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Bloomberg ECB Governing Council member Klaas Knot said conventional wisdom about inflation is outdated. The European Central Bank has to investigate “thoroughly†which factors nowadays determine output prices, rather than double down on its stimulus measures, the Dutch central bank president said in an interview with De Volkskrant. While wages are rising, the costs for business “are not translating into ...
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December, 2019
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23 December
Thai baht, Asia’s best-performing currency, faces reversal
Bloomberg The Thai baht’s heady gains are petering out, thanks to slowing growth and a central bank that’s bent on taming the currency’s strength. After clocking an 8% rise this year, Asia’s best-performing currency is losing momentum as easing US-China trade tensions damp its appeal as a haven. Falling yields on local bonds and equity outflows are adding to the ...
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23 December
US utilities on record borrowing spree, sells $90 billion in bonds
Bloomberg US utilities are on a record borrowing spree this year, selling more than $90 billion in bonds for the first time ever. The surge in debt from NextEra Energy Inc, Duke Energy Inc and other power giants comes as interest rates are at historic lows, leaving investors hungry for the safe and relatively strong returns offered by utility bonds. ...
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23 December
Exxon produces first Liza crude
Bloomberg Exxon Mobil Corp and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross barrels of oil per day in coming months, with the first ...
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23 December
Tesco suspends Chinese card maker on forced labour row
Bloomberg UK grocery giant Tesco Plc suspended its supply of Christmas cards from a Chinese factory and said it was investigating a newspaper report that prison labour was used in their production. All the cards produced by the factory have been withdrawn from sale, Tesco said in a statement. If the investigation shows a breach of the company’s rule against ...
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23 December
Atlantia, Italy government to lock horns
Bloomberg The Italian government is on the verge of outright battle with the company that operates more than half of the nation’s run-down toll roads. After Giuseppe Conte’s administration provisionally approved rules on the revocation of highway concessions, Autostrade per L’Italia said lthey appeared “unconstitutional and contrary to European norms.†The company, controlled by Atlantia SpA, whose largest investor is ...
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23 December
Germany expects gas pipeline delay before completion
Bloomberg The Nord Stream 2 gas pipeline should be completed in the second half of next year, despite the US sanctions that prompted one of the companies involved to halt operations, although costs will rise, a senior German official said. Switzerland’s AllSeas Group SA removed vessels that were laying the last section of the pipeline connecting Russia with Germany, which ...
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23 December
Alphabet’s Pichai awarded $242mn pay package
Bloomberg Sundar Pichai is getting a hefty pay raise. The new Alphabet Inc. chief executive officer (CEO) will receive $240 million in stock awards over the next three years if he hits all of his performance targets, as well as a $2 million annual salary beginning in 2020, the firm said in a filing. If Alphabet shares outperform the S&P ...
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23 December
UK productivity malaise named country’s ‘statistics of the decade’
Bloomberg The UK’s dismal productivity performance since the financial crisis has been named the country’s “statistics of the decade†by the Royal Statistical Society. The society chose “0.3%†— the estimated average annual increase in productivity in the past 10 years. That compares with the 2% average increase in hourly output in the years before 2008. The performance, the worst ...
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23 December
Macron isn’t Gaullist. He’s just angry at Germany
It’s become fashionable of late in central Europe to accuse French President Emmanuel Macron of being a “neo-Gaullist†who touts the cause of “European sovereignty†as a cover for expanding French power, cozying up to Russia and keeping the US at bay. Worse, he’s undiplomatic about it all, arrogant, “Jupiterian.†This interpretation may be understandable for the Poles and Balts. ...
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