February, 2021

• 24 February

  China must reform HK election rules, says Carrie Lam

  

  Bloomberg Hong Kong’s leader said it is “crystal clear” that Beijing needs to reform the financial hub’s electoral system, just a day after China’s top official for the city signalled major changes were coming. Chief Executive Carrie Lam said political unrest in the former British colony, including massive protests in 2019, had forced Beijing to ensure the city is governed ...

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• 23 February

  Germany weighs $61 billion spending boost on virus costs

  

  Bloomberg Chancellor Angela Merkel’s government is weighing as much as 50 billion euros ($61 billion) in additional debt spending to fight fallout from coronavirus crisis. Germany’s coronavirus cabinet discussed the financing for Covid-19 tests and other measures to support Europe’s largest economy. The funding — equivalent to about 1.5% of German gross domestic product — reflects an initial estimate, and ...

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• 23 February

  UK unemployment rate rises to highest in almost five years

  

  Bloomberg UK unemployment climbed to its highest rate in almost five years in the fourth quarter as the economic toll from the coronavirus pandemic continued to mount. The number of people looking for work rise 121,000 from the third quarter, taking the jobless rate to 5.1%, the most since early 2016, the Office for National Statistics said on Tuesday. The ...

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• 23 February

  Facebook ends Australia news blackout after law compromise

  

  Bloomberg Facebook Inc. backed down from its news blackout in Australia after government agreed to amend world-first legislation forcing the tech giant and Google to pay local publishers for content. The social-media platform switched off news sharing in Australia last week in opposition to the proposed law, and Mark Zuckerberg and government officials have been locked in talks to find ...

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• 23 February

  J&J sets aside $4bn for talc verdict, accords

  Bloomberg Johnson & Johnson (J&J) said it set aside almost $4 billion to cover the biggest verdict against the company over its Baby Powder and other settlements while it’s appealing the 2018 loss to the US Supreme Court. In a securities filing, J&J said it was taking a “litigation expense of $3.9 billion” related to ‘primarily talc-related reserves and certain ...

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• 23 February

  Canada inflation rises after statistics agency backtracks

  

  Bloomberg Statistics Canada backtracked on its decision to revise down estimates of underlying inflation, raising questions whether the agency has a full grasp of the real state of price pressures in the economy. In a rare move, the agency said it’s reversing a methodological change — unveiled only five days ago — that lowered some readings of core prices. After ...

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• 23 February

  Europe stocks fall with futures as tech weighs

  

  Bloomberg European stocks dropped with US equity futures on Tuesday as the jump in bond yields and commodity prices continued to hammer technology shares. The Stoxx 600 Index turned lower, with tech among the laggards for a second straight day while energy shares outperformed. HSBC Holdings Plc edged lower even after results beat estimates in the fourth quarter. Hong Kong ...

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• 23 February

  BlackRock turning bearish on credit, government bonds

  

  Bloomberg BlackRock Inc. said it’s turned bearish on credit and government bonds, downgrading the two asset classes to underweight over the long-term because of high valuations and inflation expectations. A stronger economy on the back of the Covid-19 vaccine rollout, combined with the potential for as much as $2.8 trillion of additional fiscal stimulus and higher inflation will drive up ...

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• 23 February

  UAE leaders to chair government retreat to plan next 50 years

  

  DUBAI / WAM Upon the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will chair a government retreat on Tuesday, ...

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• 22 February

  Adnoc’s Thamama generates AED4 billion in business value

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Monday that its Thamama Centre of Excellence (Thamama) has generated $1.1 billion (AED4.04 billion) in business value since its inception in 2017. The announcement was made at Adnoc’s Innovation Week, which is taking place virtually from February (21-25). Named after the reservoir formation most dominant in Abu ...

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