March, 2021

• 15 March

  Ex-Commerzbank CEO plans fintech SPAC listing

  

  Bloomberg A SPAC backed by Martin Blessing, Commerzbank AG’s former chief executive officer (CEO), plans to list in Amsterdam and target investments in financial services and technology companies. The special purpose acquisition company, EFIC1, will seek to raise as much as $496 million and seek out companies in Europe, including the UK, according to a statement on Monday, confirming an ...

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• 15 March

  Denmark central bank adjusts tool box to help steer currency

  

  Bloomberg Denmark’s central bank adjusted its toolbox to help it steer money market rates and ultimately the krone, which is pegged to the euro. The bank called the changes “technical” in nature, and “not intended to influence the level of the money market rates or the Danish krone,” according to a statement. The goal is to “ensure more stable money ...

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• 15 March

  ECB pledges to ramp up buying government debt

  

  Bloomberg The European Central Bank (ECB) pledged to ramp up buying government debt in coming months in a bid to a contain rising bond yields that threaten to derail the region’s economic recovery. Policy makers expect purchases in the next quarter “to be conducted at a significantly higher pace than during the first months of this year,” according to a ...

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• 15 March

  BOJ mulling analysis to support scope for rate cut

  

  Bloomberg At next week’s policy review, the Bank of Japan (BOJ) is considering releasing an analysis of the potential impact of lowering its negative interest rate to show its determination to use this option if needed, according to people familiar with the matter. BOJ officials say the assessment would hint at the likely results of a lower negative rate on ...

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• 15 March

  RBI loosens grip on yields at public sale

  Bloomberg Rising yields at India’s latest government bond auction are signalling the central bank may be reluctantly accepting higher borrowing costs amid a global rout. The Reserve Bank of India (RBI) sold some of 10-year debt at 6.22%, compared with about 6% in previous auctions. That’s after a spike in US Treasury yields and oil prices pushed borrowing costs higher ...

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• 15 March

  Chinese stocks drop as data deepens liquidity concerns

  

  Bloomberg China’s stocks slumped, as a neutral lending stance from the central bank and data showing surging economic activity renewed concerns about tightening liquidity. The CSI 300 Index closed 2.2% lower, after falling nearly 3% in afternoon trading. Stocks had initially pared losses on data showing growth rates of more than 30% for key economic indicators. Traders said sentiment was ...

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• 15 March

  US futures climb with European stocks, oil

  

  Bloomberg US futures and European stocks climbed on Monday as investors considered the outlook for inflation and vaccine progress. Travel companies and automakers led the Stoxx 600 Index to the highest level in a year. Danone, the world’s largest yogurt maker, jumped 5% after announcing it would replace its chairman. Brent crude topped $69 a barrel as economic data from ...

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• 15 March

  Mohamed Bin Zayed Majlis opens with great turnout of UAE youth

  

  ABU DHABI / WAM The third edition of the Mohamed Bin Zayed Majlis for Future Generations (MBZMFG) opened on Sunday under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The 2021 Majlis consists of virtual sessions led by decision makers, government officials, experts, ...

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• 15 March

  India foreign-exchange reserves become world’s fourth biggest

  

  Bloomberg India’s foreign-exchange reserves surpassed Russia’s to become the world’s fourth largest, as the South Asian nation’s central bank continues to hoard dollars to cushion the economy against any sudden outflows. Reserves for both countries have mostly flattened out this year after months of rapid increase. India pulled ahead as Russian holdings declined at a faster rate in recent weeks. ...

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• 15 March

  UAE-GCC states trade up 4% to hit AED229b

  

  Abu Dhabi / WAM The trade exchanges between the UAE and GCC states amounted to around AED229 billion in 2019, a 4 percent growth on 2018, according to Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF) In statements to the Emirates News Agency (WAM), Al Khouri noted that cooperation with its GCC partners lies at the heart ...

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