January, 2020

• 28 January

  Old electric car batteries may help cut costs of storing power

  

  Bloomberg As major players jostle for market share in large-scale power storage, American Electric Power and Nissan Motor Co are testing new technology that re-uses old electric vehicle batteries to slash costs. The pilot study in Ohio will road test technology that could lower system costs by about a half and extend the life of lithium-ion batteries by about a …

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• 28 January

  France to use batteries for renewables

  

  Bloomberg France’s grid operator will test storing excess wind and solar power in batteries to reduce the need to build new transmission lines that involve heavy construction work and take longer to complete. Network operators across Europe are seeking ways to both minimise the cost and environmental impact of the energy transition. Reseau de Transport d’Electricite estimates that France will …

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• 28 January

  Stocks pull back as China bars travel to Hong Kong

  

  Bloomberg European stocks erased gains while US index futures trimmed an advance as China restricted travel to Hong Kong in the latest international effort to curb the Sars-like virus from spreading. The yuan fluctuated and Treasuries turned higher. The Stoxx Europe 600 Index gave up an early advance after Hong Kong Chief Executive Carrie Lam said China will stop individual …

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• 28 January

  South Korean stocks shattered over virus

  

  Bloomberg South Korean stocks bore the brunt of Asian stock declines tied to the new coronavirus on Tuesday as more markets opened after holidays and concerns spread from short-term consumerism to longer-term growth. The benchmark Kospi plunged as much as 3.6%, set for the biggest decline since October 2018. Companies that had benefited from Chinese tourism took bigger hits, with …

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• 28 January

  China market opening delayed until February 3

  Bloomberg China’s financial markets will remain closed until next Monday after authorities extended the Lunar New Year break by three days as they grapple with the worsening virus crisis. Trading will resume February 3, the Shanghai and Shenzhen stock exchanges said. Shanghai authorities separately advised that companies shouldn’t start work until at least February 9. While onshore markets will be …

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• 28 January

  ECB says six banks missed this year’s bar for capital strength

  

  Bloomberg The European Central Bank (ECB) said six out of 109 banks it evaluated last year had a level of financial strength below what it wants to see for 2020. “For those banks which have not taken satisfactory measures in the last quarter of 2019, remedial actions have been requested within a precise time line,” the ECB said in a …

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• 28 January

  Kenya central bank follows South Africa with a surprise cut

  

  Bloomberg Kenya’s central bank joined its South African counterpart by unexpectedly cutting interest rates, citing well-anchored inflation expectations and an economy that’s operating below its potential. The monetary policy committee reduced its key rate to 8.25% from 8.5%, governor Patrick Njoroge said in an emailed statement. That’s the second consecutive cut and moves the rate to the lowest in more …

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• 28 January

  Fed officials subtly shift inflation strategy

  

  Bloomberg The Federal Reserve won’t wrap up a year-long review of its policy framework for months, but some officials are already shifting their approach to hitting the central bank’s inflation goal. The number of policy makers forecasting above-target inflation in three years’ time jumped to seven in December projections. That looks like a signal they’re deliberately aiming to generate price …

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• 28 January

  Bank of China pays $4mn in money laundering case

  

  Bloomberg Bank of China Ltd agreed to pay 3.9 million euros ($4.2 million) to settle a French probe into allegations it turned a blind eye as customers moved millions to their Asian accounts without paying European taxes. Paris prosecutor Remi Heitz said Bank of China will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities …

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• 28 January

  Carney has traders in suspense with knife-edge last meeting

  

  Bloomberg Mark Carney’s final decision at the Bank of England (BOE) is on a knife edge, and the governor hasn’t done anything to ease the tension. While the Canadian, who hands over the reins to Andrew Bailey in March, has mostly held investors’ hands before crucial policy meetings, this time he’s allowing them to figure it out for themselves by …

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