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News

13 November – 17 November

13 November

Kenya Airways will be almost 90 per cent owned by the Kenyan government and a group of 11 local banks under a restructuring deal unveiled on Monday after the terms of a debt-for-equity swap for the lossmaking airline were finalised.

Uber’s US rival Lyft is expanding outside of its home market, taking the competition between the two companies into a new arena at a time when both ride-hailing companies are in separate fundraising talks.

US equities indices were set to extend last week’s losses, while the dollar index inched higher ahead of another critical week in lawmakers’ efforts to overhaul the US tax code.

Russia’s economy grew by 1.8 per cent in the third quarter compared with the same period last year, a marked slowdown from the 2.5 per cent the Federal Statistics Service had reported for the second quarter.

14 November

Buffalo Wild Wings soared 26 per cent higher in after-hours trading on Monday following a report that private-equity firm Roark Capital Group had made a takeover bid for the beer-and-wings casual dining chain valued at more than $2.3bn.

The International Energy Agency on Tuesday lowered its oil demand forecast for this year and next, saying the rally in prices since June was likely to crimp consumption.

The common currency got a boost on Tuesday after Germany reported stronger than expected economic data that provided the latest evidence of the acceleration of the eurozone’s biggest economy.

Italy’s economy expanded at a quicker clip than economists forecast in the third quarter as the eurozone economy continues its rebound from the troubles it faced in 2012-13.

15 November

Asia Pacific equities were down on Wednesday following a weak lead-in from Wall Street, where the S&P 500 index fell 0.2 per cent on Tuesday, while an overnight tumble in oil prices hit energy stocks.

General Electric has lost its position as the largest US manufacturer by market capitalisation, held since 1980, following a 13 per cent slide in its share price over the past two days.

Venezuela has suffered what is expected to be the first in a cascade of defaults on more than $60bn of international bonds after missing several interest payments.

Sweden and Norway’s currencies were testing levels usually seen only during financial crises on Wednesday, despite their healthy economies, as weak data and tumbling commodity prices exacerbated the effects of the euro’s renewed rally.

16 November

The energy sector sank to the bottom of the S&P 500 on Wednesday, with lower oil prices pressuring shares of companies including Exxon Mobil, Halliburton and Schlumberger.

The holiday season does not officially kick off in the US until next week, but some stockings hung up on Wall Street have already received a lump of coal.

The value of US Treasuries held by China and Japan, the US’s two largest creditor nations, dipped in September alongside a selloff in the country’s debt.

South Africa has called a crisis meeting of regional leaders to discuss the military takeover in Zimbabwe, amid fears of instability spilling over the border. Soldiers continued to round up allies of the 93-year-old president, Robert Mugabe, as member states of the Southern African Development Community called on the army to avoid an “unconstitutional” change in government and urged “calm and restraint”. They will meet in Botswana later today, at the request of Jacob Zuma, the chair of SADC and president of South Africa.

17 November

Singapore’s non-oil exports grew at a faster pace than expected in October as outbound shipments to China jumped.

India’s rupee gained as much as 1.1 per cent to the strongest level in a week on Friday after Moody’s upgraded the country’s sovereign rating on expectations of continued progress for economic and institutional reforms.

It has been a miserable year for the holding companies that own the world’s largest advertising groups, with shares in WPP, Publicis, Omnicom and Interpublic Group all down sharply over the past 12 months.

Shares in South Korean air carriers jumped on Friday after the government said domestic airlines will be allowed to pass higher fuel costs on to customers.

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06 November – 10 November

06 November

Michael Kors handily beat earnings estimates in its fiscal second quarter despite a drop in like for like sales, posting better-than-expected results as the retailer prepares for the all-important holiday shopping season.

Growth in its pharmacy business helped CVS Health deliver better-than-expected sales during the third quarter even as higher generic drug dispensing rates kept a lid on profit margins.

Eurozone producer prices again accelerated more than expected in September as energy costs pushed up input prices.

US equities indices are set to open little changed on Monday morning, amid a flurry of news including a proposed tech mega-deal, a purge in Saudi Arabia and Donald Trump’s closely watched visit to Asia.

07 November

Walt Disney has held talks with Rupert Murdoch’s 21st Century Fox about buying most of the company, including its stake in UK-based Sky, people briefed on the talks said, in a potentially controversial deal that would reshape the media landscape.

