February, 2020

• 19 February

  Pound climbs after inflation tempers risk of BOE rate cut

  Bloomberg The pound rose after inflation accelerated, fuelling expectation that the Bank of England (BOE) will hold off lowering interest rates for the foreseeable future. Sterling cemented its position above $1.30, snapping two days of declines versus the dollar after annual inflation picked up for the first time in six months. The currency has also been given a boost by ...

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• 19 February

  IMF sees global growth rebound despite threat from coronavirus

  

  Bloomberg The International Monetary Fund (IMF) reiterated that global economic growth appears to be bottoming out, though also cautioned that risks including the coronavirus dominate the outlook. “After a marked slowdown last year, global economic activity is expected to moderately strengthen in 2020,” the IMF said in a surveillance note released on Wednesday. “Monetary and fiscal policy actions were instrumental ...

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• 19 February

  Metro Bank appoints interim chief executive to permanent position

  

  Bloomberg Metro Bank Plc handed its interim chief executive officer (CEO) the reins, months after the struggling lender’s previous boss resigned in the wake of an accounting scandal. Dan Frumkin, who has led the bank on an interim basis since the start of the year, takes over the London-based lender’s permanent role with immediate effect. Frumkin, 55, joined the business ...

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• 19 February

  UBS hires $6bn private wealth advisors from Goldman Sachs

  

  Bloomberg UBS Group AG hired private-wealth advisers who oversaw $6 billion in assets for Goldman Sachs Group Inc. The team, headed by Denis Cleary and Gregory Devine, has clients in more than 25 US states and will maintain offices in Boston and Los Angeles, UBS said in a statement. “Known for being one of the largest teams in the country ...

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• 19 February

  Japan’s Mitsubishi UFJ invests $700m in Grab

  

  Bloomberg Japan’s Mitsubishi UFJ Financial Group Inc is investing more than $700 million in Southeast Asian ride-hailing giant Grab, gaining access to millions across the region that use the mobile app to book cars and meals. The Japanese financial institution intends to market a range of financial services from insurance to loans to Grab’s millions of users, said a person ...

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• 19 February

  Canada’s CPI rises to 2.4% in January

  Bloomberg Consumer price inflation in Canada ticked up in January, while the average of the central bank’s core measures slowed down. The overall Consumer Price Index (CPI) was up 2.4% from a year earlier, after a 2.2% gain in December. That beat economist expectations for 2.3% increase. Excluding gasoline, inflation rose 2% in January. On a monthly basis, inflation rose ...

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• 19 February

  Singapore dollar vulnerable to 2017 low on easing risk

  

  Bloomberg Singapore’s currency may tumble to the lowest level since 2017 if the central bank responds as strongly to the spread of the coronavirus as it did to the Sars epidemic two decades ago. That’s the view of Tan Teck Leng, a macro strategist at UBS Group AG’s Global Wealth Management Chief Investment Office, who thinks the Monetary Authority of ...

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• 19 February

  Trump raises doubts over India trade deal days before his visit

  

  Bloomberg President Donald Trump cast doubts over the likelihood of an anticipated trade deal with India, just days before a scheduled visit to the South Asian power. ”Well, we can have a trade deal with India, but I’m really saving the big deal for later on,” Trump told reporters as he left the White House for a trip to California. ...

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• 19 February

  Modi backtracks on free-trade vow with import curbs in India

  

  Bloomberg Indian Prime Minister Narendra Modi has championed free trade in global forums over the years, but his record back home appears to be one of rising protectionism. The government has increased import tariffs over the last two years to curb cheap goods from abroad and support small- and medium-sized local manufacturers. In November, Modi pulled India out of the ...

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• 19 February

  Thai billionaire’s hotel arm says bookings starting to recover

  

  Bloomberg The hotel development unit of Thailand’s richest man said room bookings have started to recover from the disruption caused by the novel coronavirus outbreak. The spread of the disease impacted some 60% of the hotel and retail properties in Asset World Corp’s portfolio by deterring tourism and sparking event cancellations, according to its Chief Executive Officer (CEO) Wallapa Traisorat. ...

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