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Turkey Economy Bill Doesn't Allow Treasury to Tap Reserves
(Bloomberg) –18/05/2019. Turkey’s ruling party held back from proposing a law allowing the treasury access to the central bank’s reserves, amid speculation the country would need to resort to such a move to help finance its deficit. The lira erased losses.
Warming World Will Need to Farm a Whole New Egypt to Feed Itself
(Bloomberg) –18/05/2019. Scientists say trade rules would have to loosen to balance food and water security with the needs. Agricultural commodity traders will be among the winners as global temperatures warm so long as policy makers ease trade rules to allow them to adapt the food supply to climate change.
China Vows Support for Iran Amid Sanctions Dispute With U.S.
(Bloomberg) –18/05/2019. China’s foreign minister voiced opposition to the U.S.’s unilateral sanctions against Iran and pledged to support Tehran’s efforts to safeguard its interests, as the U.S. ratchets up pressure on the Islamic Republic’s economy.
Whatever He Takes Next, Draghi Probably Won't Vanish After ECB
(Bloomberg) –18/05/2019. Mario Draghi has five months left in office at the European Central Bank, and yet more years of work ahead if he wants it.
Brexit Has Already Happened for Banks Building Out EU Units
(Bloomberg) –18/05/2019. The U.K. has already left the European Union, at least if you’re a bank moving staff and assets to the bloc to maintain access to clients.
Lebanon may delay issuance of Eurobonds
(The Daily Star) –17/05/2019. Lebanon can afford to wait to issue between $2.5 billion to $3 billion in Eurobonds until the market conditions are ripe but the government will definitely not miss the $650 million Eurobonds which mature early next week, a banking source said.
Four More Banks Named in Deutsche Bank Bribery Lawsuit in London
(Bloomberg) –17/05/2019. The middleman who confessed to paying bribes over trades he helped arrange between Deutsche Bank AG and a Dutch housing firm said he was also getting commission payments from other major lenders, including Barclays Plc, Citigroup Inc., Societe Generale SA and BNP Paribas SA.
Stocks Mixed in Asia as U.S.-China Tensions Extend: Markets Wrap
(Bloomberg) –17/05/2019. Asian stocks were mixed Friday, as investors digested the latest China state media commentaries on the trade war alongside an extension in the U.S. stock rally overnight.
Trump Cuts Tariffs on Turkish Steel Imports in Half, to 25%
(Bloomberg) –17/05/2019. The U.S. announced a rollback of steel tariffs against Turkey that it originally levied in August as trade and diplomatic relations deteriorated because of Turkey’s economic crisis and a row over the Turkish government’s detention of an American pastor.
Citigroup Hit Hardest as EU Fines Banks $1.2 Billion Over FX
(Bloomberg) –17/05/2019. Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks that agreed to pay European Union fines totaling 1.07 billion euros ($1.2 billion) for colluding on foreign-exchange trading strategies.
Bitcoin Tumbles as Stellar Run for Cryptocurrencies Gets Tested
(Bloomberg) –17/05/2019. Bitcoin slumped Friday as this year’s surge in digital assets gave way to a retreat in cryptocurrencies.
Oil Set for Biggest Weekly Gain since Early April on Gulf Angst
(Bloomberg) –17/05/2019. Oil headed for its biggest weekly gain since early April as flaring tension in the Middle East took precedence over an escalating trade war between the world’s two biggest economies.
Growth Fears Leave ECB Exposed as Negative Rate Relief Doubted
(Bloomberg) –17/05/2019. European Central Bank officials dragging their feet over a potential revamp of their negative interest rates might be shutting off one way to convince investors they are serious on stoking inflation.
World Economy Rebound Thrown Into Doubt by Escalating Trade War
(Bloomberg) –16/05/2019. The escalating U.S.-China trade war is threatening to upend the global economy’s much-anticipated rebound and could even throw its decade-long expansion into doubt if the conflict spirals out of control.
U.S. Places Huawei and Scores of Affiliates on Export Blacklist
(Bloomberg) –17/05/2019. The Trump administration said restrictions on Huawei Technologies Co. announced this week will take effect Friday, placing China’s largest technology company and scores of its affiliates around the world on a blacklist that curtails its access to critical U.S. suppliers.
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UAB Magazine - Issue 460 March 2019