January, 2020

• 22 January

  Central banks unite to study case for digital currencies

  

  Bloomberg Some of the world’s major central banks are teaming up to assess potentially developing their own digital currencies, acknowledging that their role is being challenged by new technologies and private sector initiatives such as Facebook Inc’s Libra. A group has been formed in order to “share experience as they assess the potential cases for central bank digital currency (CBDC) …

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• 22 January

  BOE governor Carney says lack of US climate engagement is difficult

  

  Bloomberg Bank of England (BOE) governor Mark Carney warned of mounting risks to the financial sector and the economy from climate change, and urged the US to play bigger role. “Something which was largely on the periphery of finance has come into the mainstream,” Carney told Bloomberg Editor-in-Chief John Micklethwait at the Bloomberg Climate Forum in Davos, Switzerland. “Transition risk …

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• 22 January

  Malaysia unexpectedly cuts benchmark rate in ‘pre-emptive measure’

  

  Bloomberg Malaysia’s central bank cut its benchmark interest rate in a surprise move on Wednesday, the first in Southeast Asia to do so this year as it seeks to support its economy amid lingering global uncertainty. Bank Negara Malaysia reduced the overnight policy rate to 2.75%, a 25 basis-point cut predicted by just two of the 26 economists surveyed by …

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• 22 January

  UBS’s Weber says reducing $5bn French fine is priority

  

  Bloomberg UBS Group AG Chairman Axel Weber said his top priority for the next months is working to reduce a $5 billion French tax fine that’s prompted the bank to postpone a decision on future share buybacks until the second half of the year. The Swiss lender was slapped with the fine after a Paris court found it guilty of …

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• 22 January

  Europe’s highest interest rates face ‘ambitious’ plan for cuts

  

  Bloomberg Ukraine is stepping up plans to slash Europe’s highest benchmark borrowing costs. Inflation has plummeted to the lowest in almost six years after the hryvnia outshone all other currencies against the dollar in 2019. The more benign backdrop will be reflected in this month’s quarterly projections for interest rates, according to the central bank. “This forecast will be more …

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• 22 January

  IMF influence in Pakistan central bank gets a boost

  Bloomberg The International Monetary Fund’s (IMF) influence in Pakistan’s central bank got another boost with the appointment of a second senior official from the fund. Murtaza Syed was appointed as deputy governor at the State Bank of Pakistan for a three-year term, according to a finance ministry notification. Syed was previously deputy division chief in the IMF’s strategy, policy, and …

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• 22 January

  Boeing sees grounded Max return slipping to mid-year

  

  Bloomberg Boeing Co said its grounded 737 Max won’t be cleared to fly until the middle of this year, at least six months later than previously anticipated, adding to the company’s financial burden. The US planemaker is resetting expectations as it addresses two recent setbacks for the embattled Max: a software flaw that will require more work than expected and …

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• 22 January

  United Air declares early victory on its 2020 profit target

  

  Bloomberg United Airlines Holdings Inc declared an early victory on its 2020 profit goal, handing a steady keel to President Scott Kirby as he prepares to take over as chief executive officer in four months. Adjusted earnings climbed to $12.05 a share in 2019, United said in a statement, achieving a longstanding target that the company initially set for this …

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• 22 January

  Burberry latest victim of HK protests

  

  Bloomberg Burberry Group Plc became the latest victim of the Hong Kong protests as sales in that market dropped by half over the Christmas quarter, while the spread of a new viral disease in Asia risks dimming the outlook further. The stock fell as much as 4.1% even after the company raised its forecast for full-year sales growth to a …

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• 22 January

  Sainsbury CEO Coupe to step down in May

  

  Bloomberg News that J Sainsbury Plc Chief Executive Officer Mike Coupe is leaving in May marks the end of an unrewarding chapter for the UK grocer’s shareholders. Competition from German discounters Aldi and Lidl and a shift to online shopping have put British supermarkets including Tesco Plc and Wm Morrison Supermarkets Plc under pressure, but Sainsbury shares have suffered the …

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