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Friday, Aug 10

21

Lira Tumbles as Trump Deals Crumbling Currency Yet Another Blow

Bloomberg

Turkey edged closer still to a full-blown financial meltdown as U.S. President Donald Trump authorized a doubling of some tariffs on the nation and investors lost faith in policy makers' ability to contain a debilitating market rout. The…

20

GE Is Preparing $1.5 Billion Sale of Power-Conversion Unit

www.bloomberg.com

General Electric Co. is working with bankers on a possible sale of its power-conversion business, people familiar with the matter said, as the fallen manufacturer attempts to regain its footing by sli...

19

Semiconductors' Two-Day Selloff Is the Talk of Tech Traders

www.bloomberg.com

It wasn’t the FAANGs this time. Traders of technology stocks have been focused squarely on one chunk of the sector recently: the semiconductors, and the pain that the group has endured over the past t...

PBOC Vows No ‘Strong’ Stimulus, Says Won't Use Yuan in ...

www.bloomberg.com

China’s central bank said it won’t use the yuan as a tool to cope with trade tensions and other external issues, and that it won’t conduct any ...

Ruble Dives the Most Since the Oil Crash in 2015 - Bloomberg

www.bloomberg.com

The ruble is suffering its worst weekly slump since the 2015 oil crash as some of Wall Street’s biggest banks warn investors to steer clear of Russian ...

Where U.K. Youth Don’t Shop - Bloomberg

www.bloomberg.com

Young people like department stores such as Debenhams and House of Fraser, which is being bought by Sports Direct, and think the chains will survive ...

18

The Long Unraveling of Tesla’s Master Plan - Bloomberg

www.bloomberg.com

Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the ...

16

Erdogan Answers Lira's Pleas With an Ottoman Slap - Bloomberg

Bloomberg / News

Asking your citizens to search under their pillows for foreign banknotes and gold to convert into domestic currency isn't much of an economic strategy at ...

Euro Traders Await More Signs of Turkey Pain With Banks at ...

Bloomberg / News

There is little sign that the euro is about to turn around its rough patch against the dollar as concerns over the exposure of the region’s banks to ...

15

Turkish Lira's Plunge Brings Cost Relief for Zara Owner ...

www.bloomberg.com

The crash in the lira could boost Inditex SA, the Spanish owner of the Zara brand, by lowering its costs for making clothes in Turkey, a key manufacturing ...

Mixed U.K. Growth Data Highlight Need For BOE Caution on ...

www.bloomberg.com

The U.K.’s second quarter growth figures underlined why Bank of England officials felt compelled to act this month, but also highlighted the need for ...

14

Gold Puts Up a Fight as Selloff Slows Near Key $1,200 Level

www.bloomberg.com

Gold is showing resistance near $1,200 an ounce, suggesting prices are for now finding a floor near a one-year low. Since last week, the metal’s declines ...

Turkey Leaves Europe’s Bankers Looking for Divine Help

Bloomberg / News

Turkish President Recep Tayyip Erdogan has been standing firm as investors dump his country’s assets at an alarming pace, saying: “They have got dollars, we have got our people, our right, our Allah.” ...

The Reason to Worry When Public Companies Disappear ...

Bloomberg / News

Public corporations are an odd hybrid institution. They’re not really public in the sense of the government having a stake in them -- they’re privately ...

Ryanair Strike Pushes Panicky Customers Into Pricey ...

www.bloomberg.com

Ryanair Holdings Plc’s worsening spat with pilots and cabin crew has created confusion among panicked customers as they race to salvage travel plans ...

Billionaire Ashley Buys House of Fraser for $115 Million ...

www.bloomberg.com

U.K. billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd. department-store chain for 90 million pounds ($115 million), staving off ...

13

Ryanair's Strike Costs Mount With Biggest Walkout Yet

Bloomberg

Ryanair Holdings Plc has been grappling with major strikes for the first time in its three-decade history. The disruption is headed for a new peak Friday with at least 400 flights lost across five nations as pilots ramp up a bid to wrest…

House of Fraser's Plight Wasn't All About Amazon - Bloomberg

Bloomberg / News

House of Fraser has changed hands for the third time in just over a decade. Sports Direct International Plc, controlled by Mike Ashley, has acquired the ...

U.K. Economy Rebounds But Services End Quarter on a Weak Note

Bloomberg / News

The U.K. economy bounced back from its turgid start to the year in the second quarter but the dominant services sector lost momentum toward the end of the period. Gross domestic product increased 0.4 ...

Turkish Meltdown a Test for Global Leaders: Balance of ...

Bloomberg / Politics

Want to receive this post in your inbox every morning? Sign up for the Balance of Power newsletter, and follow Bloomberg Politics on Twitter and Facebook ...

StanChart and Commerzbank Targeted in Suit Over Steinhoff

Bloomberg / News

Action seeks about $13.8 billion over accounting scandal The suit was filed in Johannesburg and seeks class-action status to cover shareholders who bought ...

Strong-Arm Governments Are Taking Over the Global Economy

Bloomberg / Politics

Surveying the end of the Cold War in 1989, political scientist Francis Fukuyama famously argued in an essay titled The End of History? that Western liberal ...

12

Turkish Credit Risk Overtakes Greece’s as Drama Unfolds ...

www.bloomberg.com

The cost of insuring against a debt default in Turkey overtook that of Greece, which is rated four notches lower by Moody’s Investor Service. The lira ...

UniCredit Focused on Turkey Risk as Lira's Tumult Deepens ...

www.bloomberg.com

Italy’s UniCredit SpA said it’s been “paying particular attention” to geopolitical risks in Turkey, where the tumbling lira is driving down the ...

11

Love Island Isn't the Place for a Lasting TV Romance ...

Bloomberg / News

Some time next year, American viewers will be treated to Britain’s latest TV obsession: Love Island. The wildly popular reality show centers on the ...

ECB Concerned About European Banks' Turkey Exposure, FT Reports

www.bloomberg.com

The European Central Bank has grown concerned about the exposure of some euro zone banks to Turkey following the lira’s plunge, the Financial Times reported. Banco Bilbao Vizcaya Argentaria SA, UniCre...

10

European Stocks Drop as BBVA to UniCredit Plunge on Turkey ...

Bloomberg / News

European equities slid at the open as the continuing selloff in the Turkish lira spurred concerns about an economic crisis that could impact European banks.

House of Fraser Seeks Administrators as Rescue Talks Stall

Bloomberg

Department-store chain House of Fraser Ltd. has decided to pursue insolvency proceedings after rescue talks bogged down, putting 17,000 jobs at risk and deepening the U.K.’s retail crisis. The move co...

U.S. Stocks Drop, Dollar Gains Amid Turkey Crisis: Markets Wrap

Bloomberg

Stocks sold off around the world, with U.S. equities erasing what would’ve been a sixth weekly gain as Turkey’s economic crisis deepened. The dollar capped its best week since June as the lira sank to ...

08

Both Sides of Brexit Can Finally Agree: It’s a Joke ...

Bloomberg / Politics

Here is how the companies Bloomberg is following through the Brexit process describe the divorce: “omnishambles,” “farcical” and “a joke.” And ...