February, 2020

• 18 February

  PBOC slashes interest for one year loans to support banks

  

  Bloomberg China’s central bank provided medium-term funding to commercial lenders and cut the interest rate it charges for the money, a move widely anticipated by analysts to cushion the economy from the virus epidemic. The People’s Bank of China offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points to ...

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• 18 February

  Lagarde confronts political cost of ECB’s subzero rate policy

  

  Bloomberg “Nobody trusts you,” lawmaker Joerg Meuthen told European Central Bank (ECB) chief Christine Lagarde, switching briefly to English during a tirade in his native German. “You should be aware of that.” The far-right Alternative for Germany representative was railing about negative interest rates — and while enduring bluster is par for the course for ECB presidents, the February 6 ...

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• 18 February

  Singapore cuts growth outlook, plans stimulus amid virus threat

  

  Bloomberg Singapore downgraded its forecast for economic growth for this year and plans to deliver a strong budget this week to counter the threat of the coronavirus outbreak on tourism and trade. The Ministry of Trade & Industry on Monday projected growth in a range of -0.5% to 1.5% in 2020, compared with a previous estimate of 0.5% to 2.5%. ...

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• 18 February

  Bundesbank warns of virus hit to exporters

  

  Bloomberg German exporters are likely to suffer from the coronavirus outbreak in China that’s threatening to disrupt global supply chains, according to the Bundesbank. In its monthly report presented on Monday, the central bank painted a dire picture of the country’s state of affairs, arguing there are currently no signs that growth momentum will pick up in the first quarter. ...

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• 18 February

  HSBC staffer in quarantine tests negative for virus

  

  Bloomberg An HSBC Holdings Plc employee in Hong Kong being held in quarantine tested negative for the deadly virus spreading out of mainland China. The staffer and their nuclear family members all tested negative for the coronavirus, according to an internal memo, confirmed by a company spokeswoman in Hong Kong. The virus has killed more than 1,700 people and infected ...

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• 18 February

  In two weeks, India debt turns favourite from loser for funds

  

  Bloomberg Just a month ago, global funds couldn’t wait to dump India’s sovereign bonds. Now, they’re rushing back at the fastest pace in more than two years. Foreigners bought 136.7 billion rupees ($1.9 billion) of the debt in the first two weeks of February, set for the highest monthly inflow since June 2017, according to data compiled by Bloomberg. They ...

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• 18 February

  Cathay warns of ‘significant’ drop in H1 profit

  

  Bloomberg Cathay Pacific Airways Ltd, among the most high-profile corporate casualties of the pro-democracy protests in Hong Kong, is turning into one of the most impacted airlines from the novel coronavirus outbreak. First-half financial results will be “significantly down” from a year earlier, Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement. The airline and Cathay Dragon ...

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• 18 February

  Macy’s Herald Square realty project faces tough road ahead

  

  Bloomberg Macy’s Inc faces a difficult road as it dives into New York City real estate development. The struggling retailer, trying to generate cash off prime real estate in midtown Manhattan, recently unveiled plans for a 1.5 million-square-foot building atop its iconic store in Manhattan’s Herald Square. But the proposed office tower requires zoning changes that have to be approved ...

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• 18 February

  Lebanon carrier scraps ‘US dollar only’ plan

  Bloomberg Lebanon’s Middle East Airlines scrapped a decision to reject payments in the local currency, hours after the nation’s president warned against the move and questioned its legality. As backlash mounted, the airline 99% owned by the central bank, reversed the announcement to accept payments only in foreign currency, according to its spokeswoman. The company will hold meetings to discuss ...

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• 18 February

  Modell’s struggles to keep sporting-goods empire alive

  

  Bloomberg Mitchell Modell, chairman and chief executive officer of Modell’s Sporting Goods, has a framed letter from his grandfather, Henry Modell, hanging on the wall of his New York City office. He said he likes to look it over, to remind him what’s at stake as he struggles to keep the 131-year-old family business afloat. “Keep and cherish the good ...

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