Sunday 26 January 2020

Kingfisher takes last overseas flight

India's Kingfisher Airlines ended its international operations with its last overseas flight to London yesterday, officials said. Kingfisher has debts of $1.3bn (€990m) and banks have refused to lend it more money for day-to-day operations. The cash-strapped airline stopped flights to Dubai, Kathmandu, Colombo and Bangkok on March 25. India's tax authorities last week asked the airline to pay $11.84m owing in service tax.

Bank of Japan holds interest rate steady

ECONOMY

The Bank of Japan has left its key interest rate unchanged and maintained its view that the world's third-largest economy was picking up. But it dashed hopes for fresh easing measures. The bank, which made the announcement after a two-day policy board meeting, said the vote to keep rates unchanged at between zero and 0.1pc was unanimous. Earlier, the bank warned that Europe's sovereign debt problems and global commodity prices remained a concern. It added that the key US economy was "improving moderately".

AT&T sells Yellow Pages for $950m

Telecoms

US telecom giant AT&T has sold the Yellow Pages to a private equity firm for $950m. AT&T shares fell 0.7pc after it sold the local listings business to Cerberus Capital Management, which once owned US carmaker Chrysler. The sale includes 1,200 Real Yellow Pages print titles as well as YP.com. The Yellow Pages business units generated about $3.3bn in revenues in 2011. As part of the deal, AT&T will get a 47pc stake in the new entity, YP Holdings.

Zaoui retiring from Goldman Sachs

BANKING

Goldman Sachs co-head of mergers and acquisitions, Yoel Zaoui, is retiring after a 24-year career. Lloyd Blankfein, the US investment bank's chief executive, announced the move to employees in an internal memo yesterday, in which he highlighted Mr Zaoui's "critical role" in building its investment banking franchise in Europe. The Morocco-born 51-year-old will not be replaced. Gene Sykes, who co-heads the global team based in New York, will take sole responsibility for the M&A group.

Irish Independent

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