March, 2021

• 22 March

  Merkel proposes tighter lockdown in Germany

  Bloomberg Chancellor Angela Merkel proposed extending and tightening Germany’s lockdown after Covid-19 contagion rates nearly doubled in a month, highlighting Europe’s struggles to contain the pandemic. The plan would prolong current curbs through April 18 and calls for new measures in hard-hit areas, according to a chancellery draft seen by Bloomberg. Merkel and regional leaders will discuss the proposals as ...

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• 22 March

  SNB threw $118 billion at FX campaign as US alarm bells rang

  

  Bloomberg The Swiss National Bank (SNB) spent 110 billion francs ($118 billion) on interventions in 2020, evidence of heightened market activism that risks fueling more tension with the US. The tally is the highest since 2012 and indicates officials purchased currency worth 9 billion francs in the fourth quarter, when the US Treasury branded Switzerland a currency manipulator. Such eye-watering ...

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• 22 March

  HSBC reopens main Hong Kong office

  

  Bloomberg HSBC Holdings Plc reopens its main Hong Kong office on Monday, after being closed last week in the wake of three people testing positive for coronavirus (Covid-19). “Precautionary measures — such as wearing masks, pre-entry temperature screening, hand sanitisers, spaced queuing and portable acrylic screens at open banking counters — will continue to be in place,” according to a ...

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• 22 March

  EU’s top banking regulator urged banks to promptly write off loans

  

  Bloomberg The European Union’s top banking regulator urged lenders to promptly write off loans that are failing in the aftermath of the pandemic, warning that without action “zombie” firms could damage the economic recovery. Jose Manuel Campa, chairman of the Paris-based European Banking Authority, said in an interview on March 19 that regulators expect non-performing loans to “increase to a ...

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• 22 March

  Credit Suisse plans to triple China headcount

  

  Bloomberg Credit Suisse Group AG plans to triple its headcount in China over the next three years, ramping up its ambitions to gain market share as the nation’s financial market opens. “We are planning to more than triple our presence in term of headcount in China over the next 3 years and look forward to strengthening our position,” Chief Executive ...

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• 22 March

  Kenya’s biggest lender bets on digital payments

  Bloomberg KCB group Plc, Kenya’s biggest bank by assets, is in talks to form digital payment partnerships to expand revenue streams, Chief Executive Officer Joshua Oigara said. “We have to go beyond lending,” Oigara said in an interview in the capital, Nairobi. KCB is looking for partnerships for its mobile wallet, he said. The Nairobi-based lender is seeking increased revenue ...

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• 22 March

  Visa faces US probe over its debit-card routing practices

  

  Bloomberg The US Department of Justice has launched an antitrust investigation into Visa Inc.’s practices regarding debit-card transactions. The department is looking into the network’s rules for routing transactions both in stores and online. “The US Department of Justice has informed Visa of its plans to open an investigation into Visa’s US debit practices” and is cooperating with the department, ...

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• 22 March

  Stocks edge down as yields dip

  

  Bloomberg Stocks edged lower with US equity futures on Monday, though technology shares outperformed as Treasury yields retreated from recent highs. The Stoxx 600 Index dropped 0.2%, with tech shares and automakers among the few sectors in the green. Futures on the S&P 500 Index also dipped, while those on the tech-heavy Nasdaq gauge advanced. In Asia, Chinese stocks rallied ...

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• 22 March

  Goldman team says US stocks take Biden tax plan in stride

  

  Bloomberg President Joe Biden’s potential tax hikes will likely deal only a temporary blow to US equities thanks to the tide of fiscal spending, including the prospect of growth-friendly infrastructure outlays, strategists said. Stocks are pricing in the good news around infrastructure and showing “little concern about tax hikes,” Goldman Sachs Group Inc. strategists led by David Kostin wrote in ...

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• 22 March

  UAE announces multiple-entry visa, remote work visa for all nationalities

  Abu Dhabi / WAM The UAE cabinet adopted a new remote work visa to enable employees from all over the world to live and work in the UAE for one year and approved a multiple-entry tourist visa for all nationalities. The new resolutions are among several initiatives approved by the cabinet during a meeting chaired by His Highness Sheikh Mohammed ...

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