March, 2022

• 24 March

  Next cuts profit forecast as war, inflation knock confidence

  

    Bloomberg Next Plc lowered its profit and sales guidance for this year as the war in Ukraine and record inflation in Britain dimmed the retailer’s outlook. The clothing and housewares chain forecast a profit of 850 million pounds ($1.1 billion) in the year through January, a 10 million-pound drop on a previous estimate, in a statement. Often considered a ...

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• 24 March

  Vaccine passports likely to become unnecessary: Goh

  Bloomberg Vaccine passports will probably become redundant as more people are inoculated against Covid, and efforts to create a common standard are stymied by differing entry requirements, the head of the world’s biggest airline alliance said. “There’s no way that this has been integrated in one place,” Star Alliance Chief Executive Officer Jeffrey Goh said in an interview in Singapore. ...

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• 24 March

  Amazon halts work on San Francisco depot

    Bloomberg Amazon.com Inc has stopped work on a new warehouse in San Francisco after the city’s Board of Supervisors voted unanimously to implement a moratorium on new parcel delivery services there. The incident is the latest flashpoint between Amazon and some of the communities where it’s setting up shop amid a rapid expansion of its urban presence. The world’s ...

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• 24 March

  SNB tolerates franc strength, keeps up intervention threat

  

  Bloomberg Switzerland’s central bank refrained from sounding the alarm about the exchange rate despite the first breach of parity with the euro since 2015, as it warned that the war in Ukraine could hurt economic growth. Reflecting a restrained reaction to gains in the currency since the Russian invasion of Ukraine, the Swiss National Bank (SNB) stuck with its description ...

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• 24 March

  India’s big banks score poorly on climate challenge

  

    Bloomberg Banks in the world’s third-biggest polluting nation are poorly prepared to combat rising global warming risks, according to a new study by local research and advisory group Climate Risk Horizons. None of the 34 Indian banks surveyed in the report have a long-term net zero target year with an implementation plan covering so-called scope 1, 2 and 3 ...

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• 24 March

  RBNZ cash rate hikes ‘appropriate’ in near term: IMF

  

    Bloomberg New Zealand’s central bank should continue with the swift normalisation of monetary policy to curb a growing inflation threat, according to the International Monetary Fund (IMF). “Given New Zealand’s strong cyclical position and inflationary pressures, significant increases in the official cash rate in the near term are appropriate,” the IMF said in the Concluding Statement of its Article ...

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• 24 March

  Russia central banker wanted out over Ukraine, Putin said no

  

    Bloomberg Russia’s highly regarded central bank Governor Elvira Nabiullina sought to resign after Vladimir Putin ordered an invasion of Ukraine, only to be told by the president to stay, according to four people with knowledge of the discussions. Nominated for a new five-year term last week, Nabiullina’s current views couldn’t be learned. She is left to manage the fallout ...

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• 24 March

  Argentina raises key rate to 44.5%

    Bloomberg Argentina’s central bank raised its benchmark rate for the third time this year as the inflation continues to speed up. Officials increased the key, 28-day Leliq rate by 200 basis points to 44.5%, according to a statement. The announcement comes after President Alberto Fernandez declared a “war on inflation” last week, adding days later that the government will ...

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• 24 March

  European stocks rise with US equity futures, oil fluctuates

  

    Bloomberg European stocks ticked higher with US futures, while Treasuries extended their slide as investors weighed the risks of rising inflation and the impact of the war in Ukraine. Oil fluctuated and the dollar edged higher. The Stoxx Europe 600 Index rose 0.2%, with utilities the best-performing sector and technology the worst. Shares in Russia advanced as they partially ...

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• 24 March

  Japan’s SMBC Nikko, officials charged with market manipulation

  

  Bloomberg Tokyo prosecutors charged SMBC Nikko Securities Inc and five of its staff members with alleged stock market manipulation, as a trading scandal that’s rocked the nation’s financial industry escalated in the Japanese capital. The prosecutors indicted the brokerage arm of the nation’s second-biggest banking group and the five employees in relation to allegedly propping up the price of certain ...

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