February, 2020

• 18 February

  Region’s first plant-based water bottle launched

  DUBAI / WAM Agthia Group, a regional food and beverages company, on Monday announced the launch of the ‘Al Ain Plant Bottle’, the region’s first plant-based water bottle. The packaging of the new bottle is environmentally friendly and made from 100 percent plant-based sources, including the cap. The water bottle serves a growing consumer move towards sustainability, as it is …

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• 18 February

  World Bank: Lebanon is at risk of ‘implosion’

  

  Bloomberg Lebanon is at risk of “implosion” unless it develops a new governance model that’s more transparent than today’s system, according to the World Bank. “Politicians need to stop and listen,” Ferid Belhaj, the World Bank’s most senior official for the Middle East and North Africa, said in an interview. “You cannot continue doing what you’ve been doing for years …

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• 18 February

  Sempra’s Mexico unit says power plan hobbles sector

  

  Bloomberg Infraestructura Energetica Nova SAB said a draft proposal by Mexico’s energy regulator to modify some transmission permits would make it impossible to supply power to new partners or carry out any expansion plans. In a letter posted in response to the draft proposal, the Mexican subsidiary of the US’s Sempra classifies it as “high regulatory impact” and argues that …

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• 18 February

  Shell to buy power from UK storage plant

  

  Bloomberg Shell Energy Europe Ltd (SEEL) has agreed to trade power from what will be the UK’s largest battery storage project. The Royal Dutch Shell Plc unit agreed to a multi-year deal to “optimise the use of renewable power” in the China-backed project, which is expected to come online by the end of this year. Batteries, Shell says, will play …

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• 18 February

  Europe stocks advance on China lift; yen, gold decline

  

  Bloomberg European stocks rose on Monday after Chinese shares advanced with the yuan as investors took encouragement from the Asian country’s pledges to support the world’s second-biggest economy in the face of the coronavirus outbreak. The yen and gold both dipped. Gains in the Stoxx Europe 600 Index were led by automakers and miners. US equity-index futures climbed, though Wall …

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• 18 February

  China rebounds from sell-off that erased $720bn

  

  Bloomberg China’s stocks recouped all their losses from a record $720 billion sell-off earlier this month, a sign that investor confidence is improving after policy makers acted to ease the economic fallout from the coronavirus outbreak. The Shanghai Composite, CSI 300 and SSE 50 indexes all rose about 2% on Monday to finish above their closing levels on January 23, …

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• 18 February

  PBOC slashes interest for one year loans to support banks

  

  Bloomberg China’s central bank provided medium-term funding to commercial lenders and cut the interest rate it charges for the money, a move widely anticipated by analysts to cushion the economy from the virus epidemic. The People’s Bank of China offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points to …

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• 18 February

  Lagarde confronts political cost of ECB’s subzero rate policy

  

  Bloomberg “Nobody trusts you,” lawmaker Joerg Meuthen told European Central Bank (ECB) chief Christine Lagarde, switching briefly to English during a tirade in his native German. “You should be aware of that.” The far-right Alternative for Germany representative was railing about negative interest rates — and while enduring bluster is par for the course for ECB presidents, the February 6 …

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• 18 February

  Singapore cuts growth outlook, plans stimulus amid virus threat

  

  Bloomberg Singapore downgraded its forecast for economic growth for this year and plans to deliver a strong budget this week to counter the threat of the coronavirus outbreak on tourism and trade. The Ministry of Trade & Industry on Monday projected growth in a range of -0.5% to 1.5% in 2020, compared with a previous estimate of 0.5% to 2.5%. …

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• 18 February

  Bundesbank warns of virus hit to exporters

  

  Bloomberg German exporters are likely to suffer from the coronavirus outbreak in China that’s threatening to disrupt global supply chains, according to the Bundesbank. In its monthly report presented on Monday, the central bank painted a dire picture of the country’s state of affairs, arguing there are currently no signs that growth momentum will pick up in the first quarter. …

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