Business

Business

Where faith meets fitness

NEW YORK • At first glance, the streaming fitness class looks like any other: blue yoga mats against a neutral background, with ambient music and candles to set the mood. Two athleisure-clad instructors, flanked by hand weights, introduce themselves. The giveaway is the flash of a wooden crucifix. "Surrender all and prepare yourself to go on this journey with us through the stations of the cross with Jesus," one of the instructors says, her hands in prayer position. Many such classes are available through SoulCore, a fitness platform where stretches correspond to the Apostles' Creed, push-ups are completed to the Lord's Prayer and challenging positions warrant a Hail Mary. Since 2013, the company's mission, carried out by some 150 instructors in 30 American states, has been to further animate Catholic teachings, including Christ's suffering. "Coming up into a plank position, picture Jesus being condemned," Deanne Miller, 54 and a founder of SoulCore, instructs h..

Business

US–Australia Could Disconnect If Victorias Belt and Road Is a Risk: Pompeo

The U.S. Secretary of State says the United States will “simply disconnect” with Australia if the Victorian states Belt and Road partnership with Beijing presents any risk to telecommunications infrastructure. Mike Pompeo told Sky News on May 24 that the United States was keen to continue working with Australia on security and that it was a “great partner,” but it needed to prioritise the safety of its own telecommunications network. “We will not take any risk to our telecommunications infrastructure, any risk to national security elements with our Five Eyes partners. We are going to protect and preserve the security of those institutions,” he said. “I dont know the nature of those (Victorias) projects precisely, but to the extent they have an adverse impact on our ability to protect telecommunications from our private citizens, or security networks for our defence, or intelligence communities, we will simply disconnect, we will simply separate,” Pompeo said. “We are going to trust..

Business

Credit Suisse CEO expects mid-term headcount reduction in post-Covid adjustment

ZURICH (REUTERS) – Credit Suisse expects to get by with fewer staff in coming years as automation kicks off, chief executive Thomas Gottstein told Swiss newspaper NZZ, and as the bank positions itself toward more digital interactions and remote working in the post-Covid-19 world. "Medium-term, we will certainly be able to get by with fewer staff – primarily, as we continue to automate business,"Mr Gottstein said in the interview, published on Saturday (May 23). "Many processes can still be streamlined. That is one of my priorities. But we also want to grow, especially in our business with very wealthy clients and in our Asian business." Mr Gottstein, the former head of Credit Suisse's Swiss business, who became CEO in February, does not expect Credit Suisse to post a loss this year, even as he expects higher credit losses for the bank's Swiss and international business in the next six to 12 months on global fallout of the coronavirus pandemic than the bank has seen over th..

Business

Adviser bots rake in Nordic wealth business for banks and reshape finance sector

HELSINKI (BLOOMBERG) – The robots advising investors at the biggest Nordic banks just had their best quarter since being switched on. Much of their sudden popularity has coincided with the crisis triggered by Covid-19. But the banks behind the bots say the development has also laid bare where human financial advisers add no value, and robots do. At the biggest Nordic bank, Nordea, its robot adviser drew in roughly 40 per cent more users in the wildest weeks of the Covid-19 panic than last year on average. During the same period, human advisers saw little new business, and instead spent the time helping clients rebalance existing portfolios. Ms Tanja Eronen, co-head of investment products at Nordea's wealth unit in Helsinki, says Nordea's robot adviser, dubbed Nora, played a crucial role in helping the bank through the crisis. It also exposed "an interesting development" in client behaviour, she said. Perhaps unsurprisingly, millennials were happier talking to a robot tha..

