February, 2022

• 21 February

  Nigeria targets $200bn of inflows with new forex plan

  

    Bloomberg Nigeria’s central bank has a new plan to lure $200 billion of inflows to Africa’s biggest economy: make it attractive for exporters to bring home foreign currency. The central bank of Nigeria will stop selling the greenback to local banks and instead ask lenders to source foreign currency on their own. The regulator will offer long-term cheap credit …

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• 20 February

  HSBC shuts some branches in Hong Kong

    Bloomberg HSBC Holding Plc shut some branches in Hong Kong, including the one in its main office, after several staff tested positive for Covid. HSBC is closing the BL1, L3, L5 and L6 floors which offer branch services at its main building in the Central district, the London-based bank said in a statement. Five branches in Tuen Mun and …

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• 20 February

  BofA spies recession risk in rush for Treasuries, shuns credit

  

    Bloomberg After their worst start to a year in decades, Treasuries are reasserting their haven status and eclipsing the appeal of riskier assets — a troubling combination for Bank of America Corp (BofA) strategists. US sovereign debt attracted $7.4 billion in inflows, the most since the coronavirus pandemic first struck, according to a BofA note citing EPFR Global data …

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• 20 February

  Google brings ad-friendly privacy sandbox to android

  

    Bloomberg Google said it would bring its Privacy Sandbox initiative to Android phones, vowing to chart a less “blunt” path than rival Apple Inc., whose push to protect users’ personal information has dinged the digital advertising market. The Alphabet Inc company, which relies on ads for most of its revenue, said it can protect phone users’ data while giving …

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• 20 February

  New chip crisis means Japan’s auto giants aren’t in clear yet

  

    Bloomberg Japan’s top automakers emerged from a tough 2021 punctuated by a global semiconductor shortage and are forecasting profit will increase on the back of higher vehicle prices. However, a looming shortage of analog chips threatens to cloud the outlook. While tight supplies of semiconductors are set to ease later this year, the next bottleneck is likely to come …

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• 20 February

  Ford’s CEO explores ways to separate its EV business

  

    Bloomberg Ford Motor Co is looking at ways to separate its electric-vehicle operation from its century-old legacy business, hoping to earn the sort of investor respect enjoyed by Tesla Inc. and other pure-play EV makers. Chief Executive Officer Jim Farley wants to wall off Ford’s electric operations from its internal combustion engine business and has even considered spinning off …

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• 20 February

  Hon Hai says parts shortages easing

    Bloomberg The biggest assembler of iPhones said component shortages that plagued electronics production for more than a year are showing signs of easing, a potentially encouraging signal for manufacturers across industries. There will be a major improvement in parts shortages in the first quarter, with “overall supply constraints” set to ease in the second half, James Wu, a spokesman …

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• 18 February

  Oil heads for weekly loss as bumper rally starts to ease off

  

    Bloomberg Oil headed for the first weekly loss in two months as investors weighed the crisis over Ukraine and the potential return of Iranian barrels to the market. West Texas Intermediate slipped, trading near $91 a barrel after losing as much as 3% on Friday. Oil’s recent rally has shown signs of cooling, albeit from an exceptionally high level. …

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• 18 February

  Japan steel giant wants $17b in state aid for carbon cuts

  

    Bloomberg Japan’s biggest steelmaker is calling on Tokyo to provide at least 2 trillion yen ($17.3 billion) in subsidies over almost three decades to meet net-zero carbon targets, as it seeks to stay competitive against China and other global rivals. Nippon Steel needs the money to vie on an “equal footing,” according to Hideo Suzuki, the managing executive officer …

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• 18 February

  UK needs much more power storage as part of its green future

  

    Bloomberg The UK needs to substantially expand its capacity for storing electricity for longer in order to maintain energy security as it shifts to greener power, according to Aurora Energy Research. As much as 24 gigawatts of long duration electricity storage — about eight times the current installed capacity — may be needed to help integrate intermittent renewable sources …

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