Abe’s first pick in BOJ board rejig to test inflation resolve

Bloomberg Japanese Prime Minister Shinzo Abe’s upcoming choice of candidate to join the Bank of Japan (BOJ) board could shed light on the leader’s current thinking on the importance of achieving a stubbornly difficult inflation goal. Abe’s nomination to replace Yutaka Harada is scheduled to take place on Tuesday morning, according to a document seen by Bloomberg. The choice will ...

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Switzerland’s central bank is stomaching stronger franc for now

Bloomberg Sight deposits at the Swiss National Bank increased only marginally last week, suggesting President Thomas Jordan and his colleagues aren’t taking much action to counter the strengthening franc. Iran-US tensions and fears about the spreading Coronavirus has lifted the haven franc this year. Earlier on Monday, it breached the 1.07 per euro mark to touch a fresh three-year high. ...

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‘Demand for Treasuries will prove short-lived’

Bloomberg JPMorgan Chase & Co strategists are betting that the surge in demand for Treasuries thanks to fears about the deadly coronavirus will prove short-lived, sticking with a call to sell longer-dated bonds. Among the Wall Street bank’s other takeaways from the latest market-outlook reports: the outbreak of the disease is a “clear negative” for emerging Asian currencies, while for ...

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Credit Suisse orders HK staff  to work from home

Bloomberg Credit Suisse Group SA has told its staff in Hong Kong not to come into the office for at least 14 days if they’ve just visited mainland China, according to a memo seen by Bloomberg News. Employees who’ve visited the mainland in the past two weeks should discuss with their division manager and HR before returning to work after ...

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Thai baht is brought back to earth after winning year in Asia

Bloomberg The Thai baht has gone from being Asia’s top-performing currency in 2019 to dead last in January. Finishing in the middle of the pack may be the best that can be expected this year as the central bank and a host of other forces line up against it. The currency’s 9% surge in the 12 months through December was ...

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Changing weather to push Rwanda inflation: Central bank

Bloomberg Changing weather patterns are pushing up food prices and will drive inflation in Rwanda for the first few months of this year, central bank Governor John Rwangombwa said. Unexpectedly heavy rains in the second half of 2019 caused some crop damage and food inflation reached 23.8% in December, the highest in almost three years. “Because of the bad rains ...

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Air India’s bidders must absorb $3.3b debt to buy carrier

Bloomberg India further reduced — to $3.3 billion — the amount of debt bidders for Air India Ltd will need to absorb and eased some eligibility requirements, as Prime Minister Narendra Modi tries once again to sell the national carrier. Expressions of interest are invited by March 17, according to preliminary terms published on Monday. The entire company will be ...

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Japanese retailers take hit from virus at home, abroad

Bloomberg For already-suffering Japanese retailers, the rapidly spreading novel coronavirus could further dent business by keeping away one of their few growing groups of patrons: Chinese shoppers. China’s efforts to control the coronavirus have led to a ban on all tour groups heading overseas, and shut down transportation in multiple large Chinese cities. Limiting the movement of would-be Chinese customers ...

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Steinhoff European unit attracting buyout firms

Bloomberg Steinhoff International Holdings NV’s European retail unit, which runs the Pepco and Poundland discount chains, is attracting interest from buyout firms, people with knowledge of the matter said. Advent International and Partners Group Holding AG are among private equity firms considering bids for Pepco Group, said the people, who asked not to be identified because the information is private. ...

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Walmart boosts starting hourly pay to $12 for staff in test

Bloomberg Walmart Inc is testing out a higher minimum starting wage for certain jobs in hundreds of stores as part of a broader overhaul of roles and responsibilities across its massive US workforce. In the 500 or so stores that have introduced the retailer’s new operating model, dubbed “Great Workplace,” some associates in the fresh, front-end and replenishment areas will ...

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