February, 2020

• 15 February

  Fed to withdraw more liquidity than expected amid ongoing funding calm

  

  Bloomberg The Federal Reserve Bank of New York will shrink its repurchase-agreement operations more than analysts expected, a sign officials are comfortable removing liquidity without upending funding markets. The central bank announced a new schedule for both overnight and 14-day term repo operations through March 12. Starting this week, the term offerings will drop by $5 billion, to a maximum …

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• 15 February

  Morgan Stanley names FX co-heads in latest overhaul

  

  Bloomberg Morgan Stanley, the Wall Street lender overhauling its currency-trading business after losses and an internal probe, named new co-heads for the unit. The New York-based bank said Samer Oweida, global head of FX sales, and Craig Abruzzo, who leads futures and derivatives clearing in Morgan Stanley’s equities business, would now lead the division, according to an internal memorandum obtained …

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• 15 February

  HSBC braces for overhaul as Quinn’s future in balance

  

  Bloomberg From its headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings is abuzz. With days to go before the bank unveils a restructuring, trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job …

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• 15 February

  Citigroup keeps CEO’s pay unchanged at $24 million

  Bloomberg Citigroup Inc kept Chief Executive Officer Michael Corbat’s total compensation at $24 million for last year, when the lender’s stock surged. Corbat got $1.5 million in salary and $22.5 million of incentive awards, consisting of cash and restricted stock, the New York-based bank said in a regulatory filing. The 59-year-old CEO, who’s led the bank since 2012, reassigned many …

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• 12 February

  UAE a bridge to promote Korean culture to Mideast

  ABU DHABI / WAM Endowed with abundant cultural resources and a large-scale economy, the UAE will act as a bridge to promote Korean culture to other Middle Eastern countries, according to a top South Korean official. “The UAE is Korea’s first ‘Cultural Dialogue’ partner country in Mideeast and has shown an active interest in Korean culture,” wrote Park Yang-woo, Minister …

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• 12 February

  Oil rallies amid signs virus spread is easing

  

  Bloomberg Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed. US futures rallied 2.2% in a second daily gain, having lost about 16% during preceding month amid fears the disease would slash fuel consumption in China. The latest data from the …

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• 12 February

  BOE joins debate on financial rules amid UK-EU Brexit clash

  

  Bloomberg Two top Bank of England (BOE) officials suggested that the UK financial system’s rules may have to diverge from the European Union’s after Brexit — a topic that’s becoming as a major point of contention between the two sides. Outgoing Governor Mark Carney told Parliament that Britain’s view of EU regulation may change over time, especially since it will …

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• 12 February

  Powell suggests Fed may lack ammo to combat next recession

  

  Bloomberg Federal Reserve Chairman Jerome Powell came close to acknowledging that the central bank may not have the firepower to fight the next recession and called on Congress to get ready to help. The current low level of interest rates “means that it would be important for fiscal policy to support the economy if it weakens,” he told the House …

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• 12 February

  Malaysia sees room to cut interest rates

  

  Bloomberg Malaysia’s central bank sees room to adjust monetary policy again after economic growth slowed to its weakest pace in more than a decade and the nation braces for the impact of the coronavirus on tourism and trade. Fourth quarter gross domestic product expanded 3.6% from a year ago, the lowest since the third quarter of 2009 and far worse …

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• 12 February

  ECB officials defend rates with eye on side effects

  

  Bloomberg Three of the European Central Bank’s (ECB) top policy makers defended their monetary stimulus even as they acknowledged that the negative side effects must be watched closely. President Christine Lagarde told the European Parliament in Strasbourg that she realises subzero interest rates and bond purchases can hurt savers and lead to overvalued asset prices such as real estate, but …

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