said the Reserve Bank will cut its key policy rates by another 25 basis points, after governor Shaktikanta Das’ weekend speech focusing on ways to revive growth.
  • Speaking at the annual meetings of the IMF in Washington over the weekend, Das had stressed on reviving growth when inflation is trending below targets.
  • Lower inflation in recent months has resulted in the bank cutting rates by 0.50 percent in 2019 so far.