In the movie Brewster’s Millions, the hero can collect his inheritance only if he spends a huge sum of money by a fixed date. Has the Bank of Japan talked itself into the same comedy script with exchange traded funds?

Eurozone policymakers will pay increasing attention to the bloc’s debt levels as part of its attempts to shore up the public finances of member states during a strong economic recovery.

The energy sector helped power US equities to new record highs on Monday, as geopolitical concerns failed to dampen sentiment at the outset of the trading week already packed with juicy deal news.

08 November

Sales at Ubisoft soared 85.8 per cent year-on-year in the three months to the end of September as strong performance by its new releases helped the French video games maker beat its own targets set in July.

Paramount Pictures’ $1bn three-year film financing deal with Huahua Media has been scrapped following China’s moves to curb capital flight, the Viacom-owned Hollywood studio said on Tuesday.

The eurozone’s largest and most powerful economy is in danger of overheating, Germany’s influential Council of Economic Experts has warned, calling on the country’s next government to pursue reforms to ensure that the boom does not end in disaster.

Bonds sold by some of the country’s largest technology, media and telecommunications companies have come under pressure this month, buffeted by sparring in US Congress over tax reform and as investors face a spate of multibillion-dollar new debt sales.

09 November

AstraZeneca said its profits are unlikely to fall as far as previously feared this year, after the decline in sales of its older drugs slowed in the third quarter.

Chinese companies edged higher in Hong Kong on Thursday, buoyed by a strong performance from insurance companies.

Demand for gold slumped to an eight-year low in the third quarter as the prospect of higher US interest rates and tighter monetary policy resulted in less buying from institutional investors.

Oil major Total has bought the upstream liquified natural gas assets of state-backed French energy utility for $1.5bn, pushing itself into second place in the sector globally.

10 November

Technology stocks in Taiwan fell on Friday as investors moved to take profits from several sector heavyweights.

A flurry of earnings results revealed diverging fortunes of US department stores as they tried to clear inventory ahead of the critical holiday shopping season.

Inflation in Brazil picked up in October with the largest monthly increase in prices in more than a year, but the annual rate remained well below the central bank’s target range.

Tokyo’s Topix equities index dropped as much as 1.2 per cent on Friday as the index fell further below a 25-year high touched a day earlier.

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30 October – 03 November

30 October

As part of China’s anti-corruption drive, the free liquor and even bottled water disappeared from the hotels housing guests for the 19th Party Congress, which concluded last week. But despite the austere note on which the core leadership insisted, there was a congratulatory air about the proceedings.

Prices in Germany unexpectedly slipped this month, highlighting the challenges facing the European Central Bank as it attempts to roll back monetary stimulus without reversing the recent uptick in inflation.

Games involving ink guns, banana skins and a self-propelling baseball cap have put Nintendo’s Switch on track to sell more units in its first year than its predecessor console, Wii U, sold in its lifetime, leading a dramatic revival for the Japanese company.

A good year for oil and metals trading has led Glencore to upgrade its full-year guidance for the division for the third time since January, even as production volumes at its mining operations fell.

31 October

Advanced Micro Devices shares extended their tumble to trade at a four-month low after Morgan Stanley downgraded the chipmaker, arguing that its gains from the cryptocurrency mining frenzy would “fade”.

The pace of growth of the French economy slowed slightly in the third quarter, according to a preliminary reading on the country’s gross domestic product.

Pilot pay increases at Ryanair will add as much as €100m to the airline’s annual cost base but the company has insisted the rostering crisis that led to 20,000 flight cancellations will not undermine its profit forecast this year.

Samsung Electronics has announced substantial increases in shareholder returns for the next three years on the back of record earnings, reaffirming its commitment to “creating shareholder value and returning significant capital to its shareholders.”

01 November

The largest shareholder of Myer, one of Australia’s oldest retailers, has launched a blistering attack on the department store operator, accusing management of running the company into the ground.

Higher motorcycle sales and a weaker yen have prompted Honda to upgrade its full-year profit and revenue forecasts. The upgrade came as the car, motorcycle and jet maker used its second-quarter results to flag a revised dividend policy and enhanced capital management via a share buyback of up to ¥90bn.

Vietnamese manufacturing growth slowed in October amid the slowest rise in output in a year, according to a market survey. The latest Nikkei Vietnam Manufacturing Purchasing Managers’ Index reading was 51.6, down from 53.3 in September.

