June, 2022

• 5 June

  Canadian banks issue flurry of bonds as stagflation fears mount

  

    Bloomberg Canadian banks have already raised more cash in bond markets than in the whole of 2021 as jitters about the global economy and conditions in the financial markets run high. With almost seven months to go in 2022, Canadian bank sales of corporate bonds in the domestic and international markets are close to C$168 billion dollars ($133.6 billion) …

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• 5 June

  ECB’s Villeroy says inflation is too strong and too broad

  

    Bloomberg The European Central Bank (ECB) must pare back stimulus as inflation is too strong and too broad, Governing Council member Francois Villeroy de Galhau said. In a speech at an economics conference in Paris, the Bank of France chief said that even a measure of core inflation — which strips out the impact of surging prices of food …

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• 5 June

  Hungary raises key interest rate

    Bloomberg Hungary raised its key interest rate after the currency falls close to an all-time low following the central bank’s decision to slow the pace of some of its monetary tightening. The one-week deposit rate was raised by 30 basis points to 6.75%, highest effective rate in the EU and matching the median estimate in a Bloomberg survey. Deputy …

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• 5 June

  Mexico’s central bank cuts growth forecast to 2.2% for 2022

    Bloomberg Mexico’s central bank cut its growth forecast for this year and next, as the country’s recovery continues to sputter amid supply chain shortages and the impact of Russia’s invasion of Ukraine. Banxico, as the central bank is known, sees gross domestic product expanding 2.2% for this year in the main scenario of its quarterly inflation report released Wednesday. …

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• 5 June

  Philippine peso drops

    Bloomberg The Philippine peso has weakened beyond a key level of support to a three-year low, paving the way for further declines. The currency slid past support around 52.50 per dollar that had held since the middle of March as it tumbled as much as 0.5% to 52.76, the weakest since March 2019. The peso came back under pressure …

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• 5 June

  Carmakers feel chip crisis easing

  

  Bloomberg The global semiconductor shortage that’s bogged down the auto industry for almost two years is showing signs of easing, at least for now. Mercedes Benz AG, Daimler Truck Holding AG, and BMW AG are among carmakers now getting enough of the high-tech components to produce at full capacity after experiencing crippling outages for months. The breakthrough comes earlier than …

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• 5 June

  Tech giants accuse India of ignorance in Xiaomi spat

  

  Bloomberg A lobby group including Apple Inc and other technology giants operating in India called out the country’s authorities for misunderstanding how patent fees work, following local officials’ dispute with Xiaomi Corp. In a letter to ministries, the India Cellular and Electronics Association (ICEA) urged the federal government to intervene and accused the country’s enforcement agencies of a “lack of …

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• 5 June

  Microsoft to work with unions, with eye on Activision

  

    Bloomberg Microsoft Corp said it will work with labour groups when workers wish to join them, taking a pre-emptive stance amid a wave of union organising in the tech industry and ahead of its acquisition of Activision Blizzard Inc, home of the first labour union in the gaming industry. In a blog post outlining the company’s principles on engaging …

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• 5 June

  Mercedes recalls 1m cars on ‘faulty brakes’

    Bloomberg Mercedes-Benz Group AG will recall almost a million vehicles worldwide because of a potential problem with the braking system, Agence France-Presse (AFP) reported, citing the German federal transport authority. The regulator, known as KBA, said in a statement June 1 that the affected cars were built between 2004 and 2015 and belong to the ML and GL sports …

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• 4 June

  Energy squeeze becomes first test for Australia’s government

  

  Bloomberg Australia’s new government, elected with a promise to accelerate a shift away from fossil fuels, is holding talks with oil and gas giants to ease an energy squeeze that’s delivered a first major test. Officials are in discussions with companies on “how we can alleviate the immediate real pressure on businesses and households,” after gas prices surged and following …

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