U.K. Faces Food Crisis Threat as Virus Surge Blocks Trade
Bloomberg 12/21/2020 Alex Morales, Christopher Jasper, Siddharth Philip and Lizzy Burden
(Bloomberg) The U.K. confronted threats of food insecurity and panicked shopping days before Christmas as European nations restricted trade and travel to guard against a resurgent coronavirus, offering Britain a preview of the border chaos to come in the absence of a Brexit deal.
Fearing a fast-spreading new strain of the virus that forced a strict lockdown across England, France on Sunday suspended travel from the U.K. for 48 hours and wants a stricter testing regime before lifting the blockade. Germany and Italy halted arriving flights from Britain with Spain and Portugal following suit. The crisis gave renewed urgency to negotiations for a trade deal with the European Union that remained at a critical stage after weekend talks.
Double-dip recession risk mounts after UK s rough weekend - business news
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Iraq Devalues Its Currency as Economy Unravels
Bloomberg 12/20/2020 Khalid Al-Ansary and Nour Al Ali © Photographer: HAIDAR HAMDANI/AFP An Iraqi vendor sells Iranian currency in a street in Najaf on August 14, 2018.
(Bloomberg)
Iraq devalued its currency by about 20% against the dollar as the cash-strapped government faces an economic crisis brought about by low oil prices and crude-production cuts.
The central bank reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003, it said in a statement. That’s from about 1,190 previously. Dollars will be resold to local banks at 1,460 dinar apiece.
The world’s third-largest oil exporter is taking the steps to avoid depleting its foreign-currency reserves after the coronavirus sapped demand for energy and caused prices to collapse. The government last month sought upfront payments in exchange for a long-term crude-supply contract to help mitigate its dire financial situatio
Indonesia, Philippines Hold Key Rates as Recovery Continues
Bloomberg 12/17/2020 Grace Sihombing, Claire Jiao, Siegfrid Alegado and Andreo Calonzo
(Bloomberg) Central banks in Indonesia and the Philippines held their benchmark interest rates steady Thursday and pledged to keep policy accommodative as their economies struggle with the worst virus outbreaks in Southeast Asia.
Bank Indonesia held its seven-day reverse repurchase rate at 3.75%, as predicted by 24 of 30 economists surveyed by Bloomberg; the others expected a 25-basis point cut. About a half-hour later, Bangko Sentral ng Pilipinas kept its overnight reverse repurchase rate at 2%, as predicted by all 16 analysts surveyed.
Central bankers in both countries cited a benign inflation environment and said they’d continue pursuing policies supportive of growth.
Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing
Bloomberg 12/16/2020 Abeer Abu Omar and Matthew Martin
(Bloomberg) Saudi Arabia has stopped disclosing projected revenue from oil following the listing of Aramco, as doing so could give clues about the state energy giant’s dividend plans.
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The kingdom is relying on payouts from Aramco, the world’s biggest oil company, to help plug its budget deficit and bolster an economy that’s been hammered this year by coronavirus lockdowns and the crash in crude prices. The Dhahran-based firm sold shares for the first time in December 2019, though the government still owns around 98% of them.
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