Investors cheered Kellogg’s surprise return to sales growth during the third quarter, pushing shares in the world’s largest cereal maker nearly 9 per cent higher.

02 November

Approvals to build new homes in Australia grew for a second straight month in September, driven by an increase in the number of apartments green-lit. Building approvals rose 1.5 per cent month on month in September having returned to growth in August, according to the Australian Bureau of Statistics.

Germany’s labour market continued tightening in October, leaving the country’s jobless rate at the lowest level since its reunification in 1991.

Britain’s leading financial technology start-ups are celebrating a record-setting week as they accelerate their push to take market share from high-street banks in areas such as payments and lending.

National Australia Bank said it would axe 4,000 jobs — about 12 per cent of its workforce — over the next three years in an effort to automate and simplify its business using new technologies.

03 November

US stocks struggled for traction on Thursday as investors parsed details of the sweeping tax reform bill unveiled by the Republicans.

An independent gauge of China’s services sector enjoyed a partial recovery in October after falling to a 21-month low a month prior.

Apple beat iPhone sales forecasts in the September quarter and pointed to a stronger than expected end to the year, on the eve of Friday’s iPhone X launch, sending its shares to a new all-time high in after-hours trading.

Pandora shares hit the skids in after-hours trading on Thursday after the online radio company reported quarterly sales that missed analysts’ expectations and declining listener hours.

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23 October – 27 October

23 October

Dutch health technology company Philips reported core profit for the three months to the end of September rose 12 per cent as sales in China saw double-digit growth.

Shares in Zhuzhou CRRC Times Electric fell to a three-week low on Monday after the company reported a 20 per cent slide in profit and received a downgrade by Nomura.

Japanese equity markets hit a record 15th consecutive day of gains as investors cheered prime minister Shinzo Abe’s decisive election victory. Mr Abe’s ruling Liberal Democratic party-led coalition secured a two-thirds parliamentary “super majority”, even though the prime minister began the campaign with a negative approval rating. If he remains in office until the Tokyo Olympics of 2020, Mr Abe will become the longest serving Japanese leader of the modern era.

Netflix plans to raise $1.6bn on Monday to fund its investment in original movies and television shows, in what is poised to rank as the company’s largest bond sale in its history.

24 October

Conditions in Germany’s vast factory sector continued improving at a rate close to last month’s near six-and-a-half year high in October, according to a closely watched survey.

The New Zealand dollar took a sharp fall on Tuesday following the confirmation of the policy priorities of the country’s incoming government. The kiwi slid 1.2 per cent from an intraday high of $0.7003 to a low of $0.6917 after prime minister-designate Jacinda Ardern and incoming deputy prime minister Winston Peters inked a coalition deal in Wellington.

US and California regulators will allow Volkswagen to repair rather than buy back 38,000 vehicles caught up in its diesel emissions scandal, saving the German automaker as much as $1bn by avoiding the more expensive buybacks.

Amazon has received 238 applications from cities across North America to host its new headquarters, the ecommerce group said on Monday, showing far higher demand for its HQ2 than had been anticipated.

25 October

Confidence in the outlook for the world economy has been boosted by strong earnings statements from some of the largest US industrial companies, reporting strength in sectors including aerospace and construction.

A group of private-equity investors led by New York-based Global Infrastructure Partners and China’s sovereign wealth fund will acquire a portfolio of Asian wind and solar energy projects from Singapore-based Equis Pte Ltd for $3.7bn.

South Africa’s finance minister slashed forecasts for economic growth this year and warned that fiscal deficits would be higher than expected for the rest of this decade as a corruption scandal buffets government finances.

As cryptocurrencies draw both greater interest and scrutiny in countries from the US to Switzerland, Japan has quietly become one of the largest hubs for trading bitcoin.

26 October

South Korea’s economy kicked into gear in the third quarter as renewed investment in construction and a return to growth for exports helped the country’s gross domestic product expand at the fastest pace in 7 years.

US equities ended the day in the red, weighed down by a batch of underwhelming earnings and growing trepidation about tax reform plans.

Deutsche Bank has agreed to pay $220m in a settlement with US states that resolves claims it manipulated benchmark interest rates, closing another chapter in the chequered US history of Germany’s biggest lender.

Shares of US casual-dining chain Buffalo Wild Wings jumped more than 21 per cent in after-hours trading on Wednesday after it topped up its annual earnings forecast thanks in part to switching its weekly promotional special from traditional to boneless chicken wings.

