United Kingdom

Exotix Capital rebrands as Tellimer Group

Institutional Asset Manager | Apr 15, 2019 at 1:05 PM
  • Exotix Capital, a London headquartered developing markets financial institution, has rebranded to become Tellimer Group (Tellimer).
  • The name Tellimer references the heritage of Exotix Capital as a leading provider of intelligence in emerging markets, the combination of which was a key theme in the creation of the brand and reflects the company’s experience and commitment to the market within which it operates.

United States

Lithuania PM seeks c.bank probe over interbank rate during financial crisis

Reuters | Apr 15, 2019 at 1:02 PM
  • Lithuania’s government said on Monday it would ask the prosecution service to investigate whether the central bank failed in its oversight of the banks that set the local interbank rate during the 2008-2009 financial crisis, when rates spiked.
  • The government’s decision was based on a central bank staff report highlighting opportunities for commercial banks to benefit from rigging the VILIBOR rate at which banks lent to each other in litas, the currency until Lithuania joined the euro zone in 2015.
  • One of Skvernelis’s major rivals for the presidency, Ingrida Simonyte, was finance minister during the economic crisis and later deputy governor of the central bank.

United States

Indian Minister Says Extreme Poverty Falling, to End by 2031

New York Times | Apr 15, 2019 at 12:46 PM
  • India’s finance minister said on Monday fast economic growth and rapid urbanization would slash the number of people in extreme poverty by 2021 and end it completely in the decade after that.
  • The economy is a major issue in a staggered general election that began on Thursday and will end on May 19.

Saudi Arabia

Hyundai Heavy says Aramco buys 17% stake in S.Korean refiner unit for $1.2bn

Arab News | Apr 15, 2019 at 12:41 PM
  • The biggest shareholder in South Korean oil refiner Hyundai Oilbank said on Monday that state-owned Saudi Aramco had agreed to buy a 17 percent stake in its oil processing operations for 1.4 trillion won ($1.24 billion).
  • Hyundai Oilbank, South Korea’s smallest refiner by capacity, has a total of 650,000 barrels per day of refining capacity in the southwestern city of Daesan and aims to expand its petrochemical business.

United States

Goldman’s profit falls 21% as trading slows

MarketWatch | Apr 15, 2019 at 12:41 PM
  • Goldman Sachs Group Inc.’s first-quarter profit fell 21% from a year ago as quiet trading and underwriting took a toll across Wall Street.
  • Goldman posted a quarterly profit of $2.25 billion, or $5.71 a share, on revenue of $8.81 billion.
  • It is growing a consumer bank, partnering with Apple Inc. on its first credit card, raising new investment funds it can collect fees to manage, and building data services it hopes will lure new types of trading clients.

China

China central bank vows more policy coordination to maintain growth, forestall risks

Xinhua News Agency | Apr 15, 2019 at 12:33 PM
  • China’s central bank said Monday that it would strengthen coordination between monetary, fiscal and other policies to keep growth stable and forestall risks.
  • It will continue to deepen reform of the financial system and improve the “two-pillar” policy framework.
  • It will optimize financing and credit structure to better serve the private sector and the real economy.

Korea, Republic of

Seoul Signs New Currency Swap Deal with Abu Dhabi

Chosun Ilbo | Apr 15, 2019 at 12:32 PM
  • The Bank of Korea Saturday signed a new US$5.4 billion currency swap deal with the Central Bank of the UAE.
  • A currency swap is an off-balance sheet transaction where the central banks of two countries pledge to exchange money at a fixed rate in a crisis.
  • The total worth of currency swaps Seoul has signed with foreign countries now surpasses $132.8 billion.

United States

No Fix For Recession: Central Banks Are Trapped In More Ways Than One

Zero Hedge | Apr 15, 2019 at 12:17 PM
  • There are no extreme “fixes” to secular declines in sales, profits, employment, tax revenues and asset prices.
  • A second truth is that crises and solutions are generally symmetric: a moderate era enables moderate solutions, crisis eras demand extreme solutions.
  • The Federal Reserve and other central banks are ready for bubble-related financial crises: they have the extreme tools of zero-interest rate policy (ZIRP), negative-interest rate policy (NIRP), unlimited credit lines, unlimited liquidity, the purchase of trillions of dollars of assets, etc.