January, 2021

• 3 January

  Poland to cut near-zero interest rates in 2021

  

  Bloomberg Poland’s central bank is analysing the impact of potential interest-rate cuts that could take place in the first quarter of 2021, Governor Adam Glapinski said. While the current, record-low reference rate of 0.1% is “appropriate and best suits the situation,” the central bank may reduce it further, the Governor said in an excerpt of an interview published on the ...

  Read More »
• 3 January

  China caps bank loans to real estate

  

  Bloomberg China’s regulators will impose caps on banks’ lending to the real estate sector for the first time, in their latest efforts to prevent systematic risks after a series of property curbs in recent years did little to damp buyer enthusiasm. Under the new mechanism, loans to developers will be capped at 40% for the nation’s largest state-owned lenders while ...

  Read More »
• 3 January

  Commerzbank to take $745mn hit for job cuts

  

  Bloomberg Commerzbank AG will set aside 610 million euros ($745 million) in the fourth quarter to cover restructuring costs after reaching an agreement with the works council on planned job cuts. The amount will cover the elimination of 2,300 positions between 2021 and 2024, part of a restructuring plan announced last year, according to a statement from the bank. Commerzbank ...

  Read More »
• 3 January

  BMO tops Canada equity sales ranking for first time in a decade

  

  Bloomberg Bank of Montreal’s (BMO) capital-markets division grabbed the top spot for Canadian equity sales in 2020, leading the ranking for the first time in a decade as the coronavirus pandemic pushed companies to stockpile cash. BMO Capital Markets advised on 52 equity and equity-linked issues with a total value of C$3.76 billion ($2.95 billion). Overall, Canada saw 488 issues ...

  Read More »
• 3 January

  Brexit deal may be too little, too late for UK’s car industry

  

  Bloomberg The auto industry dodged disaster when the UK and European Union (EU) sealed a post-Brexit trade accord, but not before carmakers announced factory closures and called off plans to make several new vehicles in the country. More damage may still be done even with the deal. Automakers including Nissan Motor Co. might struggle to qualify some UK-assembled models for ...

  Read More »
• 2 January

  Ford reverses its plan to cede India operations to Mahindra

  

  Bloomberg Ford Motor Co. is reversing plans to cede most of its Indian operations to Mahindra & Mahindra Ltd., deciding to pull out of a proposed joint venture and continue its standalone business in the country. The companies agreed to terminate the venture after reassessing in part due to the global coronavirus pandemic, they said. The decision ends a deal ...

  Read More »
• 2 January

  Huawei restores Tencent games to app store

  

  Bloomberg Huawei Technologies added Tencent Holdings Ltd.’s games back to its app store after two technologies firms negotiated an agreement. “We will continue to work together to bring better experience and service to Tencent game community,” a spokesperson for Tencent said. The games were removed after Tencent made a “big change” to how the companies work with each other, according ...

  Read More »
• 2 January

  Amazon set to acquire podcast firm Wondery

  

  Bloomberg Amazon.com Inc. agreed to acquire podcasting company Wondery, as the dominant audiobook purveyor moves to strengthen in another sound-based medium. “This is a pivotal moment to expand the Amazon Music offering beyond music as listener habits evolve,” the Seattle-based retail and media giant said in a statement. Bloomberg News first reported in September that Wondery was exploring a sale, ...

  Read More »
• 2 January

  Tesla’s dominant position in China could be threatened in 2021

  

  Bloomberg Tesla Inc. is coming to the end of its first year selling China-made cars with a commanding position in world’s biggest electric-vehicle market, but Elon Musk shouldn’t rest on his laurels. While Tesla regularly topped monthly premium EV sales tallies in 2020, helped by the sedans churned out from its multibillion-dollar plant opened to much fanfare in Shanghai last ...

  Read More »

December, 2020

• 31 December

  UAE strongly condemns terrorist attack on Yemen’s Aden airport

  ABU DHABI / WAM The United Arab Emirates strongly condemned the cowardly terrorist attack that targeted the airport of the interim Yemeni capital Aden during the arrival of members and ministers of the newly formed Yemeni Government to commence its duties in implementation of the Riyadh Agreement. In a statement, the Ministry of Foreign Affairs and International Cooperation stressed that ...

  Read More »