27 October

What a day for Deutsche Börse shareholders. Hours after finding out that chief executive Carsten Kengeter will step down, the German exchanges operator has warned it would not meet its full-year net income target owing to poor market conditions.

Macquarie Group’s shares climbed to a new high after the investment bank reported a record profit for the first half of its 2017-2018 financial year, beating analysts’ expectations and upgrading its full-year earnings forecast.

The pace of core consumer inflation in Japan was flat in September and analysts expect pressure on underlying prices to strengthen.

When is a potential rate rise not necessarily a boon for a currency? When it’s one that is seen as a reminder a constrained outlook for policy tightening. Sterling is falling toward its lowest level of the month as attention turns to the Bank of England’s monetary policy meeting next week. While a quarter-point rate rise is expected, such a move would only reverse the emergency cut of the same margin made straight after the UK’s Brexit vote.

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16 October – 20 October

16 October

Uber’s fast-growing food delivery service accounted for nearly a tenth of the company’s global gross bookings in the second quarter, according to people who have seen the figures, a level that implies the unit is on track to exceed $3bn in gross sales this year.

Digital Asset Holdings has become one of the best-funded developers of blockchain software for the financial sector after raising $40m from investors led by the family office of Tony James, president and chief operating officer of private equity group Blackstone.

The eurozone’s trade surplus in goods with the rest of the world fell €1.4bn year-on-year in August as demand in the bloc for imports outstripped increases in export sales.

The rapid rise in self-employment since the 2008 financial crisis is not only changing the world of work but is now transforming the UK’s economic statistics, too.

17 October

Singapore’s non-oil exports took a surprise fall in September, snapping four consecutive months of growth.

Sydney’s equities benchmark rose to a more than five-month high on Tuesday as the country’s major mining groups rallied.

A federal judge struck down patents protecting one of Allergan’s top-selling drugs, sending shares in the company down nearly 5 per cent.

Three Chinese electronics firms are the worst performers in Greenpeace’s latest ranking of the environmental standings of the world’s biggest consumer electronics manufacturers.

18 October

The Chinese county-seat of Zouping, with a population of 700,000, is a backwater by Chinese standards, its bustling high street almost bereft of overseas brands. But it is firmly on the radar of fast-food chain Kentucky Fried Chicken.

Shares in Benetic Biopharma lifted as much as 26.7 per cent in Sydney on Wednesday after the company announced it had received a US patent related to its treatment for hepatitis B.

Inventories of US oil fell for the fourth consecutive week, while stockpiles of gasoline rose more the forecast prompting oil prices to trim their gains.

China will report third-quarter gross domestic product figures on Thursday, just as the Communist party convenes a meeting in which it will select a new slate of top leaders.

19 October

Adobe shares rallied in extended trade on Wednesday after the company delivered 2018 earnings and revenue growth outlook that topped Wall Street forecasts.

Meal kit delivery service Blue Apron on Wednesday said it would cut about 6 per cent of its global workforce as a result of a company wide realignment.

European equities moved lower on Thursday amid broadly quiet trading across asset classes on the 30-year anniversary of Black Monday.

Rising prices and squeezed household budgets prompted a bigger drop in UK retail sales than expected in September, according to data published by the Office for National Statistics on Thursday.

20 October

Is there anything that a city won’t do to attract Amazon’s second headquarters? As a six-week search period drew to a close, dozens of cities across the US and Canada have raised their hands and each bid seems grander than the last.

Shares in Nissan Motor dropped as much as 2.3 per cent on Friday after the Japanese automaker said it would suspend domestic production in the face of a worsening inspection scandal.

With expectations of rising interest rates in the US, gold is once again under pressure. The yellow metal was trading at about $1,285 on Thursday, almost 5 per cent below its peak in September when it hit its highest level in more than a year.

The UK budget deficit narrowed in September to its lowest level for that month in a decade, reinforcing a recent trend that may provide Chancellor Philip Hammond more fiscal breathing room when he reveals the Autumn statement next month.

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09 October – 13 October

09 October

Thai Airways jumped on Monday after Thailand’s aviation authority said the International Civil Aviation Organisation had removed a red flag against the country for its safety record.

Chinese stock markets opened higher on Monday as investors returned from a week-long national holiday, while Australian equities climbed on gains in the materials sector.

US stock futures edged higher on Monday, with little on the economic calendar front to keep traders on their toes and banks and the bond market closed for the Columbus Day holiday.

