TimeLine Layout

March, 2019

  • 6 March

    India, China fall into ‘monetary’ leadership

    India and China are leading the world. Kind of. In the dovish tilt that’s defined interest rates lately, only two noteworthy central banks have actually loosened monetary policy: the People’s Bank of China (PBOC) and the Reserve Bank of India (RBI). Both have indicated there’s more to come. When people talk about Asia’s two giants moving out front, they tend ...

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  • 6 March

    Central bankers confronted with climate threats

    Towards the end of Federal Reserve Chairman Jerome Powell’s testimony before Congress this week, US Senator Brian Schatz asked him, “Do you agree that climate change creates financial risks for the individual financial institutions and for our financial system as a whole?” His answer reveals the challenge in finding a long-term, universal answer to business as usual. It also raises ...

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  • 6 March

    US stocks edge lower as dollar rallies for fifth day

    Bloomberg US stocks edged lower as investors struggled to find inspiration after a torrid start to the year. The dollar rallied for a fifth day. The S&P 500 Index fell 0.1 percent. Equities opened lower amid a lack of progress on the US-China trade deal before briefly erasing losses on home-sales and service-industries data that beat estimates. General Electric Co. ...

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  • 6 March

    A $1trillion rally’s reward is billions of ETF outflows

    Bloomberg European stocks may be off to a roaring start this year, but exchange-traded funds (ETFs) tracking them aren’t immune to the outflows that hit US equity funds earlier in the quarter. Despite an 11 percent surge for the Stoxx Europe 600 Index, ETFs targeting region’s shares have bled more than $4 billion in 2019. Among the biggest losers: benchmark ...

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  • 6 March

    Swiss banks an Italian target after record UBS French fine

    Bloomberg Italian financial police are demanding Swiss lenders disclose the names of bankers working in Italy, setting up a potential clash with regulators after UBS Group AG was hit with a record fine by French authorities. The Guardia di Finanza has sent a letter to Swiss lenders asking for a list of all their Italian units, data on local relationship ...

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  • 6 March

    Indian banks risk adding $25bn bad debt on court move

    Bloomberg A year after India’s central bank tightened the screws on companies delaying debt payments, the nation’s Supreme Court is poised to begin hearing arguments on whether the regulator’s diktat applies across industries. Hanging in the balance is the fate of more than $25 billion of loans to power producers. They are among parties contesting the central bank directive that ...

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  • 6 March

    Mizuho Group’s surprise $6.1 billion charge shows risks of yield quest

    Bloomberg Japanese banks’ quest for yield is creating more turbulence, with Mizuho Financial Group Inc. announcing another round of losses on its foreign-bond holdings as part of a surprise writedown that will severely curtail full-year profit. Mizuho slashed its net income forecast by 86 percent on Wednesday after booking 680 billion yen ($6.1 billion) of charges tied to business restructuring ...

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  • 6 March

    Deutsche Bank equities unit records huge loss

    Bloomberg Deutsche Bank AG estimates that its equities trading unit lost about $750 million last year, according to people with knowledge of the matter. The US equities unit hasn’t turned a profit for many years, the people said. The bank at one point considered closing its entire equities operation, the people said, asking not to be identified discussing the matter. ...

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  • 6 March

    As US banks shut branches, JPMorgan shifts towards wealthy

    Bloomberg Aberdeen, Washington, is a far Northwest outpost of JPMorgan Chase & Co., with one lonely branch perched near the Pacific, 2,900 miles from Wall Street. Now the bank is planning to depart the rainy timber town that gave the world Kurt Cobain. The next-closest Chase branch is 40 miles away. At the same time, JPMorgan plans to open 70 ...

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  • 6 March

    US airlines make it easier to redeem frequent-flyer miles

    Bloomberg As seats shrink and fees multiply, it’s hard to find value from an airline these days. Except when redeeming frequent-flyer points. The six largest US carriers grew more generous from 2013 to 2018 as they sought to encourage mileage redemption. The average price, in loyalty miles or points, for a domestic rewards ticket declined 13.5 percent over that time, ...

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