March, 2019

• 13 March

  HK peg defense hits $692 million

  Bloomberg Hong Kong’s de facto central bank intervened to defend the local currency’s peg against the dollar for second time in days. The Hong Kong Monetary Authority (HKMA) bought $500 million of local currency, according to its page on Bloomberg, after the Hong Kong dollar fell to weak end of its HK$7.75-HK$7.85 trading band. It also purchased $192mn worth at ...

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• 13 March

  Australia consumer sentiment slumps in March

  

  Bloomberg Australia’s consumer confidence slumped in March as households were shaken by a slowdown in economic growth and the prolonged downturn in the property market. Sentiment fell 4.8 percent to 98.8, the weakest reading since September 2017 and meaning pessimists now outnumber optimists, Westpac Banking Corp. said in a statement Wednesday. It said responses during the survey showed “a marked ...

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• 13 March

  Low inflation is double-edged sword for Modi before elections

  

  Bloomberg Subdued inflation in India is proving to be a dilemma for Prime Minister Narendra Modi weeks before a crucial vote. While most politicians heading into elections would want to cheer their efforts in taming the inflation dragon — especially in emerging economies like India, where price surges can oust governments — Modi has been restrained about this achievement. That’s ...

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• 13 March

  China will fall short of tax cut target, says S&P

  

  Bloomberg China will fall well short of its target of cutting taxes and fees by a record 2 trillion yuan ($298 billion) this year, according to S&P Global Ratings. The government will likely only be able to cut taxes by 1.5 trillion yuan, about 25 percent short of its goal, S&P credit analysts led by Yutong Zou wrote in a ...

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• 13 March

  Apple faces Spotify antitrust complaint to EU over app store

  

  Bloomberg Apple Inc. should be probed by the European Union’s antitrust agency over how it allegedly squeezes rival music streaming services, Spotify Technology SA said, escalating a row over how Apple takes a cut of all sales on its app store. The iPhone maker has created an “untenable” situation by imposing ever-changing rules and a 30 percent tax for apps ...

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• 13 March

  UK unveils tariffs for a no-deal Brexit ahead of key vote

  

  Bloomberg The UK will avoid imposing tariffs on most imported goods in the event of a no-deal Brexit, though officials said prices of key Eu-ropean Union products including beef, cheese and cars will rise. The government said on Wednesday its “balanced approach” aims to offset a spike in prices that consumers would experience in a no-deal departure as a result ...

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• 13 March

  VW brand to shrink workforce further in bigger savings push

  

  Bloomberg Volkswagen AG’s main car brand plans to deepen cost cuts and ax more jobs as profits slip in the industry’s shift to electric and self- driving cars. The German carmaker said on Wednesday it will eliminate as many as 7,000 positions — with measures including early retirement and not filling vacant positions — for an annual profit gain of ...

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• 13 March

  EU trying to go green, avoid trade war with palm oil giants

  

  Bloomberg The European Union set new criteria for the use of palm oil in biofuels in a balancing act to avert a trade war with producers in Asia while appeasing climate protagonists at home. The measure approved by the European Commission on Wednesday spells out the type of biofuels from palm oil that may be counted towards the EU’s renewable-energy ...

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• 13 March

  Making allies pay more for troops will cost US dearly

  

  Good presidents learn while they are in office. Donald Trump, however, is doubling down on many of the same bad ideas he campaigned on. A recent example is an initiative his administration is reportedly developing to force US allies to pay far more for hosting American troops and bases. The initiative flows naturally from the president’s desire to get even ...

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• 13 March

  Hong Kong futures won’t shake S’pore

  

  Charles Li, chief executive of Hong Kong Exchanges & Clearing Ltd., has his plan at the ready. An agreement with MSCI Inc. is in the bag. Once regulators bless the idea, he will give futures contracts on China’s A-share index in the city a go. One place where Li’s announcement was received with some trepidation was the rival financial center ...

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