Gold was up again on Monday as a Russian report on North Korea’s long-range missile ambitions from Friday kept the metal’s safe-haven status in play.

10 October

France has hardened its position against any changes to international banking rules that would result in higher capital ratios, just days before crunch talks.

The world’s biggest exchanges have reached a collective solution to their biggest problem of recent years — how to make more money beyond their unpredictable core businesses? As public companies, they are under pressure from shareholders to increase profits. But volatility in trading, normally the industry’s lifeblood, has been low for several years. Antitrust regulators have also prevented some mergers aimed at achieving economies of scale in transactional costs, such as the abortive merger of London Stock Exchange Group and Deutsche Börse.

LVMH kicked off the earnings season for the luxury goods sector by beating analyst consensus and recording €10.4bn of revenues in the third quarter of this year.

Singapore’s financial regulator has said it takes a “serious view” of the issues Standard Chartered is under investigation for, and will “take firm action against any financial institution or individual” that breaches money laundering rules or facilitates terrorism financing.

11 October

The eurozone’s economic powerhouse continues to thrive. Germany’s economy is expected to grow by an impressive 2 per cent this year and 1.9 per cent in 2018, according to forecasts commissioned by the Federal Government.

China and South Korea have failed to extend their $56bn currency swap deal amid diplomatic tension over Seoul’s instalment of a controversial US missile shield.

Ebay’s UK business paid £1.6m in tax last year, despite the ecommerce company reporting to shareholders that it registered more than $1.3bn in revenues in Britain over the same period.

LG Electronics rose as much as 7.5 per cent on Wednesday after the company estimated its third quarter operating profit jumped 82 per cent on strong sales of premium home appliances.

12 October

Dovish minutes from the Federal Reserve’s September meeting revealed policymakers fears that low US inflation was not “transitory”, casting doubt on the likely pace of the central bank’s rate tightening policy, leaving the greenback exposed.

When Fernando Coelho Filho, Brazil’s minister for mines and energy, was asked on television this month about privatising Petrobras, the state-controlled oil producer, he could not have known the stir he was about to cause.

Sydney-listed mining groups were taking a hit in Thursday trade as a drive to limit steel production in China during the winter continued to undermine demand for iron ore.

Pharmaceutical company Sanofi says it is investing €170m to expand an influenza vaccine production facility in France.

13 October

Kobe Steel confirmed on Friday it falsified quality inspection data on steel wire but said it had confirmed with a customer that there were no problems with the product.

Chevron has walked from an exploration program off the southern Australian coastline, blaming the low oil price for the decision.

Sterling is back on the front foot on Thursday, reversing a 0.8 per cent decline to trade up 0.4 per cent at $1.3280 – the highest level in six days.
China’s export growth came in lower than forecast in September as an unexpected jump in the value of imports resulted in the country’s smallest trade surplus in half a year. But the latest data also showed the largest nominal trade surplus with the US on record, based on figures dating back to 1993.

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02 October – 06 October

02 October

Jordan is in the market with a 30-year bond, becoming the latest Middle Eastern issuer to tap strong investor demand for a region which has borrowed record amounts on international markets this year.

The unemployment rate in the eurozone has stuck at 9.1 per cent for August, slightly disappointing the Reuters consensus forecast for a further small decline but still at the lowest point since February 2009.

AIG is poised to save as much as $150m in annual compliance costs after US officials released it from “too big to fail” supervision, a decision that could also help the insurance company expand again after years of post-crisis shrinkage.

Google has unveiled measures to help publishers sell more digital subscriptions, after concluding that advertising is not enough to sustain large news operations.

03 October

Hong Kong’s Hang Seng China Enterprises index was heading for its best day in 18 months on Tuesday following positive China data and a cut to Chinese banks’ reserve requirement ratio over the weekend.

High interest rates are to blame for Turkey’s persistently high inflation, president Recep Tayyip Erdogan said after the latest data showed a new acceleration in price rises.

Tesla’s efforts to ramp up production of its all-important Model 3 are off to a slow start.

Japan’s third-biggest advertising agency Asatsu-DK jumped to a 17-year high on Tuesday after Bain Capital launched a $1.3bn tender offer for the company.

04 October

A measure of the creditworthiness of highly rated US companies sunk to a post-financial crisis low on Tuesday, suggesting broad confidence in the ability of corporate America to repay its debts.

