March, 2020

• 4 March

  Fed cuts rates in emergency move amid spreading virus

  

  Bloomberg The Federal Reserve slashed interest rates by half a percentage point in the first such emergency move since the 2008 financial crisis, amid mounting concern that the coronavirus outbreak threatens to stall the record US economic expansion. The rate cut, which came between the central bank’s regularly scheduled meetings, was announced hours after Group of Seven finance chiefs held ...

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• 4 March

  EU weighing tougher bank-rescue rules after outrage over bailouts

  

  Bloomberg European Union (EU) officials are weighing a new crackdown on bank bailouts after national governments exploited loopholes in rules passed in the wake of the financial crisis. One focus of the discussions is the so-called “precautionary recapitalisation” rule that Italy used to inject 5.4 billion euros ($6 billion) into Banca Monte dei Paschi di Siena SpA in 2017, according ...

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• 4 March

  Brazil mulls rate cut as virus threatens growth

  

  Bloomberg Brazil’s central bank opened the door to more interest rate cuts as it signalled that the outbreak of the new coronavirus creates a bigger risk of an economic slowdown than of a spike in inflation. Policy makers said that they’re closely monitoring the effects of the epidemic on financial markets and on the wider economy. Its impact on Brazil’s ...

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• 4 March

  India’s RBI chief sees rate cut as option amid virus threat

  

  Bloomberg India’s central bank governor said he’s ready to act to shield the economy from the coronavirus and reiterated there’s room to cut interest rates if needed. Speaking in an interview with Bloomberg News in Mumbai hours before the Federal Reserve slashed interest rates by half a percentage point in an emergency move, Shaktikanta Das said “there is a strong ...

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• 4 March

  BOK to monitor, seek to stabilise markets after Fed cut

  

  Bloomberg The Bank of Korea (BOK) said on Wednesday it will seek to monitor and stabilise markets, stopping short of following the Federal Reserve in easing policy to respond to the coronavirus epidemic. The BOK said it would consider changes in the policy environment, including the Fed’s 0.5% rate cut and a joint statement from Group of Seven finance chiefs ...

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• 4 March

  Virus fears drag Indian rupee to record low

  Bloomberg Cracks are starting to appear in rupee’s defences with new coronavirus cases being reported in India. The rupee slid as much as 0.4% to 73.6 per dollar on Wednesday to become the worst performing Asian currency. India has so far reported 28 positive cases, which includes 15 Italian tourists. The currency had stayed relatively stable earlier in the absence ...

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• 4 March

  Toyota changes CFO, top-ranking foreigner resigns in fresh shuffle

  

  Bloomberg Toyota Motor Corp replaced its chief financial officer (CFO) nd a high-ranking foreigner stepped down as part of a management shuffle at the Japanese automotive giant. Kenta Kon, chief officer at the accounting group, will also be CFO, replacing Koji Kobayashi, who will stay on as chief risk officer, Toyota said in a statement. Didier Leroy, who was once ...

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• 4 March

  India curbs drug exports on fear of coronavirus shortages

  

  Bloomberg US health regulators are watching for potential drug shortages after India restricted the export of some raw pharmaceutical ingredients, a move that could disrupt the industry’s globe-spanning supply chain. India said it would limit export of some common medicines as concerns grow over shortages of chemical ingredients. Many manufacturers of those ingredients in China are shut or making less ...

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• 4 March

  China car sales fall record 80% as virus empties showrooms

  

  Bloomberg China’s car sales had the biggest monthly plunge on record as the coronavirus kept shoppers away, intensifying the pressure on automakers already battling an unprecedented slump before the outbreak. Sales fell 80% in February, according to preliminary numbers from the China Passenger Car Association released on Wednesday. Average daily sales improved towards the end of the month compared with ...

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• 4 March

  China virus spread slows drastically, but doubt remains

  

  Bloomberg While infections in the rest of the world accelerate, the coronavirus epidemic is showing signs of easing at its center — China — with new cases slowing dramatically and recoveries gathering pace. Still, doubt remains over whether the government’s statistics show the full picture. On March 3, China reported 119 new confirmed cases of the coronavirus, the lowest number ...

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