February, 2020

• 15 February

  Kraft Heinz’s junk downgrade rekindles bond market jitters

  

  Bloomberg Kraft Heinz Co, the iconic food giant created in a merger five years ago, was downgraded to junk by two credit raters, raising fresh worries among investors that a slowing economy could threaten the broader corporate bond market. The packaged-food company was cut one level to BB+ by S&P Global Ratings, following Fitch Ratings last week. It will now ...

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• 15 February

  Luxury retailers sued over alleged no-hire pacts

  Bloomberg Saks, Gucci, Louis Vuitton and other luxury retailers were accused in a lawsuit of agreeing to not hire sales clerks from each other’s stores in violation of US antitrust law. The companies conspired to enter into “no-hire agreements” that prohibit them from hiring employees who have worked within six months for rival brands, according to the complaint filed last ...

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• 15 February

  Ships are skipping China and it’s causing turmoil for trade

  

  Bloomberg February 2020 will come to be remembered as a period of historic disruption to physical supply chains the world over, as the coronavirus wrecks trade. Dozens of export sailings to ship China-made goods to consumers from the US to Europe — think handbags, flat-screen TVs, and plastic toys — have been canned since the coronavirus crisis escalated last month. ...

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• 15 February

  HK government to seek $3 billion to fight virus outbreak

  

  Bloomberg Hong Kong’s government will seek approval from the territory’s legislature for at least HK$25 billion ($3.2 billion) in fresh funding to reduce the impact of the coronavirus outbreak in the city, Chief Executive Carrie Lam said. The amount includes measures to assist tour agencies, restaurants and students, as well as extra cash for the Hospital Authority. The government will ...

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• 15 February

  Malaysia plans stimulus as virus may hit growth

  

  Bloomberg Malaysia will announce a stimulus package early next month as analysts slash their growth forecasts to account for the impact of the coronavirus outbreak. The package will involve all ministries, Transport Minister Anthony Loke said. Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunos earlier said the measure will seek to support those affected by the coronavirus, including tourism and ...

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• 15 February

  Vodafone Idea at risk as court rejects plea

  

  Bloomberg India’s top court rejected a plea by mobile carriers seeking more time to settle billions of dollars in back-fees and began contempt proceedings against the companies, threatening to push Vodafone Group Plc’s beleaguered local venture to the brink weeks after it warned of a potential collapse. The Supreme Court’s three-judge panel, headed by Arun Mishra, said that operators including ...

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• 15 February

  China tries its 3,000-year-old traditional remedy for virus

  

  Bloomberg China is administering its centuries-old traditional medicine on patients affected by the coronavirus disease, a top health official said. Treatment in Wuhan hospitals combine Traditional Chinese Medicine, popularly known as TCM, and western medicines, said Wang Hesheng, the new health commission head in Hubei, the province at the center of the virus outbreak. He said TCM was applied on ...

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• 15 February

  China’s overseas energy financing drops to lowest in decade

  

  Bloomberg China’s spending on overseas energy projects has dropped to its lowest in more than a decade, as the nation focusses on domestic issues and rethinks its strategy around indebtedness and the world’s energy mix. The nation’s foreign energy financing dropped by 69% to $3.2 billion in 2019, according to data from Boston University’s Global Development Policy Center. Only three ...

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• 15 February

  US, Taliban reach interim deal aimed at troop pullout

  

  Bloomberg The US and the Taliban have reached agreement on a seven-day reduction in violence in Afghanistan that’s intended to lead to a broader accord to end America’s longest war. A senior US official said that the two sides have a deal on the reduction of violence that, if achieved, would be followed by a peace plan allowing the US ...

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• 15 February

  US to evacuate its citizens from virus-hit cruise ship

  

  Bloomberg The US will evacuate its citizens from the virus-hit Diamond Princess cruise ship that’s been quarantined in Japan, according to a statement on the American embassy in Japan’s website. The Department of State will provide chartered aircraft to bring American passengers and crew back to the US. The ship is the largest infection cluster outside China. An additional 67 ...

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