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Britain Begins Post-Brexit Asset Management Revamp, Focus On Liquidity

LONDON, Feb 20 (Reuters) – Britain set out plans on Monday for a post-Brexit review of its rules for the 11 trillion pound ($13.2 trillion) asset management sector, with a focus on bolstering liquidity after a near meltdown in funds used by pension schemes last September.

Until Britain’s departure from the European Union, rules for the UK funds sector were written in Brussels. Brexit means UK regulators can write their own regulations.

Full coverage: REUTERS

Oil Rises On China Demand Hopes, Concerns On Supply Outlook

SINGAPORE, Feb 20 (Reuters) – Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.

Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel by 0720 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.89 a barrel, up 55 cents or 0.7%. The more active April contract was up 0.8% at $77.14.

Full coverage: REUTERS

Ericsson To Cut 1,400 Jobs In Sweden

STOCKHOLM, Feb 20 (Reuters) – Telecoms gear maker Ericsson (ERICb.ST) plans to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally, it said on Monday.

The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.

Further job cuts, numbering several thousands in other countries, are likely to be announced in the coming days, said two sources close to the matter.

Full coverage: REUTERS

Uber To Introduce 25,000 EVs In India Amid Clean Car Push

NEW DELHI, Feb 20 (Reuters) – Uber Technologies (UBER.N) will introduce 25,000 electric vehicles (EVs) in India for ride-sharing over three years, its country head said on Monday, its first move to adopt clean cars.

The EVs will be bought by Uber’s fleet partners from Tata Motors (TAMO.NS), India’s biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia told Reuters.

“We are going to be a big catalyst in accelerating the (EV) ecosystem,” Singh told Reuters.

Full coverage: REUTERS

Morning Bid: Up, Up And Away

A look at the day ahead in European and global markets from Anshuman Daga.

Asian shares edged up from their lowest levels in about one month but trading was slow ahead of minutes of the last Federal Reserve meeting and a reading on core inflation, with rising interest rates still seen as a risk for markets.

In Europe, money markets show that investors are already betting on a peak European Central Bank rate around 3.75% by late summer, up from levels around 3.4% earlier this month.

Full coverage: REUTERS

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Industry Dynamics

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023

Weekly Economic Calendar For December 4th, 2023 – December 9th, 2023.

2023-12-1 | Industry Dynamics

Dow Hits 2023's Highest Close Amidst Bond Rally

Today’s News In an impressive display, U.S. stocks accomplished their most remarkable monthly performance in over a year, catapulting the Dow Jones Industrial Average to a peak for the year on Thursday. This surge, alongside a substantial bond rally, marked a significant turnaround after enduring three consecutive months of decline.  The latest data from the […]

2023-12-1 | Industry Dynamics

Signa Holding Files For Administration

Today’s News  The prestigious European luxury property conglomerate, Signa Holding, filed for administration, signaling a critical financial downturn. The company, with an extensive portfolio including half of New York’s Chrysler Building, Germany’s major department stores, and a part of London’s Selfridges, is under scrutiny, leading lenders across Europe to evaluate their exposure in Austrian billionaire […]

2023-11-30 | Industry Dynamics