March, 2020

• 4 March

  Enoc Misr commences production in Egypt

  CAIRO / WAM Enoc Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company (Enoc) signed a Memorandum of Understanding (MoU) with local lubricant manufacturers to evaluate blending and manufacturing Enoc lubricants in Egypt. The move comes as part of Enoc Misr’s plans to maximise operational efficiency and ensure product availability in local market. The agreement …

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• 4 March

  Fed cuts rates in emergency move amid spreading virus

  

  Bloomberg The Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis, amid mounting concern that the coronavirus outbreak threatens to stall the record US economic expansion. The rate cut, which came between the central bank’s regularly scheduled meetings, was announced hours after Group of Seven finance chiefs held …

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• 4 March

  EU weighing tougher bank-rescue rules after outrage over bailouts

  

  Bloomberg European Union (EU) officials are weighing a new crackdown on bank bailouts after national governments exploited loopholes in rules passed in the wake of the financial crisis. One focus of the discussions is the so-called “precautionary recapitalisation” rule that Italy used to inject 5.4 billion euros ($6 billion) into Banca Monte dei Paschi di Siena SpA in 2017, according …

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• 4 March

  Brazil mulls rate cut as virus threatens growth

  

  Bloomberg Brazil’s central bank opened the door to more interest rate cuts as it signalled that the outbreak of the new coronavirus creates a bigger risk of an economic slowdown than of a spike in inflation. Policy makers said that they’re closely monitoring the effects of the epidemic on financial markets and on the wider economy. Its impact on Brazil’s …

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• 4 March

  India’s RBI chief sees rate cut as option amid virus threat

  

  Bloomberg India’s central bank governor said he’s ready to act to shield the economy from the coronavirus and reiterated there’s room to cut interest rates if needed. Speaking in an interview with Bloomberg News in Mumbai hours before the Federal Reserve slashed interest rates by half a percentage point in an emergency move, Shaktikanta Das said “there is a strong …

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• 4 March

  BOK to monitor, seek to stabilise markets after Fed cut

  

  Bloomberg The Bank of Korea (BOK) said on Wednesday it will seek to monitor and stabilise markets, stopping short of following the Federal Reserve in easing policy to respond to the coronavirus epidemic. The BOK said it would consider changes in the policy environment, including the Fed’s 0.5% rate cut and a joint statement from Group of Seven finance chiefs …

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• 4 March

  Virus fears drag Indian rupee to record low

  Bloomberg Cracks are starting to appear in rupee’s defences with new coronavirus cases being reported in India. The rupee slid as much as 0.4% to 73.6 per dollar on Wednesday to become the worst performing Asian currency. India has so far reported 28 positive cases, which includes 15 Italian tourists. The currency had stayed relatively stable earlier in the absence …

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• 4 March

  Emission curbs help Thailand’s jet-fuel firm tackle virus impact

  

  Bloomberg Thailand’s top provider of jet refueling services said its goal of greener business operations will help cushion the blow from the coronavirus outbreak, which is hurting demand by stalling tourism. The firm, Bangkok Aviation Fuel Services, is building a 586-kilometrepipeline from central to northern Thailand to transport oil products for automobiles and industry. The connection is expected to be …

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• 4 March

  US futures rise after primary elections; dollar steadies

  

  Bloomberg American stock-index futures rose with European equities as investors took in surprises from the US presidential primary along with market reactions to the Federal Reserve’s emergency interest-rate cut. Treasuries higher continued their rally, while the dollar steadied. Contracts on the S&P 500 rebounded from a tumble on Tuesday, when the 50 basis-point Fed move failed to ease concerns about …

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• 4 March

  Indian stocks fall on reports of new coronavirus cases

  

  Bloomberg Indian stocks declined, with the benchmark headed for its lowest level in more than four months, after the health ministry reported new novel coronavirus cases. The S&P BSE Sensex dropped 1.6% to 37,996.89 in Mumbai on Wednesday after earlier swinging between gains and losses. The index rebounded on March 3, snapping the worst seven-day rout in almost five years …

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