January, 2020

• 27 January

  Steinhoff European unit attracting buyout firms

  

  Bloomberg Steinhoff International Holdings NV’s European retail unit, which runs the Pepco and Poundland discount chains, is attracting interest from buyout firms, people with knowledge of the matter said. Advent International and Partners Group Holding AG are among private equity firms considering bids for Pepco Group, said the people, who asked not to be identified because the information is private. …

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• 27 January

  Walmart boosts starting hourly pay to $12 for staff in test

  

  Bloomberg Walmart Inc is testing out a higher minimum starting wage for certain jobs in hundreds of stores as part of a broader overhaul of roles and responsibilities across its massive US workforce. In the 500 or so stores that have introduced the retailer’s new operating model, dubbed “Great Workplace,” some associates in the fresh, front-end and replenishment areas will …

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• 26 January

  Emerging markets on edge as virus spreads from China

  

  Bloomberg The rapid spread of a deadly virus from China will be top of emerging-market investors’ minds as they ponder its impact on the global economy. Concern that the outbreak will develop into something akin to the Sars pandemic of 2003 halted a seven-week rally in developing-nation stocks, currencies and bonds in the five days through Friday. The yuan underperformed …

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• 26 January

  Fed seen holding rates steady, ending bill purchases by June

  

  Bloomberg Federal Reserve policy makers will keep interest rates on hold this year and next, and will wind up their efforts to boost excess bank reserves by June, economists said in a Bloomberg survey. In the January 21-23 poll, the mean forecast from 28 respondents predicted no move in the federal funds rate until at least 2022, the same as …

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• 26 January

  Nordic Banks heading into the darkest phase of negative rate cycle

  

  Bloomberg If you want to know what long-term negative interest rates are doing to banks, watch Denmark in the coming months. Danes have lived with subzero rates longer than anyone else, after the central bank resorted to the policy in 2012 to defend its currency peg. But according to the country’s financial watchdog, it’s only now that the real cost …

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• 26 January

  SBI chief says Yes Bank won’t be allowed to fail

  

  Bloomberg The head of India’s biggest lender said he’s certain “some solutions will emerge” to steady Yes Bank Ltd, which has been on a prolonged quest to raise new capital. “Yes Bank is a significant player in the market with an almost $40 billion balance sheet,” State Bank of India (SBI) Chairman Rajnish Kumar told Bloomberg Television in Davos. “I …

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• 26 January

  India needs foreign capital to fund record borrowing: IDFC

  

  Bloomberg A bond fund manager who correctly predicted that India’s central bank would introduce a US Federal Reserve style Operation Twist, now says that the nation needs more foreign capital to fund its record borrowing. India’s borrowing may rise to 7.6 trillion rupees ($107 billion) for the fiscal year starting from April 1, according to Suyash Choudhary, head of fixed …

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• 26 January

  ECB’s newest stimulus for Germany is love bombing by chief

  

  Bloomberg Ever since she moved to Frankfurt as European Central Bank (ECB) president three months ago, Christine Lagarde has been working hard to charm the locals. The institution’s new chief has sought to turn a new leaf with Germany after years of cooler relations under her predecessor, Mario Draghi. His stimulus policies, including negative interest rates that erased returns on …

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• 26 January

  Zimbabwe takes action on firm for illicit FX activity

  Bloomberg The Reserve Bank of Zimbabwe has frozen the bank account of a Chinese company that the central bank alleges has been manipulating the foreign exchange market. The bank escalated the matter to the Financial Intelligence Unit for investigation and it has so far identified one company — China Nanchang — “which has used its bank account to inject millions …

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• 26 January

  Exxon Mobil poised to kick off UK, Germany disposals

  

  Bloomberg Exxon Mobil Corp plans to start gauging buyer interest in its UK and German upstream operations in the coming weeks as the oil major continues to divest overseas assets, people with knowledge of the matter said. The energy giant aims to start a sale process for its UK North Sea assets imminently, according to the people. It would then …

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