March, 2023

• 23 March

  Sports Direct eyes European M&A starting with France’s Go Sport

  

  BLOOMBERG Sports Direct, the sporting goods retailer owned by Frasers Group Plc, is seeking to expand in Europe, including with a possible acquisition of France’s Go Sport chain. Buying the business out of administration would allow Frasers to grow in France “with some authority rather than opening store by store,” said CEO Michael Murray. Sports brands are consolidating across Europe, ...

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• 23 March

  Delta, United offer to trim flights at busy airports in summer

  

  BLOOMBERG Delta Air Lines Inc and United Airlines Holdings Inc are offering to trim flights by as much as 10% at some of the country’s busiest airports this summer to ease congestion and delays — but only in return for a promise from federal regulators that they can get them back. The Federal Aviation Administration (FAA) has reached out to ...

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• 23 March

  Philippines shifts to smaller rate hike

  

  BLOOMBERG  The Philippine central bank slowed the pace of its interest-rate increases as it seeks to cool still-hot inflation while allowing itself some policy-manoeuvre room in the event of risks from a global banking turmoil. Bangko Sentral ng Pilipinas raised the overnight reverse repurchase rate by 25 basis points to 6.25% on Thursday, as seen by all but one of ...

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• 23 March

  Global banking fallout is vindication for China stocks bulls

  

  BLOOMBERG  Bank rescues on both sides of the Atlantic. Global markets in turmoil. American and European policy makers rushing to turn the tide. In contrast, China’s markets were calm and buoyant on Thursday. After countless scenarios of doom for Chinese assets, its markets stand out right now for their quiet gains. Following another day of turmoil in the US — ...

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• 23 March

  Argentina sells $2 billion in peso debt after ordering bond swap

  

  BLOOMBERG  Argentina sold around 417 billion pesos ($2 billion) in peso-denominated notes and bonds via auction, the latest step in managing a massive local debt pile as the government seeks to extend maturities until after presidential elections in October. The Treasury sold the securities after receiving offers for around 664 billion pesos, according to an emailed statement from the economy ...

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• 23 March

  Taiwan’s central bank likely to hold key rate

  

  BLOOMBERG  Taiwan’s central bank governor has a tough balancing act to pull off in his first interest rate decision since renewing his term in office. Governor Yang Chin-long must grapple with inflation that remains uncomfortably high, an economy that’s contracting, a still hawkish Federal Reserve, and global financial markets in turmoil. Most economists surveyed by Bloomberg expect he will lead ...

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• 23 March

  Citi warns mobile money is ‘game changer’ for bank runs

  

  BLOOMBERG  Citigroup Inc Chief Executive Officer (CEO) Jane Fraser said mobile apps and consumers’ ability to move millions of dollars with a few clicks of a button mark a sea change for how bankers manage and regulators respond to the risk of bank runs. Fraser said the fast demise of Silicon Valley Bank also made it difficult for banks to ...

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• 23 March

  European stocks fall, US futures advance

  

  BLOOMBERG European stocks fell as investors awaited key rates decisions in the region. US equity futures climbed, signalling a recovery following a tumultuous day of losses on Wall Street. The Stoxx Europe 600 Index slid 0.5% before a policy announcement from the Bank of England (BOE). The Swiss central bank raised its key rate by 50 basis points and signalled ...

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• 23 March

  Federal’s decision to weigh on Asia stocks, help bond rally

  

  BLOOMBERG The Federal Reserve’s decision to raise interest rates once again while keeping its year-end forecast unchanged is set to keep Asian stocks under pressure and help government bonds rally, according to regional-focussed investors and strategists. A weaker dollar will help bolster emerging-market currencies and may also provide some relief for Asian equity markets, which will otherwise mirror weaker risk ...

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• 23 March

  China Evergrande’s EV unit may shut down without new funding

  

  BLOOMBERG  China Evergrande New Energy Vehicle (NEV) Group Ltd warned it may have to stop making electric cars if it can’t obtain new financing, having delivered just 900 of its much-delayed flagship model. The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, “in face of the inability to obtain additional liquidity, ...

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