Iceland’s central bank has cut its benchmark interest rate by a quarter of a point to 4.25 per cent, noting tamer inflation, weaker growth and cooling tourism.

Uber’s board has voted to approve a sweeping governance overhaul that will tip the balance away from founding investors including former chief executive Travis Kalanick, opening the way for an investment from SoftBank that could be worth more than $10bn.

About 3bn accounts were affected in the Yahoo data breach in 2013, three times bigger than the company had previously estimated, making it one of the largest thefts of personal information ever seen in a cyber attack.

05 October

UK car registrations, a key gauge of vehicle demand, skidded in September after political and economic uncertainty dented consumer and business confidence.

The Australian dollar dipped on Thursday after official data showed worse-than-expected conditions in retail trading.

This was probably not the reaction Office Depot was looking for. Shares in the struggling office supplies retailer plunged as much as 18 per cent on Wednesday after the company unveiled a $1.1bn deal to buy IT services provider CompuCom and lowered its full-year guidance.

Chelsea Football Club plans to ramp up sponsorship deals in an effort to double revenues to more than £650m, as it looks to keep pace with higher-earning rivals in signing the world’s best footballers.

06 October

Brazil’s monthly inflation rate continued to decelerate in September, although less than economists had expected.

Europe’s stocks are holding steady after Wall Street’s record breaking run entered its sixth consecutive session, although momentum is fading into jobs data due out later in the session.

Whirlpool shares bumped slightly higher on Thursday after the US-based appliance maker declared victory in a petition it filed with a US trade panel over large washing machines imported by rivals Samsung and LG.

The top US consumer finance watchdog has released long-awaited plans to crackdown on “payday” lenders, setting up a clash with Congress and the Trump administration.

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25 September – 29 September

25 September

Ride-hailing app Taxify made progress with its application for a licence to operate in London last week, just as Transport for London decided to withdraw the permissions for rival Uber in the city, said people close to Taxify.

Aldi’s profits in the UK and Ireland slipped last year even as sales notched a fresh record, the discount grocer said on Monday in the latest sign of the intense competition in the supermarket sector.

Mario Draghi has delivered a bullish assessment on the eurozone’s recovery, saying that growth in the region would outpace its historical average in the coming quarters.

Due largely to unfavourable demographics, few countries have had more obituaries written about it than Japan. In the hierarchy of economic geriatrics, Japan stands at the apex, and for good reason.

26 September

A rebound in global trade and improved prospects for China have provided a boost to Asian economies, prompting the Asian Development Bank to raise its growth forecast for the region.’

When a mix of Chinese privately owned and state-owned companies came together in August to buy shares in China Unicom’s $11.7bn offering, Beijing heralded it as another milestone for reform of country’s state-owned enterprises.

Japanese banks plan to introduce a digital currency ready for the 2020 Tokyo Olympics as they respond to the threat from China’s Alibaba, which recently launched its mobile-phone payments service in the country.

JC Flowers is looking to sell its remaining 20 per cent-plus stake in Shinsei Bank, the Japanese lender that the US group resurrected and turned around in one of global private equity’s most lucrative deals.

27 September

The Czech National Bank kept its interest rates on hold after its September policy meeting, disappointing some hopes for a second rate rise in two months.

What next for the miners after a choppy 2017? Analysis from Liberum puts the sector’s strong start to the year down to the late stages of a cyclical upturn in China, its biggest destination market. Monetary tightening there took a toll in the second quarter, before clearer insight into reforms in the summer lifted the mining sector back toward its highs from late June.

Fierce price competition in the UK’s domestic energy market has caused a drop in customer numbers at First Utility, one of the largest challengers to the big six electricity and gas suppliers.

Nestlé has for the first time set a target for increasing profit margins, marking a significant shift from its traditional sales-focused model as the Swiss company reacts to competitive pressures facing big consumer goods groups.

28 September

Puerto Rico is facing unprecedented devastation at the hands of not just one hurricane, but two. Maria, last week, made landfall with winds of 155 miles an hour, unleashing torrents of rain in the most powerful storm to strike the island since 1928. It has robbed Puerto Rico’s 3.4m inhabitants of electricity, potentially for months, deprived many of water and communications, flooded roads and destroyed hospitals and homes. The US territory is now on the brink of a public health crisis.

Emerging markets currencies are under fire on Wednesday as investors rachet up their bets on a December rate hike in the US after Federal Reserve chief Janet Yellen stuck to her views that gradual rate rises are needed despite persistently weak inflation readings.

