December, 2022

• 22 December

  Royal Mail says it’s fighting for survival

    Bloomberg Royal Mail said the company is battling for survival and accused a union of “peddling lies” in a strongly-worded letter to staff ahead of another round of strikes. Postal workers will walk out on Friday and Saturday, disrupting the delivery of Christmas gifts and cards in a blow to both Royal Mail and retailers that depend on festive ...

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• 22 December

  Micron to cut 10% of workforce as demand for chips falls

  

    Bloomberg Micron Technology Inc, the largest US maker of memory chips, said the worst industry glut in more than a decade will make it difficult to return to profitability in 2023. The company announced a host of cost-cutting measures, including a 10% workforce reduction, aimed at helping it weather a rapid drop in revenue. Micron also projected a steep ...

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• 22 December

  Russia vows to target Patriot defense system the US will supply to Ukraine

  

  Bloomberg The Kremlin criticised the outcome of Ukrainian President Volodymyr Zelenskiy’s visit to Washington and warned that Russia would continue to target weaponry supplied to Ukraine by the US and its allies. Moscow followed Zelenskiy’s meeting with President Joe Biden and speech to the US Congress and saw no sign of a “willingness to listen to Russia’s concerns,” Kremlin spokesman ...

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• 22 December

  Huge winter storm upsets US air traffic

  

    Bloomberg A monstrous once-in-a-decade winter storm is battering a huge swath of the central US with snow and frigid temperatures, making a mess of highways and canceling flights as the holiday travel season peaks. Blinding snow squalls and dangerous cold have gripped the region as an estimated 112.7 million people are set to travel at least 50 miles (80 ...

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• 22 December

  Afghan men stand in support of women after Taliban college ban

  

    Bloomberg More than a dozen male university teachers in Afghanistan have resigned and several male students walked out of their classrooms in support of female students who were forced out of higher education following a Taliban decree. “I don’t wish to continue working somewhere where there is an organised discrimination against innocent and talented girls of this country by ...

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• 22 December

  Kuroda’s wider yield band faces inflation test in Japan

  

    Bloomberg The Bank of Japan (BOJ) responded to market pressure this week by unexpectedly increasing its band for the 10-year bond yield. The new ceiling is already coming under threat. The benchmark yield jumped to as high as 0.48%, the day after the BOJ doubled the top of its allowable range to 0.5%. Similar-maturity swap rates have increased to ...

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• 22 December

  Central bank lending to Nigeria to rise by $52b

  

    Bloomberg Nigeria is seeking lawmakers’ approval to take on an additional loan from the central bank that would increase the government’s obligation to $52 billion, putting further pressure on public finances. The administration also asked that senators allow for the restructuring of the so-called ways and means borrowing from the Central Bank of Nigeria, converting the debt to 40-year ...

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• 22 December

  Smaller rate increases in play as Indonesia turns eye to growth

  

    Bloomberg Indonesia’s central bank slowed the pace of its monetary tightening, in a move seen to support growth as inflationary pressures ease. Bank Indonesia (BI) opted to raise the key rate by a quarter-point to 5.5%, marking a shift to “more measured” moves after three successive half-point actions to tame inflation. As the outlook for the global economy deteriorates ...

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• 22 December

  ECB’s Guindos says half-point hikes may become ‘new norm’

  

  Bloomberg European Central Bank (ECB) Vice President Luis de Guindos said interest-rate hikes like half-point move seen at this month’s meeting may become the standard as officials maintain their fight with soaring inflation. Despite forecasts for a winter recession in the 19-nation euro zone, monetary-policy tightening must continue, Guindos told France’s Le Monde in an interview published on the ECB’s ...

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• 22 December

  Former Credit Agricole trader alleges racial bias

    Bloomberg A former senior trader at Credit Agricole in New York sued the bank alleging he was subject to “stereotypically offensive, overtly racist, and degrading comments” as a Latinx person and denied career advancement and monetary rewards. Jose Ruiz, onetime head of emerging-markets foreign-exchange trading at Credit Agricole, filed suit in federal court in Manhattan. The complaint named as ...

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