April, 2023

• 23 April

  Bed Bath & Beyond files for bankruptcy with plan to shut stores

  

  BLOOMBERG  Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy in New Jersey with plans to shut down, putting thousands of jobs on the line. The US housewares retailer will use the court process to begin liquidating its 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops, while also searching for a buyer for some or ...

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• 23 April

  US bank deposits fall $76.2 billion

  

  BLOOMBERG US bank deposits fell, indicating the financial system remains fragile after a string of bank failures. Deposits decreased by $76.2 billion in the week ended on April 12, according to seasonally adjusted data from the Federal Reserve. The drop was mostly at large and foreign institutions, but they also fell at small banks. Meantime, commercial bank lending rose $13.8 ...

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• 23 April

  ICICI Bank sees 30% increase in Q4 profit

  

  BLOOMBERG ICICI Bank Ltd reported a 30% rise in profit, helped by robust demand for retail loans in the world’s most populous country. Net income climbed to 91.2 billion rupees ($1.1 billion) in the quarter that ended March 31, compared with 70.18 billion rupees a year ago, according to a statement. That beat the average estimate of 90.4 billion rupees ...

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• 23 April

  Philippine central bank eyeing peso after slide to 4-month lows

  

  BLOOMBERG The Philippine central bank is closely monitoring the peso “for possible spillover impact on inflation amid the global banking stresses” after the currency slid to more than four-month lows this week. Still, the Bangko Sentral ng Pilipinas (BSP) believes that “a freely moving exchange rate is an essential price signal” that allows the economy to respond to global developments, Deputy ...

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• 23 April

  ING sues China’s ICBC for copper deal losses

  

  BLOOMBERG Dutch bank ING is suing China’s largest bank for losses sustained in a batch of copper deals and seeking $170 million in damages, the Financial Times (FT) reported. ING alleged Industrial and Commercial Bank of China (ICBC) breached contract terms because it released export documents for copper transactions without collecting payment, the paper said, citing a Hong Kong court filing. ...

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• 23 April

  Europe’s high-yield currencies dethroned by ECB inflation fight

  

  BLOOMBERG Norway and Sweden are no longer the place to go for currency investors hunting richer returns in Europe. The Nordic nations’ comparatively high interest rates and slow inflation made them a carry-trade favourite in quiet times when demand for riskier wagers was strong. Investors borrowed in low-rate currencies like the euro and Swiss franc and used the money to ...

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• 23 April

  German public-sector deal sees pay rise for 2.5 million workers

  

  BLOOMBERG German public-sector workers struck a wage deal with employers, capping a confrontational series of negotiations that saw repeated strikes in Europe’s largest economy. Staff will receive staggered one-time payments totalling  $3,300 through February 2024. After that, salaries will rise by 200 euros on a permanent basis, and then be increased by 5.5%. The agreement covers about 2.5 million employees ...

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• 23 April

  Tesla wins trial over Autopilot car crash in Los Angeles

  

  BLOOMBERG Tesla Inc was found by a Los Angeles jury not to be at fault following a trial over a driver’s claim that the Autopilot feature in her Model S caused her to veer into the center median of a city street, according to a court clerk. Justine Hsu, who suffered face injuries in the 2019 crash, alleged negligence, fraud ...

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• 23 April

  EU set to propose banning many goods from transiting via Russia

  

  BLOOMBERG The European Union (EU) is set to propose a ban on many goods transiting through Russia as the bloc attempts to tighten the screws on the enforcement of sanctions imposed over the past year. The transit ban would extend to numerous technologies and other goods, including several types of vehicles, but not all items would be barred from travelling ...

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• 23 April

  Poland now close to beating inflation, says ruling party leader

  

  BLOOMBERG Poland is close to overcoming inflation pressures and has done so without overreacting in a way that could have damaged the economy for years, said ruling party leader Jaroslaw Kaczynski. Polish policy has been aimed at protecting the nation’s labour market, Kaczynski said in Janow Lubelski in the nation’s east. An overresponse to the sudden price increases following Russia’s ...

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