February, 2020

• 26 February

  Pandemic scenario may mean revisiting ECB’s maxed-out tools

  

  Bloomberg If the coronavirus outbreak morphs into a regional economic crisis, the European Central Bank (ECB) isn’t yet poised to rush to the rescue. With interest rates deep below zero and the latest batch of asset purchases still ongoing, room for additional monetary support is severely limited. For policy makers in Frankfurt, that makes their case for governments such as ...

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• 26 February

  Banks rethink operations to cope with coronavirus in Asia

  

  Bloomberg Global banks including UBS Group AG and Bank of America Corp are broadening their contingency plans across Asia to ensure they can keep trading and other operations running as the spread of the coronavirus accelerates outside China. Credit Suisse Group AG is among lenders starting to implement alternative work arrangements in South Korea, adding Asia’s fourth-largest economy to the ...

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• 26 February

  China’s yuan proves resilient as global sell-off slams peers

  

  Bloomberg China’s currency is showing strength against peers, despite the country being most affected by the novel coronavirus epidemic. The yuan is approaching its strongest level since August versus a basket of 24 exchange rates, according to data compiled by Bloomberg. Most Asian peers have slumped against the currency in the past five trading days, with the Korean won and ...

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• 26 February

  Metro Bank to cut costs to move past difficult year

  Bloomberg Metro Bank Plc plans to cut costs and sell assets to help the struggling lender recover from an accounting scandal that led to heavy losses and the resignation of the firm’s previous boss. The bank reported a pretax loss of 130.8 million pounds ($170 million) for the year after it scrapped technology projects and unveiled plans to move back-office ...

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• 26 February

  Citi shuffles top bankers in two investment units

  Bloomberg Citigroup Inc is shuffling the bankers overseeing two of its largest investment banking units as the firm seeks to boost revenue from advising and providing financing to corporations. The lender promoted Stefan Wintels, the head of its German unit, and Christian Anderson, who helps oversee the global asset manager group, to run its global financial institutions business. The firm ...

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• 26 February

  Crisis-hit Cathay says 25,000 workers to take unpaid leave

  

  Bloomberg More than 25,000 Cathay Pacific Airways Ltd staff are taking unpaid leave, underscoring the depth of the airline’s troubles as it contends with the coronavirus. Chief Executive Officer Augustus Tang said in an internal memo that Cathay’s challenges “remain acute,” and he thanked employees for their support. The Hong Kong-based airline this month asked its 33,000 workers to take ...

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• 26 February

  FAA proposes another safety fix for 737 Max

  

  Bloomberg The US Federal Aviation Administration (FAA) is recommending another safety fix for Boeing Co’s grounded 737 Max jet, adding a new hurdle as the US planemaker pushes to return the grounded plane to service. The proposed order would require inspection and possible replacement of a metallic lining that protects wiring from lightning strikes, the regulator said in the Federal ...

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• 26 February

  Forever 21 taps H&M’s Daniel Kulle to take over as new CEO

  

  Bloomberg The new owners of Forever 21 Inc have hired an executive from another fast-fashion chain to steer the troubled retailer outside of bankruptcy. Daniel Kulle, who worked at Hennes & Mauritz AB for more than two decades, will take over as Forever 21’s chief executive officer, Authentic Brands Group Inc said in a statement. Authentic Brands is part of ...

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• 26 February

  Amazon merchants curtail ad spending amid virus

  

  Bloomberg Chuck Gregorich, who sells China-made patio furniture on Amazon.com Inc expects to lose as much as $2 million in sales this year due to factory closings and other coronavirus-related slowdowns. So he’s cutting his ad spending on Amazon and thinking about raising prices to avoid running out of inventory. The sudden shift in sales tactics by merchants like Gregorich ...

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• 26 February

  Jet Airways creditors to ask court to extend ‘deadline’

  Bloomberg Creditors of Jet Airways India are seeking court action to save the bankrupt carrier from liquidation as a key deadline looms. Lenders to Jet Airways plan to request an Indian court extend a mid-March deadline for creditors to agree on a resolution plan or allow the carrier go into liquidation, said people familiar with the matter. Potential buyers of ...

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