2020-02-10 Bloomberg Businessweek

AGENDA

○India’sgovernment

unveiledinfrastructure

spendingofalmost

$24b

Thebudgetaimstoboost

theeconomy,whose

growthis slowerthanit

hasbeenin morethan

a decade.

○ TonyFernandesstepped

downasCEO

ofAirAsia,the

Malaysia-based

discountcarrierhebuilt

overalmosttwodecades.

Hedeparteddaysafter

Airbus,whichadmittedto

illegallylubricatingaircraft

salesforyearswithbribes,

agreed to a record $4 billion

settlement with authorities

in France, the U.K., and

the U.S. Fernandes denied

allegations of wrongdoing,

saying he resigned to assist

the investigation.

○ The YouTube video

platform has more than

20m

paying subscribers,

according to parent

companyAlphabet, which

brokeoutdetailed numbers

orthe first time.

de$15.1 billion

than some

estimated.

○ De Grisogono, a jewelry

brand favored by Naomi

Campbell, Salma Hayek,

and other celebrities

for red carpet outings

worldwide, filed for

bankruptcy in Switzerland.

Thecompany,whichwas

 Sweden’s Riksbank

sets interest rates on

Feb. 12. The world’s

oldest central bank has

lifted borrowing costs

out of negative territory,

but they’re likely to stay

at zero in the near future.

 Hedge funds and

other rich investors

in the U.S. stock

market disclose their

multimillion-dollar

moves on Feb. 14, when

they file so-called 13F

forms with the SEC.

 Samsung unveils new

Galaxy mobile products

in San Francisco

on Feb. 11. It’s set to

showcase its S20 family

of phones, which have

improved cameras, and

the foldable Z Flip.

 The New Hampshire

primary on Feb. 11 could

shake up the field of

Democratic presidential

hopefuls. Senator Bernie

Sanders, of neighboring

Vermont, won the

contest in 2016.  32

 NATO Defense

Ministers meet in

Brussels on Feb. 12-13.

The U.S. has pushed

for the organization to

broaden its scope in the

Middle East and help

tackle terrorist threats.

 Alibaba releases

third-quarter earnings

on Feb. 13. Chinese

retail is taking a hit,

with shoppers reluctant

to spend as the

coronavirus outbreak

spreads.  11

Credit Suisse reports quarterly earnings on Feb. 13, but

investor focus will be less on the numbers and more on

the power struggle building between CEO Tidjane Thiam

and Chairman Urs Rohner.

 A Storm Brews on Lake Zurich

ILLUSTRATION BY MINET KIM. EBBERS: CHRIS HONDROS/GETTY IMAGES. FERNANDES: PAUL MILLER/BLOOMBERG. CAMPBELL: LOIC VENANCE/GETTY I

MAGES

6

Bloomberg Businessweek February 10, 2020

 IN BRIEF

○ Prime Minister

Boris Johnson

signaled a tough

negotiating stance

with Brussels

over the next few

months.

○ Swiss

private bank

Julius Baer

said it willcut

300 jobs.

Now that the U.K. has left the

European Union, he says he won’t

agree to the bloc’s rules to get a

favorable trading deal.

In a reversalforaninstitutionthathad

expandedrapidlyoverthepastdecade,

newCEOPhilippRickenbacheraims

toslash 200 millionSwissfrancs

($208 million) in costs over the next

three years.

○ The physical cash

holdings of German banks

rose to a record

€43.4b

in December, according to

data from the Bundesbank.

○ Bernard Ebbers,

former CEO of

WorldCom, died

at 78, a little more

than a month after being

released from prison.

Ebbers had spent 13 years

behind bars for securities

fraud, which surfaced in

2002 when WorldCom

disclosed it had misreported

$3.9 billion in expenses,

forcing the company into

bankruptcy.

b

fortheunit

uTube

in 2019,les

analystsh

foundedin the 1 ,

hadspent

nths

okingfor

a buyer.