Uber is shutting its lossmaking car leasing business Xchange Leasing, which bought cars and loaned them to drivers unable to purchase their own.

The owner of the UK’s largest power station has argued its giant plant in North Yorkshire can still play a meaningful role in the country’s energy system, even as more electricity is provided by renewables and smaller plants that fill gaps when wind and solar power is not available.

29 September

Palladium achieved price parity with sister metal platinum for the first time in sixteen years this week, as investors searched for ways to bet on trends in the automotive market.

US consumer sentiment in September was blown slightly off course by a string of damaging hurricanes but remained relatively resilient otherwise, making the first nine months of 2017 the best on record since 2000.

Dyson’s ambition to make a battery-powered car will be its biggest challenge yet. The British engineering group best known for vacuum cleaners will need much more than just technical know-how to avoid becoming the latest on the scrapheap of failed car companies.

Carillion’s woes deepened on Friday as the UK construction company reported a first half pre-tax loss of £1.15bn and said it was exploring a range of options — including a share sale and fresh asset disposals — to tackle its debt-laden balance sheet.

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18 September – 22 September

18 September

US defence contractor Northrop Grumman on Monday said it plans to buy Orbital ATK in a $9.2bn deal, marking the latest sign of consolidation in the industrial sector.

Workplace messaging app Slack has been valued at $5.1bn in its latest fundraising, which drew $250m from investors as the weight of cash in private markets continues to push up the valuations of the fastest-growing tech companies.

Amit Shah, president of India’s ruling Bharatiya Janata party and the engineer of the party’s election victories, recently made a rare public address on a problem that threatens Prime Minister Narendra Modi’s 2019 re-election prospects: the faltering economy.

Put helicopters in the same sentence as central banks and the assumption is you are discussing boosting an economy by showering cash from on high. In China, however, the notion is in reality more akin to so-called “helicopter parenting”, given Beijing’s constant micromanagement. The renminbi is one example. If China truly wants to internationalise its currency, it must learn to let go.

19 September

Deutsche Bank is doubling down on commercial real estate in New York, as chief executive John Cryan tries to arrest a slide that has threatened the bank’s position as one of the dominant forces on Wall Street.

The holiday cheers are fading fast for Toys R Us. Bonds issued by the venerable US toy retailer tumbled to a record low on Monday on reports that it could file for bankruptcy protection as soon as this week.

Hungary’s central bank eased monetary policy on Tuesday, reducing its overnight deposit rate, while leaving its main policy rate steady.

Australia’s central bank is expecting a decline in the price of iron ore in the short-term as Chinese steel demand hits a ceiling and global supply continues to expand.

20 September

Europe’s largest car companies have more than doubled the amount of lending on their balance sheets since the financial crisis, with the growing use of auto credit in global car sales pushing their total exposure to borrowers to record highs.

Parcel delivery company FedEx said on Tuesday that a June cyber attack on its TNT Express unit cost the company $300m in the first quarter, resulting in disappointing quarterly earnings and a lowered outlook for the fiscal year.

Economic performance is improving in most of the world’s leading economies but is still short of a self-sustaining upswing, the Organisation for Economic Cooperation and Development said on Wednesday.

Plumbers’ merchant Ferguson was among Tuesday’s biggest gainers as analysts played down the threat of Amazon encroaching on its market.

21 September

Souring yoghurt sales and shrinking US appetite for breakfast cereals prompted revenues at General Mills to slide for a ninth straight quarter, sending its shares down by the most in over eight years.

Google has broadened its smartphone manufacturing operations with an agreement to pay $1.1bn to transfer about 2,000 staff from Taiwanese smartphone maker HTC.

Ukraine is coming under pressure from its western backers to adhere to vital structural reforms after Naftogaz, the state oil and gas company and model of reform in recent years, was left without a supervisory board after independent British directors resigned.

Sweden’s currency rose modestly on Thursday against the common currency after the Riksbank said in its most recent monetary policy minutes that it “welcomed” progress on inflation.

22 September

Germany’s vast factory sector revved up to its quickest growth pace in close to six-and-a-half years in September, a closely watched survey showed, in the latest sign of strength for the eurozone’s biggest economy.

