September, 2020

• 30 September

  Libor’s exit sparks legal fears for global banks, says Moody’s

  

  Bloomberg While most global banks say they’re gearing up for a shift from Libor, concerns persist about lawsuits if borrowers reach a cliff-edge scenario, according to Moody’s Investors Service. Banks’ clients are lagging in their effort to prepare for Libor’s exit and this could come back to haunt lenders, Vice President Olivier Panis said in an interview. Financial institutions risk …

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• 30 September

  Central bank gold-buying climbs from decade low

  

  Bloomberg Gold buying by central banks, an important driver of bullion’s advance in recent years, is forecast to pick up in 2021 after a slowdown this year. Citigroup Inc. sees demand from the official sector rising to about 450 tons after a drop to 375 tons this year, which would be the lowest in a decade. HSBC Securities (USA) Inc. …

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• 30 September

  ECB considers allowing inflation overshoot: Lagarde

  

  Bloomberg European Central Bank (ECB) President Christine Lagarde said it’s worth examining a Federal Reserve-style strategy that allows for inflation to temporarily rise above the institution’s target. A policy under of committing to make up for low inflation after missing the goal for a while “could be examined,” as part of the institution’s strategic review, Lagarde said at a conference …

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• 30 September

  Philippines disqualifies bankers linked to Wirecard

  Bloomberg The Philippine central bank said it will ban from the industry former bank employees who allegedly falsified documents for German payments company Wirecard AG. Bangko Sentral ng Pilipinas is adding the former bankers to a list of persons disqualified from becoming directors or officers at any supervised financial institution, it said in an email. Wirecard filed for bankruptcy in …

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• 30 September

  US stock futures decline after American presidential debate

  

  Bloomberg US equity-index futures dropped alongside most stock markets after an acrimonious American presidential debate highlighted the risk of a contested vote in November. A gauge of the dollar edged higher. S&P 500 futures fall as much as 1.3% in the hours after the chaotic sparring between Donald Trump and Democratic hopeful Joe Biden during which the president suggested vote-by-mail …

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• 30 September

  Micron shares drop after chipmaker halts shipments to Huawei

  

  Bloomberg Micron Technology Inc. shares fall after the largest US chipmaker said it recently halted shipments to China’s Huawei Technologies Co. Micron also cut capital spending plans, warned about weaker demand from some corporate customers and forecast possible oversupply in a key market next year. Shares of the company dropped 3.6% in extended trading. The stock is down almost 6% …

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• 29 September

  Oil drops on growing chorus of warnings on demand recovery

  

  Bloomberg Oil retreated on renewed concerns over demand as some of the world’s biggest traders warned that a recovery is still some way off as the pandemic continues to cast a shadow over the market. US benchmark crude futures fall as much as 2.2%. Global confirmed deaths from the coronavirus — which has eviscerated energy demand — topped 1 million. …

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• 29 September

  India mulls floor price for natural gas

  

  Bloomberg India is considering a floor price for natural gas produced from local fields to shield explorers like state-run Oil & Natural Gas Corp (ONGC) as tariff slumps, people with knowledge of the matter said. Shares of explorers gained. The proposal being considered by the oil ministry pegs the price to the popular benchmark Japan-Korea Marker that is used for …

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• 29 September

  Pemex loses market share to oil majors

  

  Bloomberg Mexican President Andres Manuel Lopez Obrador vowed to restore the national oil company to its former glory. Instead, Petroleos Mexicanos is drowning in debt, its oil output is declining, and now it appears to be losing fuel market share in its own backyard. In the past 21 months of the Lopez Obrador administration, Pemex has lost roughly 13% of …

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• 29 September

  United Air pilots approve pay cut to avoid job losses

  

  Bloomberg United Airlines Holdings Inc’s pilots agreed to accept lower minimum pay guarantees to prevent almost 4,000 of their members from being put on furlough. The pact with United won 58% support in a vote by union membership, the Air Lines Pilots Association (ALPA) said. The airline had sought to cut costs while avoiding pilot layoffs because of the expense …

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