March, 2019

• 5 March

  Trump to serve $5.7b trade blow to India

  Bloomberg US President Donald Trump’s attempt to pressure India on trade may be intended as a symbolic shot across New Delhi’s bow, but its inopportune timing threatens broader political consequences. The Trump administration notified Congress that it wants to scrap trade concessions for India, the largest beneficiary of the so-called generalised system of preferences that impacts $5.7 billion worth of ...

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• 5 March

  DIFC net profit hits AED323mn

  DUBAI / Emirates Business Dubai International Financial Centre (DIFC) has cemented its position as the leading financial hub in the Middle East, Africa, and South Asia region (Measa) with a record-breaking 12 months that saw the centre reach new heights as it enters its 15th year of operations. The centre achieved strong financial performance with net profit increasing by 11% ...

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• 5 March

  Thailand to build largest floating solar farms

  

  Bloomberg Thailand plans to build the world’s largest floating solar farms to pow-er Southeast Asia’s second-largest economy and to boost the country’s share of clean energy. State-run Electricity Generating Authority of Thailand will float 16 solar farms with a combined capacity of more than 2.7 gigawatts in nine of its hydroelectric dam reservoirs by 2037, said Thepparat Theppitak, a deputy ...

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• 5 March

  Libya’s biggest oil field restarts

  

  Bloomberg Libya’s biggest oil field resumed production. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured ...

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• 5 March

  Global stocks drift, dollar climbs as trade news awaited

  

  Bloomberg Global stocks drifted alongside US index futures on Tuesday, as investors searched for fresh direction after China lowered its growth forecasts and as speculation endured that a Sino-American trade deal is near. Treasuries fell while the dollar strengthened for a fifth day. The Stoxx Europe 600 Index reversed an earlier gain, with automakers and banking shares dragging the gauge ...

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• 5 March

  Greece to sell €2.5b of 10-year bonds

  

  Bloomberg Greece marked a milestone in its recovery from a bruising financial crisis after agreeing to sell 2.5 billion euros ($2.8 billion) of 10-year bonds for the first time in nine years. The syndicated offer for the 2029 notes will price to yield 3.9 percent, less than an initial target of about 4.13 percent, a person familiar with the matter ...

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• 5 March

  Clients who quit Nordea find themselves in Swedbank fire

  

  Bloomberg In Sweden, finding a bank not embroiled in controversy is getting difficult these days. A number of clients who left Nordea Bank Abp after it opted to move to Helsinki from Stockholm ended up at Swedbank AB. Now, they’re questioning whether that was a good choice given allegations of money laundering against their new lender. Customers to have left ...

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• 5 March

  Mandiri eyes takeover of $2bn rival lender

  

  Bloomberg Indonesia’s state-run PT Bank Mandiri is exploring a takeover of PT Bank Permata, the rival lender backed by Standard Chartered Plc, people with knowledge of matter said. Mandiri is working with Morgan Stanley on the potential deal, according to the people, who asked not to be identified because the information is private. It is considering buying control of Permata ...

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• 5 March

  Peso falls as Philippines makes surprise central bank pick

  

  Bloomberg Philippines President Rodrigo Duterte surprised central bank watchers by naming his budget secretary as governor of the monetary authority. The peso slumped the most in more than five years. Benjamin Diokno, 70, will succeed Nestor Espenilla, who died in February after a battle with cancer. The new Bangko Sentral ng Pilipinas governor will serve the remainder of his predecessor’s ...

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• 5 March

  Australia’s central bank holds policy nerve

  

  Bloomberg Australia’s central bank held its nerve in the face of a credit squeeze and tumbling property prices, keeping interest rates unchanged as it waits to see how consumers respond. Governor Philip Lowe kept the cash rate at 1.5 percent on Tuesday — as expected by markets and economists — saying “the main domestic uncertainty continues to be the strength ...

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