Beijing has condemned it as “poisonous”. The People’s Liberation Army weighed in to say it was sapping the might of the Chinese military. Parents added to the chorus of criticism when a 17-year-old boy suffered a stroke after playing the game nonstop for 40 hours. Honour of Kings is not just the world’s highest-grossing mobile game, with 200m registered users in China alone, it is also the subject of intense scrutiny.

From Mickey Mouse and Iron Man to Han Solo and Buzz Lightyear, Walt Disney owns some of the most valuable entertainment properties on the planet. So when its chief executive Bob Iger recently revealed what he called “a major strategic shift”, its rivals sat up and listened.

Anadarko Petroleum was the biggest gainer on the S&P 500 after the energy group announced a $2.5bn share buyback programme through the end of 2018.

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11 September – 15 September

11 September

A theme that emerged in Washington this summer was Donald Trump’s growing frustration with his stalled trade agenda. And with good reason. One of the president’s biggest economic campaign promises was a new, muscular approach to trade featuring hefty tariffs on China and other rivals as well as a wholesale ripping-up of US trade agreements. Things could still change. Yet, nine months in, it is fair to say Mr Trump is looking increasingly like a bully without a playground in which to exercise his muscle.

The renminbi suffered its worst day in three months after China’s central bank scrapped two rules intended to bolster the currency, in a sign that official nervousness about currency depreciation and capital flight has eased.

Cargill, the world’s biggest agricultural trading company, has agreed to sell its US steel fabrication centres as it continues to shuffle its sprawling portfolio in search of better returns.

Investor hopes of making money from cutting-edge cancer treatments were given a boost on Monday with particularly positive data from UK-based drugmaker AstraZeneca sending shares higher.

12 September

Super, soaraway sterling – at least for now… The pound is on course for one of its best days of the year after inflation data came in ahead of forecasts , offering succor to the more hawkish members of the Bank of England’s finely-balanced Monetary Policy Committee, which meets this week.

Asia shares have followed another record close on the S&P 500 to hit a 10-year high this morning. The MSCI International ex-Japan index tracking Asia Pacific shares, was up 0.57 per cent this morning and hitting its highest point in 10 years.

Wall Street isn’t lining up for Nordstrom’s latest retail foray — a store without inventory. The company’s shares fell more than 4 per cent on Monday after the US department store chain announced plans to launch its first “Nordstrom Local” store in West Hollywood next month.

Samsung Electronics said pre-orders of its latest flagship smartphone Galaxy Note 8 were exceeding its expectations, as the South Korean company seeks to move beyond last year’s safety debacle and braces itself for the latest iPhone debut later on Tuesday.

13 September

Qatar has injected about $38.5bn of its $340bn reserves into its economy to cushion the impact of its neighbours’ embargo, says a Moody’s report.

Austria has priced its 100-year bond at a yield of 2.112 per cent, raising €3.5bn in what bankers say is the largest ever century-long debt deal.

Toshiba announced it has signed a non-binding memorandum of understanding with a bidding consortium led by Bain Capital in the hopes of agreeing a sale of its prized memory chip business by the end of September.

Swiss luxury goods group Richemont has reported a 12 per cent rise in sales in the five months to August 31 in constant currencies, boosted by jewellery and strong performances in China and Hong Kong.

14 September

Growth in retail sales and industrial production in China slowed unexpectedly last month as expansion in fixed asset investment dipped more than anticipated.

The dollar reversed an early fall to reach its highest point in a more than a week against a basket of rivals, while US stocks inched to record levels and Brent oil hit a five-month high as participants digested comments from the Energy Information Administration.

Big Japanese and Canadian banks and some of Europe’s major lenders, including Intesa Sanpaolo and Standard Chartered, have been described as laggards in using technology to cut costs and automate operations, according to new research.

Global equities have rarely been pricier. That is causing anguish among fund managers and some concern among policymakers, but one unfashionable corner of the stock market remains cheap.

15 September

Russia’s central bank has cut interest rates by half a percentage point, as expected, taking the key rate to 8.5 per cent.

The pound edged up on Friday, building on its 1.4 per cent gain against the dollar in the previous session after the Bank of England gave its strongest signal yet that a rate rise is on the way.

Switzerland’s Nestlé is accelerating its expansion in the US coffee market by taking a majority stake in California-based Blue Bottle that values the café and roastery chain at more than $700m.

The Renault-Nissan alliance will produce 12 pure electric cars, double its synergies and launch a fleet of self-driving taxis by 2022, as the world’s largest carmaking group becomes more integrated and expands its bets on future technology.

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