April, 2016

• 6 April

  Turkish lira drops on calls for lending rate cut

  

  Bloomberg The lira fell the most in emerging markets after Turkey’s Economy Minister became the latest official to call for interest rate cuts, stoking concern that politicians are interfering in monetary policy. Speculation that global growth is faltering also contributed to the drop. The currency lost 0.6 percent to 2.8488 per dollar, the weakest level in more than a week, ...

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• 6 April

  SNB to issue new 50-franc banknote on April 12

  

  Bloomberg The Swiss National Bank unveiled its new 50-franc ($52) note on Wednesday, the first in a series that features nature rather than portraits of famous men and women. The 50-franc bill, which will begin to be issued on April 12, was designed with the theme of wind and depicts a dandelion, mountains and a para-glider. Other notes in the ...

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• 6 April

  ‘Brexit’ no barrier to UK stock values at premium

  

  Bloomberg Doubts are mounting about the future of the U.K.’s membership in the European Union, but you wouldn’t know it from the country’s stocks. Rather than being punished for a lack of certainty, they’ve become the most expensive ever relative to others in the region. The valuation of companies in the FTSE 350 Index climbed to 15.5 times estimated earnings ...

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• 6 April

  Brokers upended as Obama toughens retirement accounts

  

  Bloomberg US brokers managing retirement accounts must adhere to tough new standards under an Obama administration rule released on Wednesday that aims to protect millions of savers from conflicted investment advice. The Labour Department regulation, which gave the industry some concessions from an earlier proposal, puts a capstone on President Barack Obama’s efforts to rein in Wall Street and level ...

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• 6 April

  Ontario selling Hydro One stake in $1.3 billion share agreement

  

  Bloomberg Ontario is selling a stake in Hydro One Ltd. for C$1.71 billion ($1.3 billion) five months after completing Canada’s largest initial public offering since 2000. In the so-called bought deal, where banks commit to buying the entire offering for resale to investors, the province is selling 72.4 million shares of Hydro One at C$23.65 apiece, the Toronto-based utility said ...

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• 6 April

  Argentina’s Prat-Gay leaves debt deadline move with holdouts

  

  Bloomberg Argentina called on bondholders to give the country more time to repay about $12 billion in debt still owing from its 2001 default as a court hearing prevents the government from making the payment within the deadline. The New York Appeals Court will begin to hear the case on April 13, one day before Argentina has to make the ...

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• 6 April

  ‘Brazen one’ puts spanner in Kia’s Mexico plant

  Bloomberg For Kia Motors Corp. Mexico’s historic car boom isn’t working out as planned. A dispute with a recently elected state leader may prevent the start of production next month at a northern Mexico car factory representing more than $1 billion in investment, Kia said on Tuesday. The plant is in the cross hairs of Nuevo Leon Governor Jaime Rodriguez, ...

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• 6 April

  Another Brazil state-run giant readies its own graft writedowns

  

  Bloomberg A year after Brazilian oil giant Petroleo Brasileiro SA took a writedown of $2.1 billion because of the sweeping corruption scandal known as Carwash, another state-run company is getting closer to reporting its own price tag from graft losses. The team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA has finished the bulk of its investigation to ...

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• 6 April

  ‘Libya government’ cements control after rival cedes power

  

  Tripoli / AFP Libya’s UN-backed unity government moved to cement control over the country’s finances and institutions on Wednesday after the rival administration in Tripoli ceded power in a boost to efforts to end years of chaos. The concession late Tuesday by the militia-backed administration that had controlled Tripoli since 2014 was a major about-turn for a body that had ...

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• 6 April

  Nigerian military opens camp to rehabilitate Boko Haram

  

  KANO/ AP Nigeria’s military has opened a camp to rehabilitate Boko Haram fighters who have surrendered and are repentant, according to a statement on Wednesday that urged other fighters to abandon the insurgency that has claimed 20,000 lives in six years. The military also said it has rescued 11,595 civilian hostages in attacks on Boko Haram camps and villages in ...

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