March, 2020

• 11 March

  Taiwan reports $99b in currency swaps

  

  Bloomberg Taiwan’s central bank disclosed its outstanding position in foreign-exchange swap trading, a rare move aimed at answering calls for improved transparency. The bank’s outstanding position in foreign-exchange swap trading was $99.1 billion at the end of February, the central bank’s Governor Yang Chin-long wrote in a report prepared for legislators. The central bank purchased a net $5.5 billion in ...

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• 11 March

  Italy negotiating with banks for mortgage relief in virus crisis

  

  Bloomberg The Italian government is negotiating with banks to provide breaks from debt payments including mortgages, as individuals and businesses are hit by a nationwide lockdown to contain the coronavirus. The country is also studying relief for temporary layoffs and additional fiscal measures to support the economy, Deputy Finance Minister Laura Castelli said in a radio interview. A new decree ...

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• 11 March

  Kazakhstan central bank hikes key rate to 12%

  

  Bloomberg Kazakhstan, the biggest oil producer in central Asia, raised its benchmark interest rate by 2.75 percentage points to 12% at an emergency meeting and started selling foreign currency to help support the tenge. The National Bank of Kazakhstan raised the base rate from 9.25% to protect the tenge from increased external risks, support price stability and hold down the ...

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• 11 March

  Iceland cuts interest rates by half a point

  

  Bloomberg Iceland’s central bank cut its benchmark interest rate to its lowest level ever at an emergency meeting called to counter the impact of the coronavirus. The 7-day term deposit rate was cut by 0.5 percentage points to 2.25%, Sedlabanki said in a statement. “Furthermore, the Committee has decided to lower deposit institutions’ average reserve requirement from 1% to 0%. ...

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• 11 March

  Europe offers relief to banks still hurting from last crisis

  

  Bloomberg Europe moved to provide relief for its ailing banks as efforts to combat the coronavirus threaten to push more borrowers into default and disrupt lending. The Bank of England on Wednesday announced a package of emergency measures, including a 50 basis point rate cut and a lower capital buffer to free up cash for lending. Germany’s banking watchdogs earlier ...

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• 11 March

  Delta, American cutbacks add to global meltdown on virus

  

  Bloomberg Delta Air Lines Inc and American Airlines Group Inc walked away from their 2020 forecasts and said they will slash operations because of the coronavirus outbreak, joining carriers across the globe grappling with one of the worst crises in modern air travel. Delta plans to cut domestic capacity as much as 15% and international flights by 25%, the Atlanta-based ...

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• 11 March

  Ferragamo freezes investments amid coronavirus spread

  

  Bloomberg Salvatore Ferragamo SpA is delaying or cancelling capital investments not considered “fundamental” as the coronavirus outbreak hammers demand, though the company sees green shoots of recovery in China, the biggest market for luxury goods. “Visibility on the impact of Covid-19 is still very low for both turnover and earnings,” Chief Executive Officer Micaela Le Divelec Lemmi said on a ...

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• 11 March

  Airbus delivery goal at risk as virus sees airline deferrals

  

  Bloomberg Airbus SE’s target for record jetliner deliveries this year may be at risk as virus-shocked customers postpone taking new planes, according to people familiar with the matter. Some Chinese airlines have deferred deliveries through April, the people said, asking not to be named discussing private information, while Malaysia’s AirAsia X has already said it will pare handovers. Qantas Airways ...

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• 11 March

  Vietnam Air to disinfect all aircraft from abroad

  Bloomberg Vietnam Airlines is disinfecting all of its aircraft that arrive from abroad and checking the temperatures of passengers boarding in Europe after an outbreak of 14 novel coronavirus cases tied to its March 2 London to Hanoi flight. The planes will be disinfected soon after landing in Vietnam, the national carrier said in an emailed statement. The airline will ...

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• 11 March

  Waltons transfer $48bn of Walmart shares

  Bloomberg The world’s wealthiest family moved $48 billion of Walmart Inc stock to a different holding company in an action that may signal future share sales and bolster their philanthropy. Walton Enterprises LLC, the main investment entity of the retailer’s founding clan, transferred about 15% of Walmart’s outstanding shares to the Walton Family Holdings Trust, according to regulatory filings. The ...

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