September, 2020

• 30 September

  Johnson averts Tory rebellion with deal on virus powers

  

  Bloomberg Boris Johnson struck a deal with rebels in his Conservative Party over giving the UK Parliament more power to scrutinise new emergency coronavirus laws, in a bid to curb a growing backlash over his handling of the pandemic. Health secretary Matt Hancock was expected to set out details of the agreement when he introduces a debate on the renewal ...

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• 30 September

  Armenia-Azerbaijan fighting continues

  

  Bloomberg Armenia and Azerbaijan reported a fourth day of fierce fighting, defying growing international calls to halt the worst violence in decades over the disputed territory of Nagorno-Karabakh. Artillery fire is taking place along the contact line between the two militaries, Armenian Defense Ministry spokeswoman Shushan Stepanyan said on Wednesday on Facebook. “Intense battles” continue with combat operations taking place ...

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• 30 September

  Kaczynski joins cabinet to quash crisis in Poland

  

  Bloomberg The leader of Poland’s ruling party will join the cabinet as deputy prime minister in a revamp that appears to push the government further to the right and follows weeks of tensions that threatened to trigger snap elections. Jaroslaw Kaczynski is the driving conservative force behind the campaign to reshape Poland that’s put the country in an unprecedented standoff ...

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• 30 September

  SNB interventions soared to $98b as virus roiled markets

  

  Bloomberg The Swiss National Bank (SNB) spent 90 billion francs ($98 billion) on interventions in the first half of 2020, the most in years, amid a market rout in the early days of the coronavirus pandemic. The SNB was forced to step up its battle against the strong franc as investors drove the haven currency to the strongest level in ...

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• 30 September

  Taiwan bank lending to Chinese firms declines

  

  Bloomberg Taiwanese banks’ contributions to offshore loans for mainland Chinese firms fell to their lowest levels in at least 10 years as lenders turn increasingly anxious to limit their credit exposure to the economic fallout of the coronavirus pandemic and rising political tensions. The share of Taiwanese financial institutions in China’s offshore syndicated and club loans tumbled to the lowest ...

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• 30 September

  Libor’s exit sparks legal fears for global banks, says Moody’s

  

  Bloomberg While most global banks say they’re gearing up for a shift from Libor, concerns persist about lawsuits if borrowers reach a cliff-edge scenario, according to Moody’s Investors Service. Banks’ clients are lagging in their effort to prepare for Libor’s exit and this could come back to haunt lenders, Vice President Olivier Panis said in an interview. Financial institutions risk ...

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• 30 September

  Central bank gold-buying climbs from decade low

  

  Bloomberg Gold buying by central banks, an important driver of bullion’s advance in recent years, is forecast to pick up in 2021 after a slowdown this year. Citigroup Inc. sees demand from the official sector rising to about 450 tons after a drop to 375 tons this year, which would be the lowest in a decade. HSBC Securities (USA) Inc. ...

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• 30 September

  ECB considers allowing inflation overshoot: Lagarde

  

  Bloomberg European Central Bank (ECB) President Christine Lagarde said it’s worth examining a Federal Reserve-style strategy that allows for inflation to temporarily rise above the institution’s target. A policy under of committing to make up for low inflation after missing the goal for a while “could be examined,” as part of the institution’s strategic review, Lagarde said at a conference ...

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• 30 September

  Philippines disqualifies bankers linked to Wirecard

  Bloomberg The Philippine central bank said it will ban from the industry former bank employees who allegedly falsified documents for German payments company Wirecard AG. Bangko Sentral ng Pilipinas is adding the former bankers to a list of persons disqualified from becoming directors or officers at any supervised financial institution, it said in an email. Wirecard filed for bankruptcy in ...

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• 30 September

  US stock futures decline after American presidential debate

  

  Bloomberg US equity-index futures dropped alongside most stock markets after an acrimonious American presidential debate highlighted the risk of a contested vote in November. A gauge of the dollar edged higher. S&P 500 futures fall as much as 1.3% in the hours after the chaotic sparring between Donald Trump and Democratic hopeful Joe Biden during which the president suggested vote-by-mail ...

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