March, 2021

• 8 March

  Republican reopenings sharpen political divide over virus

  

  Bloomberg Decisions by two Republican governors to remove all coronavirus restrictions in their states have reignited the political debate on the pandemic response, elevating it as a campaign issue this year and in 2022. Republicans Greg Abbott of Texas and Tate Reeves of Mississippi announced last week they’re eliminating state mask mandates and allowing businesses to reopen at full capacity, ...

  Read More »
• 8 March

  India looks set to weather global bond rout with record reserves

  

  Bloomberg India’s record foreign-exchange reserves and a rare current-account surplus look set to cushion the nation’s currency and bonds from a global surge in interest rates. While the central bank does have its hands full managing the government’s large debt issuance, strategists see the country in a much stronger financial position now than it was during previous bouts of turmoil ...

  Read More »
• 8 March

  SocGen plans to cut 80 jobs in London

  

  Bloomberg Societe Generale SA is planning to cut about 80 positions in London as the lender scales back a business that provides securities services to asset managers, banks and brokers. About half the positions are being cut at SocGen securities services unit, known as SGSS, in the UK capital, according to people with knowledge of the matter. The remainder mostly ...

  Read More »
• 8 March

  Biggest Singapore bank cuts CEO pay after virus hits profit

  

  Bloomberg DBS Holdings Group Ltd. cut Chief Executive Officer (CEO) Piyush Gupta’s total 2020 compensation by 24% after Singapore’s largest lender posted its first annual drop in profit for four years. The bank slashed Gupta’s bonus by 27%, resulting in a 24% decline in his overall compensation to S$9.2 million ($6.8 million) for the 2020 performance year, down from S$12.1 ...

  Read More »
• 8 March

  UBS expects pandemic to enhance bank M&A

  

  Bloomberg UBS Group AG expects the coronavirus pandemic to further boost consolidation in the banking sector amid increasing threats from low interest rates and intensified competition. “There are likely to be more mergers and acquisitions in the US and especially the European Union, with growing regulatory appetite,” UBS said in its annual report. Switzerland’s biggest bank also said it sees ...

  Read More »
• 8 March

  Polish central bank questions lenders’ will to resolve FX loans

  

  Bloomberg Poland’s central bank governor questioned the determination of commercial lenders to resolve their foreign-currency loans, saying there’s almost a zero percent chance of the industry working together to finalise out-of-court settlements. The central bank withdrew its observer from negotiations to iron out the deal, proposed by the financial regulator, and doesn’t have any ownership over the process, Governor Adam ...

  Read More »
• 8 March

  ECB quizzes banks over exposure to Greensill: FT

  Bloomberg European Central Bank (ECB) supervisors have asked banks for details about outstanding loans to Greensill Capital and its client GFG Alliance, the Financial Times reported. Regulators are asking for the details as they try to determine whether the crisis is contained, report said. One person told the FT that the move was standard and did not reflect heightened concern. ...

  Read More »
• 8 March

  China’s key stock index enters correction on valuation worries

  

  Bloomberg China’s main stock benchmark entered a correction on Monday, on concerns about liquidity conditions and lofty valuations in some of the recently favoured stocks. The CSI 300 Index falls 3.5% on Monday, piercing through its 100-day moving average and putting losses from its recent February 10 peak to 13%. Meanwhile, the nation’s ChiNext index, a gauge of small-cap stocks, ...

  Read More »
• 8 March

  Nasdaq futures sink 2% as European shares rise

  

  Bloomberg The Nasdaq 100 Index extend losses, with futures falling as much as 2% in early European trading. Oil climbed after Saudi Arabia said the world’s largest crude terminal was attacked. Rising bond yields continue to dominate investor attention and fan concerns about lofty tech valuations. The global picture in equities was mixed on Monday, with losses in S&P 500 ...

  Read More »
• 8 March

  Emirati women account for 33.7% of population: Report

  

  Abu Dhabi / WAM The Federal Competitiveness and Statistics Centre revealed its recent statistics about women in the UAE, highlighting the fact that Emirati women account for 33.7% of the population. The report included several statistics underscoring the country’s leadership in women’s empowerment, and noting that the recent UAE cabinet reshuffle included 33 ministers, nine of whom are women, and ...

  Read More »