March, 2020

• 23 March

  Africa needs $100 billion stimulus to combat virus

  

  Bloomberg Africa needs an immediate emergency economic stimulus of $100 billion to combat the impact of the coronavirus pandemic and almost half of that could come from waiving interest payments for countries on the continent, according to the United Nations Economic Commission for Africa (ECA). The waiver of interest payments, estimated at $44 billion for 2020, and the possible extension ...

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• 23 March

  UK economy could shrink 10% in H1

  Bloomberg The UK economy will contract at least 10% in the first half of the year as the fallout from the coronavirus hammers output, according to Bloomberg Economics’ estimates. In a report released on Monday, senior UK economist Dan Hanson said support provided by the Bank of England and the Treasury should prompt a turnaround in the second half of ...

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• 23 March

  Coal is now world’s most expensive fossil fuel

  

  Bloomberg Coal, the dirtiest and usually the cheapest option for energy, is now the world’s most expensive fossil fuel. Oil’s epic collapse over the past month means the global crude benchmark is now priced below the most widely traded coal contract on an energy-equivalent basis, according to Bloomberg calculations. Australia’s Newcastle coal on ICE Futures Europe settled at $66.85 a ...

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• 23 March

  Fewer refineries able to get waivers under Trump plan

  

  Bloomberg The Trump administration doesn’t plan to challenge a federal court ruling that dramatically curbs its ability to exempt oil refineries from biofuel-blending requirements, according to three people familiar with the matter. Under a decision reached late this week by top administration officials, the Environmental Protection Agency will now apply that 10th Circuit Court of Appeals ruling nationwide, so that ...

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• 23 March

  Global stocks decline with US futures; bonds advance

  

  Bloomberg Stocks dropped globally along with American futures while credit markets sagged after the coronavirus death toll surged and US Congress failed to agree on a $2 trillion stimulus plan. Government bonds rose. S&P 500 and Nasdaq 100 futures dropped to their daily limits in early trading before trimming those declines as the session progressed. The Stoxx Europe 600 slumped, ...

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• 23 March

  Indian stocks, rupee convulse as nation heads for lockdown

  

  Bloomberg Indian assets suffered a rough start to the week as stocks posted their worst-ever day on record as trading resumed after a system-wide halt, and the rupee hit a new low following a lockdown in much of Asia’s third-biggest economy. The S&P BSE Sensex and the NSE Nifty 50 indexes crashed 13% each at the close in Mumbai, just ...

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• 23 March

  Swedbank probe unearths $40b of ‘high risk’ payments

  

  Bloomberg An investigation paid for by Swedbank AB into allegations of financial crime found that client transactions totaling 36.7 billion euros ($40 billion) represented a “high risk” of money laundering. “It’s obvious that there have been cultures in the bank that are not acceptable,” Swedbank CEO Jens Henriksson said in a statement on Monday. A review has been launched to ...

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• 23 March

  ECB’s Villeroy backs Europe’s rescue fund for coronavirus crisis

  

  Bloomberg Bank of France Governor Francois Villeroy de Galhau said Europe’s rescue fund should be activated to lend to states struggling with the coronavirus outbreak, a move that could pave the way for further sovereign bond purchases by the European Central Bank. Villeroy’s call comes as euro-area officials consider a plan that would see the European Stability Mechanism set up ...

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• 23 March

  Bank of Thailand vows market stability after jump in bond yields

  

  Bloomberg The Bank of Thailand is seeking to backstop market stability after a jump in bond yields stoked concerns that stresses are building up. The monetary authority pledged to ensure sufficient liquidity for markets to function well as it unveiled an emergency interest-rate cut to counter the economic shock of the coronavirus outbreak. Governor Veerathai Santiprabhob and other key guardians ...

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• 23 March

  New Zealand central bank turns to quantitative easing

  

  Bloomberg New Zealand’s central bank has taken the historic leap to quantitative easing to try to limit a looming recession as the negative economic impacts of the coronavirus outbreak intensify. The Reserve Bank will buy up to NZ$30 billion ($17 billion) of government bonds in the secondary market over the next 12 months, it said in a statement on Monday. ...

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