January, 2020

• 28 January

  South Korean stocks shattered over virus

  

  Bloomberg South Korean stocks bore the brunt of Asian stock declines tied to the new coronavirus on Tuesday as more markets opened after holidays and concerns spread from short-term consumerism to longer-term growth. The benchmark Kospi plunged as much as 3.6%, set for the biggest decline since October 2018. Companies that had benefited from Chinese tourism took bigger hits, with ...

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• 28 January

  China market opening delayed until February 3

  Bloomberg China’s financial markets will remain closed until next Monday after authorities extended the Lunar New Year break by three days as they grapple with the worsening virus crisis. Trading will resume February 3, the Shanghai and Shenzhen stock exchanges said. Shanghai authorities separately advised that companies shouldn’t start work until at least February 9. While onshore markets will be ...

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• 28 January

  ECB says six banks missed this year’s bar for capital strength

  

  Bloomberg The European Central Bank (ECB) said six out of 109 banks it evaluated last year had a level of financial strength below what it wants to see for 2020. “For those banks which have not taken satisfactory measures in the last quarter of 2019, remedial actions have been requested within a precise time line,” the ECB said in a ...

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• 28 January

  Kenya central bank follows South Africa with a surprise cut

  

  Bloomberg Kenya’s central bank joined its South African counterpart by unexpectedly cutting interest rates, citing well-anchored inflation expectations and an economy that’s operating below its potential. The monetary policy committee reduced its key rate to 8.25% from 8.5%, governor Patrick Njoroge said in an emailed statement. That’s the second consecutive cut and moves the rate to the lowest in more ...

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• 28 January

  Fed officials subtly shift inflation strategy

  

  Bloomberg The Federal Reserve won’t wrap up a year-long review of its policy framework for months, but some officials are already shifting their approach to hitting the central bank’s inflation goal. The number of policy makers forecasting above-target inflation in three years’ time jumped to seven in December projections. That looks like a signal they’re deliberately aiming to generate price ...

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• 28 January

  Bank of China pays $4mn in money laundering case

  

  Bloomberg Bank of China Ltd agreed to pay 3.9 million euros ($4.2 million) to settle a French probe into allegations it turned a blind eye as customers moved millions to their Asian accounts without paying European taxes. Paris prosecutor Remi Heitz said Bank of China will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities ...

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• 28 January

  Carney has traders in suspense with knife-edge last meeting

  

  Bloomberg Mark Carney’s final decision at the Bank of England (BOE) is on a knife edge, and the governor hasn’t done anything to ease the tension. While the Canadian, who hands over the reins to Andrew Bailey in March, has mostly held investors’ hands before crucial policy meetings, this time he’s allowing them to figure it out for themselves by ...

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• 28 January

  Airbus agrees to settle bribery cases for $3b in three countries

  

  Bloomberg Airbus SE reached an agreement to settle long-running bribery investigations in the UK, France and the US in a deal that could cost the European airplane manufacturer in the range of $3 billion. A final agreement could be announced as early as this week, according to people familiar with the matter. The preliminary deal remains subject to approval by ...

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• 28 January

  Sainsbury to spend $1.3bn on 2040 net zero carbon target

  

  Bloomberg J Sainsbury Plc said it will spend 1 billion pounds ($1.3 billion) on a plan to reach net zero greenhouse-gas emissions by 2040. The UK grocer intends to halve plastic packaging by 2025, reduce food waste and lower its water usage, according to a statement on Tuesday. It will also install LED lights in stores, use more electric vehicles ...

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• 28 January

  Kroger-backed grocery chain Lucky’s files for bankruptcy

  

  Bloomberg Lucky’s Market, a Colorado-based grocer that bills itself as offering “organic for the 99%,” filed for bankruptcy after it began closing most of its stores. About 3,000 jobs are at stake. The company listed assets of as much as $500 million and liabilities of at least that amount in a bankruptcy petition filed in Delaware. Lucky’s operated 39 stores ...

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