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UK bank rules won't change if British people backs Brexit



The United Kingdom's bank rules won't go back to pre-crisis days should British people decide to support leaving the European Union in a June 23 referendum. Prudential Regulation Authority head Andrew Bailey made the statement as Prime Minister David Cameron is pushing to better the country's ties with the EU. Bailey ruled out a revert as the banking rules are integrated in a general response to any financial crisis that the Basel Committee on Supervision coordinated globally. Under the deal with the European leaders, the banking law, which includes prudential prerequisites for banks, is to be implemented by all financial institutions to achieve balance in the market.

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[IFXBella]

Fed official cautions on scrambling for government-only US funds



A top Federal Reserve official warned converting US money funds to government-only from prime could be steeply reverted and affect the general policy implementation when a new tool is gradually ditched. New York Fed Markets Group Head Simon Potter said money funds, a tool wrenching interest rates from close to zero, are only interim. Over 100 funds have secured an access to overnight repurchase facility rendering a 0.25% short-term yield on cash. Many of them are scrambling to make the change in recent months. The Securities and Exchange Commission has given them until October to redeem prime funds. Published: 2016-02-23 01:19:00 UTC+00 BACK TO NEWS LIST

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[IFXBella]

China can raise budget deficit to 4%, says PBOC officials



As the government seeks to slash corporate taxes, China has the capacity to bolster its budget deficit to 4% of gross domestic product. In an Economic Daily article they wrote, People's Bank of China officials emphasized ample government-owned assets, low levels of sovereign debt, and almost swift economic expansion give the country more advantage to sell additional bonds. They added China could keep a debt-to-GDP ratio of up to 70% at the end of 2025 in case the deficit was escalated to 4%. The article emerges before the nation's leading lawmakers meet this month, in which the annual economic plans and goals will be decided on and unveiled.


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Australia Company Profits Fall 2.8% In Q4



Company operating profits in Australia were down a seasonally adjusted 2.8 percent on month in the fourth quarter of 2015, the Australian Bureau of Statistics said on Monday. That missed forecasts for a decline of 1.8 percent following the upwardly revised 1.4 percent increase in the third quarter )originally 1.3 percent). The manufacturing sales of goods and service fell 2.0 percent on quarter and 8.4 percent on year. The wholesale trade sales of goods and services gained 1.6 percent on quarter and 3.0 percent on year. Inventories dipped 0.4 percent on quarter versus expectations for a gain of 0.1 percent following the flat reading in the three months prior. They were up 0.2 percent on year. The seasonally adjusted estimate for wages and salaries rose 0.5 percent on quarter and 2.8 percent on year in Q4. Also on Monday: . The Reserve Bank of Australia said that total credit to the private sector in Australia was up 0.5 percent on month in January, in line with expectations and unchanged from the previous month. On a yearly basis, credit advanced 6.5 percent - also matching forecasts after rising 6.6 percent in the previous month. Individually, housing credit added 0.5 percent on month and 7.3 percent on year, while personal credit dipped 0.2 percent on month and on year and business credit gained 0.6 percent on month and 6.2 percent on year. The M3 money stock added 0.8 percent on month and 6.5 percent on year, while broad money gained 0.8 percent on month and 6.6 percent on year. . The latest forecast from the Melbourne Institute revealed that consumer prices in Australia are predicted to have eased 0.2 percent on month in February. In January, the forecast called for a 0.4 percent decline on month. On a yearly basis, inflation is pegged at 2.1 percent - down from 2.3 percent in the previous month, but still barely within the Reserve Bank of Australia's target range of 2 to 3 percent. Fuel costs were the key driver, tumbling 5.6 percent in the month.

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Global business leaders say Brexit is bad for Britain



World business leaders have pressed the United Kingdom to remain in the European Union, saying several complications may surface in case people vote to leave the bloc. China's richest man Wang Jianlin, the person behind One Nine Elms development in Battersea and who owns Sunseeker, said a Brexit is won't be a good choice for Britain and separation would result in more complications for investors. Qantas Chief Executive Alan Joyce echoed the billionaire's remarks, highlighting the economic interest of the country and the union to stay together. A Fidelity survey stated two-thirds of senior executives at British and European companies believed an EU exit would negatively affect their companies.

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Taiwan Manufacturing Sector Turns To Contraction - Nikkei



The manufacturing sector in Taiwan swung to contraction in February, the latest revision from Nikkei showed on Tuesday with a PMI score of 49.4. That was down from 50.6 in January, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components of the survey, output and new orders both contracted for the first time in three months. Outstanding work declined at its fastest rate since August, while deflationary pressures eased but remain marked.

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China Services Sector Slows In February - Caixin



The services sector in China continued to expand in February, albeit at a slower pace, the latest survey from Caixin showed on Thursday with a PMI score of 51.2. That's down from 52.4 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, new business growth slowed, while new orders continued to decline and new business was roughly unchanged. The composite index came in with a score of 49.4, down from 50.1 in the previous month.

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Citigroup hires two execs from Goldman for senior roles



Citigroup Inc has hired Quentin Andre as head of global structured sales and Dirk Keijer as head of equity derivative sales for Europe, the Middle-East and Africa (EMEA), both joined from Goldman Sachs, the company said. Andre spent five years at Goldman serving as managing director and head of EMEA equity and fund derivatives structuring & marketing, as well as head of cross-asset systematic strategies Keijer was managing director, head of equity derivatives sales for Europe at Goldman.

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Australia Retail Sales Add 0.3% In January



The total value of retail sales in Australia was up a seasonally adjusted 0.3 percent on month in January, the Australian Bureau of Statistics said on Friday - coming in at A$24.834 billion. That was shy of forecasts for an increase of 0.4 percent following the flat reading in December. There were rises in other retailing (1.4 percent), household goods retailing (1.0 percent), cafes, restaurants and takeaway food services (1.0 percent) and clothing, footwear and personal accessory retailing (0.1 percent). Food retailing (-0.2 percent) and department stores (-1.3 percent) both fell in January. There were rises in New South Wales (0.5 percent), Queensland (0.3 percent), South Australia (0.4 percent), Western Australia (0.2 percent), Tasmania (1.0 percent), the Australian Capital Territory (0.7 percent) and the Northern Territory (1.3 percent). Victoria (0.0 percent) was relatively unchanged in January 2016. Online retail turnover contributed 2.9 percent to total retail turnover.

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Tech giants unite to support Apple in encryption fight with US



Technology industry leaders, including Alphabet Inc.'s Google, AT&T, Facebook Inc., and Microsoft Corporation submitted legal briefs urging a federal judge to support Apple Inc. which has been engaged in an encryption dispute with the US government. The entire Silicon Valley is opposing an order asking Apple to design a new software and implement other measures to enable access to an iPhone used by a San Bernardino shooter, saying it would compromise privacy and security. Apple argued such an order would lead to a risky precedent and jeopardize user security. Its industry allies filed amicus briefs to US District Judge Sheri Pym in Riverside, California to make their case. On the other hand, relatives of California shooting victims gave their own brief opposing the iPhone maker.

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