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Bank of England ‘not there yet’ on negative rates: Bailey By Reuters

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LONDON (Reuters) – The Bank of England is not yet at a point where it can decide on whether it should cut interest rates below zero, Governor Andrew Bailey said on Tuesday, reiterating his policy stance on the closely watched topic.

Bailey highlighted a letter which the BoE sent to banks on Monday, asking them whether they would be able to implement negative interest rates.

“Only when we get through these questions (on practicality) will we be in a position to say if it is a tool we would use. We are not there at the moment,” he said.

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Economy

Israeli-Japanese VC fund Aristagora raises $60m

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The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative.


Israeli-Japanese seed-stage tech investment Aristagora VC has announced its first $60 million fund. The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative. As a fund with deep financial capabilities, Aristagora VC will support its portfolio companies’ growth through next-stage funding rounds and will serve as a feeder for later-stage and growth-stage funds and will focus on multi-stage exit strategies.

Aristagora VC will also bring another significant advantage to its portfolio companies. As one of the fund’s active general partners hails from Japan and manages private equity and investment activities in Tokyo, the fund will also provide a foot in the door for its portfolio companies to make connections and secure significant business relationships within the Japanese market, known to be hard for foreigners to penetrate..

The fund’s Israeli managing partners are Anat Tila Cherni and Moshe Sarfaty, both experience venture capital investors, while the chairman of the fund’s Investment Committee is Gideon Ben-Zvi. The fund’s fourth partner, Takeshi Shinoda, operates out of Japan and Singapore.

He said, “From my vantage point in Japan, I know exactly what needs to be done to penetrate the Japanese and Asian markets. My local team and I will ensure that the fund’s portfolio companies are brought to the local market at the right time and in the best possible way. We will help Israeli entrepreneurs with their diverse Israeli mentalities to adapt themselves to the local market while also holding on to the many benefits that led us to focus on the Israeli market in the first place.”

Published by Globes, Israel business news – en.globes.co.il – on October 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020



Aristagora VC partners  / Photo: Doron Latzter

Aristagora VC partners / Photo: Doron Latzter



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Australians Favor Clean Energy to Boost Economy Over Gas Plan By Bloomberg

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© Bloomberg. An NSW Rural Fire Service volunteer douses a fire during back-burning operations in bushland in New South Wales, Australia in 2019.

(Bloomberg) — Most Australians would prefer investment in clean energy to help lift the economy out of its Covid-induced recession to the government’s plan for a “gas-fired” recovery.

Just 12% of respondents in a survey commissioned by The Australia Institute supported the emphasis on gas in driving the revival, compared with 59% who said they would prefer renewable power to be central. The findings reflect growing concerns in a country ravaged by one of its worst bushfire seasons on record earlier this year, according to the climate-focused think tank.

“There is one clear message: most Australians want more renewables and less fossil fuels,” said Richie Merzian, AI’s climate and energy director. “That means phase out coal-fired power stations, bypass a gas-fired transition and plug into renewables to power their future.”

Prime Minister Scott Morrison’s government has backed fossil fuels and refused to set any target to reach zero emissions even as key export markets including China and Japan pledge to intensify their efforts. U.K. Prime Minister Boris Johnson urged Morrison to take “bold action” on climate change, including a net-zero goal, in a phone conversation between the two leaders on Tuesday, the Sydney Morning Herald paper reported.

Last month, the government rolled out a suite of energy policy initiatives aimed at helping the economy pull out of its first recession in 30 years. They included incentives to develop new gas resources and pipeline infrastructure and a promise to build a new gas-fired generation plant if private operators didn’t commit to replacing a retiring coal power station.

Around 80% of those surveyed said Australia was already experiencing the impact from climate change, while 82% were concerned that global warming would make bushfires worse in the years ahead.

Opinion polls in Australia often show strong support for tougher action to combat climate change, but the evidence suggests that does not necessarily translate to votes. In the 2019 national election, the opposition Labor Party fought on a strong green platform, including a climate target that went beyond the country’s Paris Agreement commitments, yet the pro fossil fuels center-right Liberal Party still won with a bolstered majority.

The survey, conducted in July by YouGov on behalf of AI, questioned about 2,000 people spread evenly across Australia’s states and territories.

(Updates with U.K. Prime Minister comments in fourth paragraph)

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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South Korea’s Moon Says Virus Has Been Contained By Bloomberg

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© Bloomberg. SEOUL, SOUTH KOREA – AUGUST 15: South Korean President Moon Jae-in speaks during the celebration of the 75th anniversary of the Liberation Day at Dongdaemun Design Plaza (DDP) on August 15, 2020 in Seoul, South Korea. The 75th National Liberation Day celebrates South Korea’s independence from Japanese colonial rule following the end of World War II after Japan surrendered between August 14 and 15 in 1945. (Photo by Chung Sung-Jun/Getty Images)

(Bloomberg) — South Korean President Moon Jae-in said his country has contained the coronavirus as he sought a budget increase in order help the pandemic-hit economy recover.

Speaking in parliament on Wednesday, Moon called for strengthening the government’s fiscal role next year by increasing the budget by 8.5%. South Korea’s vigorous response in fighting the pandemic has helped boost Moon’s political standing at home and led to a stronger than expected rebound from its pandemic-triggered recession.

“By reinforcing the active role of fiscal policy, we can quickly overcome the crisis,” Moon said.

Moon said now is the time for a clear economic rebound, while also cautioning the country still runs the risks of a virus resurgence. He spoke a day after data showed that gross domestic product increased 1.9% in the three months through September from the prior quarter. Economists had forecast 1.3% growth, following two quarters of contraction.

Biggest Export Jump Since 1986 Fuels Korea Recession Rebound (1)

South Korea has seen some of the lowest death figures from Covid-19 of any advanced economy, with about 460 as of Wednesday. It is recovering from recession in a stronger position than most developed nations, aided by its exports recovery, stimulus measures and its relatively successful containment of the coronavirus.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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