February, 2021

• 14 February

  Brent posts fourth weekly gain with global surplus dwindling

  

  Bloomberg Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Brent futures surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in more than a year. Signs of …

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• 14 February

  ByteDance in talks to sell its Indian TikTok assets

  

  Bloomberg ByteDance Ltd is said to be exploring a sale of the India operations of TikTok to rival unicorn Glance, in an attempt to resuscitate the once-thriving short video sharing app that’s been banned indefinitely in the South Asian nation. The discussions have been initiated by Japan’s SoftBank Group Corp conglomerate, according to people familiar with the talks, who declined …

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• 13 February

  Macquarie raises $1.94 billion for renewable energy fund

  

  Bloomberg Macquarie Group Ltd’s green investment arm raised 1.6 billion euros ($1.94 billion) for a renewable energy fund. The company’s Green Investment Group Renewable Energy Fund 2 closed after exceeding its target of 1 billion euros and received commitments from 32 pension funds and insurers from largely the UK and Germany, as well as from some sovereign wealth funds, according …

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• 13 February

  Goldman says ESG finance to become ‘core part’ of strategy

  

  Bloomberg Goldman Sachs Group Inc. is just getting started in the fast-expanding world of sustainable finance. The New York-based lender plans to issue more environmental, social, and governance (ESG) bonds on a regular basis as part of its plans to deploy $750 billion in sustainable financing, investing and advisory activity by 2030, according to Carey Halio, chief executive officer of …

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• 13 February

  Credit Suisse pays $600mn to settle US mortgage case

  

  Bloomberg Credit Suisse group agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in 2008 financial crisis, an accord that locks in an expected hit to its profit. The plaintiff, MBIA Insurance Corp., said late that it had reached an agreement, after a post-trial court decision that ordered the Swiss bank to pay about $604 …

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• 13 February

  Mexico may cut rates at least twice in 2021

  

  Bloomberg Mexico could have space for at least two more interest rate cuts in 2021 if inflation stays in line with expectations, central bank Deputy Governor Gerardo Esquivel told Bloomberg News. The bank, known as Banxico, cut for the 12th time since August 2019 this week, bringing the benchmark rate to 4%. The unanimous decision led economists to expect more …

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• 13 February

  ING signals share buybacks

  

  Bloomberg ING Groep NV posted fourth-quarter profit that topped analysts’ estimates and joined peers across Europe in signaling more payouts to shareholders once the European Central Bank removes restrictions. The Dutch lender reported net income for the final three months of last year of 727 million euros ($881 million), compared with estimates of 499 million euros. The bank set aside …

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• 13 February

  RBI’s currency strategy is drawing more hot money

  

  Bloomberg The Reserve Bank of India’s (RBI) strategy to shift some of its currency intervention to the forwards market is adding to its problems. Its balancing act to keep the rupee stable amid heavy foreign inflows while also keeping excess liquidity in check is flooding the market with more foreign funds, prompting a vicious cycle of interventions. The RBI’s outstanding …

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• 13 February

  Citi reduces Corbat’s pay to $19m for 2020

  Bloomberg Citigroup Inc. reduced the compensation of outgoing Chief Executive Officer (CEO) Michael Corbat by 21% to $19 million for 2020, a year in which regulators sanctioned the lender over its internal controls. Corbat, who is ceding CEO job to Jane Fraser, was granted stock awards totaling about $12.3 million; a cash bonus of $5.3 million and a $1.5 million salary, …

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• 13 February

  Life without Google

  

  Bloomberg Imagine a world without Google, the search engine so pervasive it’s the starting point for more than five billion queries a day. That’s the reality facing Australia, where the tech giant is threatening to unplug its homepage in a standoff with the government. Google opposes a planned law that would force the company and Facebook Inc. to pay Australian …

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