February, 2020

• 15 February

  Nordstrom resale shop should help used clothes market

  

  Nordstrom Inc.’s seven-story New York flagship at Broadway and 57th Street is home to a velvet-lined Nike boutique, a facial massage studio in the heart of the shoe floor and lots of expensive new merchandise. That’s how it’s always been at Nordstrom. But last month brought something new with the opening of See You Tomorrow, a luxury apparel resale boutique ...

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• 15 February

  Samsung bets on camera upgrade in Galaxy S20

  

  Bloomberg Samsung Electronics Co is starting a new decade with a new chief in charge of its mobile business, but it’s doing it in the same old fashion: by leaning into its semiconductor advantage to overwhelm consumers with unmatched specs on its latest Galaxy devices. Announced at simultaneous events in San Francisco and London, Samsung’s Galaxy S20 family of Android ...

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• 15 February

  Hyundai Motor strikes deal with Canoo to develop EVs

  

  Bloomberg Hyundai Motor Group has struck a deal to develop electric vehicles (EV) with Los Angeles-based startup Canoo. Under the terms of the agreement, Hyundai and its Kia affiliate will gain access to Canoo’s engineers and technology as the two South Korean automakers look to expand their production of EVs. Hyundai and Kia both recently announced plans to invest heavily ...

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• 15 February

  India’s 400mn social media users to lose anonymity

  

  Bloomberg Facebook, YouTube, Twitter and TikTok will have to reveal users’ identities if Indian government agencies ask them to, according to the country’s controversial new rules for social media companies and messaging apps expected to be published later this month. The requirement comes as governments around the world are trying to hold social media companies more accountable for the content ...

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• 15 February

  MWC cancelled over China virus concerns

  Bloomberg The wireless industry scrapped its biggest annual showcase after the coronavirus outbreak sparked an exodus of participants, roiling telecom companies just as they’re preparing to roll out new 5G services. It’s the first time in Mobile World Congress (MWC) Barcelona’s 33-year history that organisers have called off the event, which draws more than 100,000 participants from across the world ...

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• 15 February

  IMF chief calls for coordinated economic action to fight virus

  

  Bloomberg The head of the International Monetary Fund (IMF) said global central banks and governments may need to unite to fight the economic fallout from the coronavirus as banks lower growth forecasts. “From our perspective, it is very important to follow carefully what is going to happen in the next weeks,” IMF Managing Director Kristalina Georgieva said on a panel ...

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• 15 February

  PBOC vows virus won’t cause large price rises

  

  Bloomberg The coronavirus outbreak in China is putting pressure on price stability because production has been delayed but it will not lead to large-scale inflationary pressures, according to China’s central bank. The People’s Bank of China’s (PBOC) stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said at a press conference in Beijing on Saturday. ...

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• 15 February

  Fed to withdraw more liquidity than expected amid ongoing funding calm

  

  Bloomberg The Federal Reserve Bank of New York will shrink its repurchase-agreement operations more than analysts expected, a sign officials are comfortable removing liquidity without upending funding markets. The central bank announced a new schedule for both overnight and 14-day term repo operations through March 12. Starting this week, the term offerings will drop by $5 billion, to a maximum ...

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• 15 February

  Morgan Stanley names FX co-heads in latest overhaul

  

  Bloomberg Morgan Stanley, the Wall Street lender overhauling its currency-trading business after losses and an internal probe, named new co-heads for the unit. The New York-based bank said Samer Oweida, global head of FX sales, and Craig Abruzzo, who leads futures and derivatives clearing in Morgan Stanley’s equities business, would now lead the division, according to an internal memorandum obtained ...

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• 15 February

  HSBC braces for overhaul as Quinn’s future in balance

  

  Bloomberg From its headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings is abuzz. With days to go before the bank unveils a restructuring, trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job ...

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