Business

Bain Capital plans second-round bid for Virgin Australia

SYDNEY (BLOOMBERG) – Bain Capital is preparing a second-round proposal to become the owner and operator of Virgin Australia Holdings, the United States alternative asset manager said on Sunday (May 24). Its Sydney-based managing director Mike Murphy is leading the team bidding for Virgin Australia, which entered voluntary administration last month. Bain Capital is being advised by KordaMentha and is supported by Jayne Hrdlicka, the former chief executive officer of budget carrier Jetstar. "We have the strongest capital base of any of the bidders," Mr Murphy said in an emailed statement. "We know aviation isn't going to return to normal any time soon, but Bain Capital is here for the long haul with deep funding to navigate these difficult times." Bain is among four shortlisted bidders vying for Virgin Australia, which collapsed in April overwhelmed by about A$6.5 billion (S$6.05 billion) in debt. The carrier's problems were amplified by years of losses and a severe..

Business

China exporters look inwards as coronavirus hits overseas markets

BEIJING: Cancelled shipments, returned goods and a dearth of new orders have left China exporters in crisis as the coronavirus hits its trading partners worldwide – accelerating a long-standing push towards domestic consumption. The world's second-largest economy is stirring back to life after virus cases dwindled from a peak in February, when activity came to a near-halt. Advertisement Advertisement But recovery is now hampered by lockdowns and restrictions overseas as the coronavirus continues its deadly march across the planet, with exporters forced to look to domestic markets after years of selling overseas. Chinese online marketplace Taobao said the number of foreign trading companies opening stores on its domestic-focused platform spiked 160 percent from February to May. And policymakers – who have sought for years to wean the country off cheap exports and government spending in favour of domestic consumption – are welcoming the change. "When there is no light in the ..

Business

The trader who called the 2020 oil crisis

LONDON: French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly COVID-19 outbreak could represent a rare "black swan" event that would send prices into reverse. Advertisement Advertisement Two months later, in another remarkable call, the hedge-fund trader tweeted on the morning of April 20 that oil could turn negative in a perfect storm of evaporating demand, chronic oversupply and scarce storage. "NEGATIVE PRICES ARE POSSIBLE" "There is no limit to the downside to prices when inventories and pipelines are full. Negative prices are possible," tweeted Andurand, who is based in Malta. "I am not saying it will happen. If it does it would be very short lived. But just be careful out there." Advertisement Advertisement ..

Business

Aston Martin’s chief to leave as a part of shake-up

GAYDON, England: Aston Martin Chief Executive Andy Palmer is leaving the business as part of a shake-up, the Financial Times reported on Sunday (May 24). The luxury car manufacturer will name Tobias Moers, CEO of Mercedes-AMG, as Palmer's replacement in an announcement scheduled for Tuesday, the report said. Advertisement Advertisement The newspaper said Palmer had not been informed of the upcoming announcement and declined to comment furRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

Business

China could have set GDP growth goal around 6% had there been no coronavirus: President

BEIJING: Chinese President Xi Jinping said China's annual economic growth target could have been set around 6 per cent had the new coronavirus epidemic not happened, according to state media reports on Saturday (May 23). The Chinese government on Friday omitted a gross domestic product (GDP) growth target for 2020 in its yearly work report unveiled at the start of the annual meeting of parliament, citing uncertainties brought on by the epidemic. Advertisement Advertisement "If the epidemic hadn't happened, under general circumstances, the GDP growth target would be set around 6 per cent," Xi told a parliamentary group discussion on Friday, according to state media. That would have been in line with the goal of around 6% that sources told Reuters in early December before the epidemic struck. "After the outbreak, some things were not left to us. A global recession is a foregone conclusion. As to how much and how deeply we will be affected, there is still a lot of uncerta..

Business

Air France must slash domestic traffic in exchange for state guarantees: Minister

PARIS: Air France will have to "drastically" reduce its domestic air traffic in exchange for state loan guarantees, French Environment Minister Elisabeth Borne said on Sunday (May 25). Domestic routes were served by alternatives in the form of high-speed trains, she noted in an interview with France Inter radio. Advertisement Advertisement The government last month offered the airline a 7 billion euro (US$7.6 billion) package made up of state-guaranteed bank loans and loans directly from the state. In exchange for the loan guaraRead More – Source [contf] [contfnew] channel news asia [contfnewc] [contfnewc]

1 2 134
Page 1 of 134