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Bloomberg Australia joined allies including the US and the UK in raising concern about the use of products from China’s Xinjiang region in global supply chains. Local companies that source goods from the area need to properly check supply chain and suppliers, Foreign Minister Marise Payne was quoted as telling the Australian Financial Review in an interview. Governments are seeking ...

Bloomberg Germany’s dominant party voted for continuity by electing Armin Laschet as leader, opting for the candidate who most resembles outgoing chancellor, Angela Merkel, in policy and style. Laschet, head of the country’s most populous state, beat long-time Merkel critic Friedrich Merz in a runoff after Norbert Roettgen, chairman of foreign affairs committee in Bundestag, was eliminated in first round ...

Bloomberg Some of the world’s biggest banks are urging a US judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.” Defendants in the case, including JPMorgan Chase & Co., Credit Suisse Group AG and Deutsche Bank AG, said in a November filing that an injunction abruptly ...

Bloomberg Morgan Stanley strategists have dropped their expectations of near-term weakening in the dollar amid a regime shift in US rates propelled partly by prospects for meaningful fiscal expansion. “It’s no longer attractive to be positioned for a weaker dollar from here given the uncertainties around the fiscal policy outlook, the monetary policy outlook, and the growth and inflation outlook,” ...

Bloomberg The Reserve Bank of India (RBI) is open to examining any proposal to set up a bad bank, Governor Shaktikanta Das said, days after the authority forecast a surge in soured assets. “If any proposal comes we are open to examining it and issuing the regulatory guidelines but it’s for the government and the private sector players to really ...

Bloomberg As HSBC Holdings pins its future on China, Europe’s largest bank is grooming a set of well-connected bankers to navigate its fraught relationship with Beijing in the long run. David Liao and Mark Yunfeng Wang, heads of Asia Pacific global banking and its China operations, respectively, are among a handful of contenders in the running to steer HSBC’s expansion ...

Bloomberg Brazil’s central bank said inflation pressures could persist in the beginning of the year, eventually leading to an interest rate hike, after a report showed consumer prices surged in December by the most since 2003. While reaffirming that a record-low rate of 2% is adequate for now, Monetary Policy Director Bruno Serra said Brazil shouldn’t have such a level ...

Bloomberg There are growing signs that Beijing is keen to slow the ascent in China’s currency after it surged to the highest level since mid-2018 against the dollar. The People’s Bank of China set its fixing at 6.4604 per dollar, 0.06% weaker than the average estimate in a Bloomberg survey. The move came after policy makers sent a string of ...

Bloomberg Big tech’s decision to ban the Parler app and block outgoing US President Donald Trump is stoking support for alternative social networking sites and apps that bill themselves as promoting free speech and privacy. Facebook Inc. and Twitter Inc. took the strongest action yet to address accusations that their platforms are being used to stoke conspiracy theories, misinformation and ...

Bloomberg If you had planned to borrow a BMW M5 for a weekend touring the Grand Ole Opry and Johnny Cash Museum, you’re out of luck. And not just because of Covid-19. BMW has cancelled the subscription service it began in 2018 in Nashville, Tenn. A spokesman for the brand said the $2,000-plus monthly Netflix-for-cars style program would end on ...