May, 2019

• 29 May

  Jaguar Land Rover dangled shiny keys

  

  These days, any news seems to be good news for Jaguar Land Rover (JLR). After Tata Motors Ltd.’s UK unit posted 120 million pounds ($152.8 million) of pretax profits and positive free cash flow for the quarter, the company’s US-listed shares rose as much as 10% in pre-market trading and bond prices ticked up. Both numbers remain deep in the ...

  Read More »
• 29 May

  Indonesia is turning Chinese with this debt binge

  

  Indonesia was never keen to be part of China’s Belt and Road Initiative. That hasn’t stopped it from embracing the Chinese way when it comes to financing roads and railways. The government of President Joko Widodo plans to spend more than $400 billion building airports, power plants and other infrastructure in the next five years, Planning Minister Bambang Brodjonegoro told ...

  Read More »
• 29 May

  Stocks slump as warning by bond-market rings louder

  

  Bloomberg Stocks extended their global retreat on Wednesday as investors fled to bonds, driving yields down to multi-year lows in a fresh wave of risk aversion. Gold advanced. US futures slumped for the S&P 500 and Nasdaq 100 indexes, signalling an opening drop in New York. Declines in miners and tech companies pulled the Stoxx Europe 600 Index lower, after ...

  Read More »
• 29 May

  South Korea’s stock loses 2019 gains as trade war continues

  

  Bloomberg South Korea’s $1.3 trillion stock market became the latest victim of the US-China trade war, with its benchmark index losing all of this year’s advance on Wednesday. The Kospi index fell 1.3 percent to 2,023.32 at the close in Seoul, its lowest since January 4. Foreign investors sold a net 360 billion won ($301 million) of Kospi shares in ...

  Read More »
• 29 May

  Mispricing climate change may hurt financial stability, says ECB

  

  Bloomberg Climate change could hit bank balance sheets with a knock-on effect on financial stability, the European Central Bank (ECB) warned on Wednesday. In a special feature for its semi-annual Financial Stability Review on Wednesday, the ECB said problems will materialise if markets aren’t correctly pricing the risks stemming from extreme weather events and the transition to a low-carbon emission ...

  Read More »
• 29 May

  Irish government reaps central bank payment of $2.4b

  

  Bloomberg The Irish government sna-gged a payment of about 2.1 billion euros ($2.4 billion) from the country’s central bank, according to a person familiar with the matter. The transfer flowed from the bank’s 2018 earnings, said the person, who asked not to be named as the information is private. Details will be published with the regulator’s annual report on Wednesday ...

  Read More »
• 29 May

  RBA signals it expects to lower rates this year

  Bloomberg The Reserve Bank of Australia (RBA) signalled it expects to lower interest rates this year. It is setting off fresh round of forecasts for deeper policy cuts as economists ponder where the lower bound is Down Under. JPMorgan Chase & Co. on Wednesday said it expects the central bank will have to cut its 1.5 percent benchmark 1 percentage ...

  Read More »
• 29 May

  Sweden’s dirty money case has only begun: Browder

  

  Bloomberg Bill Browder, the co-founder of Hermitage Capital Management, says the fallout of a money laundering saga involving the biggest mortgage bank in Sweden is “just starting.” During a tour of the Nordic region this week, Browder said he won’t drop his accusations against Swedbank AB even after the Swedish prosecutor declined to take up his complaint, citing a statute ...

  Read More »
• 29 May

  Scotiabank’s earnings miss estimates as provisions for loan losses increase

  

  Bloomberg Bank of Nova Scotia reported earnings that missed analysts’ estimates as higher provisions for loan losses tied mainly to takeovers hurt results in the fiscal second quarter. Canada’s third-largest lender by assets set aside more money for soured loans in its Canadian banking and international divisions, leading to a 63 percent jump in provisions across the bank. Provisions for ...

  Read More »
• 29 May

  Hungary maintains policy despite uptick in inflation

  

  Bloomberg Hungary’s central bank kept its monetary policy unchanged despite an uptick in inflation and a weakening forint, pledging to review its setup in June when its updated forecasts are due. Central bankers, who held the benchmark rate at 0.9 percent and the overnight deposit rate at minus 0.05 percent, said financing costs would remain favourable but a cautious approach ...

  Read More »