BOJ’s Kuroda warns second-round effect of COVID-19 may dent economic growth

first_img“At this moment, we didn’t see the need to further lower the entire yield curve. Of course, if necessary we will do that. But now, we don’t think it’s necessary,” he said.The BOJ eased policy in March and April, mainly by boosting asset buying and creating lending schemes to channel funds to companies hit by the pandemic. It has kept its interest-rate targets unchanged.Kuroda said he was “cautiously optimistic” that Japan’s economy will gradually recover from the second half of this year, allowing the BOJ to scale back its crisis-response steps.“Once the impact of COVID-19 on the economy has subsided, the economy starts to recover and comes back to a normal growth path, then of course our extraordinary measures may be gradually curtailed,” Kuroda said.“But then, we have to achieve our 2 percent inflation target,” he said. “That’s unlikely to be met in the short run. The BOJ’s expanded balance sheet would not be normalised until 2 percent inflation is achieved.”Under yield curve control, the BOJ guides short-term rates at -0.1 percent and long-term yields around zero. It also introduced several crisis-response tools, including a lending facility to ease funding strains that expires in March next year.Topics : Bank of Japan (BOJ) Governor Haruhiko Kuroda said second-round effects of the coronavirus pandemic could hurt the Japanese economy “considerably”, signalling the bank’s readiness to ramp up stimulus measures again to cushion any blow from the crisis.But in an online seminar on Friday Kuroda said the central bank saw no immediate need to cut interest rates, and instead will focus on easing corporate funding strains and stabilising markets with its lending facility and asset purchases.“Japan’s economy has been in an extremely severe situation … In the second quarter, we’ll likely see considerable negative growth,” Kuroda said.last_img read more

F&C subject to £700m buyout from Canadian bank

first_imgHe added: “F&C and BMO both take pride in having built distinctive and engaging brands – grounded in a long history of trust – and we share a deeply held conviction in working in the best interests of our clients.”Richard Wilson, Downe’s counterpart at F&C, said changes implemented in recent years put the cpmpany in a good position to develop.“Looking forward, BMO represents a unique opportunity to broaden and accelerate our ambitions,” he said.“The products, geographic presence and cultures of both organisations are truly complementary, and, with BMO’s commitment to growth, this is clearly a very positive outcome for both our clients and employees. We look forward to joining the BMO organisation.”At the end of 2013, F&C reported assets under management (AUM) of £82bn, down from £95bn just 12 months’ prior.At the time, more than 80% of its AUM stemmed from European institutional clients, according to IPE’s Top 400 Asset Managers 2013. F&C Asset Management is set for a £700m (€845m) acquisition by the asset management arm of Canada’s Bank of Montreal in a deal that values the company at a nearly 30% premium over its pre-deal stock price.BMO Financial Group, both the bank and BMO Global Asset Management’s parent company, announced today that it would offer F&C shareholders 120 pence per share, significantly up from its 93.8 pence price at the end of last week and resulting in a £708m offer.The Canadian group said F&C’s board would unanimously recommend shareholders accept the deal, with the acquisition set to close in May, subject to regulatory approval.Bill Downe, CFO at BMO, praised F&C’s “established pedigree” in fixed income, equity and property investments.last_img read more

Lewis Grabban reported to have been suspended by Norwich

first_img Press Association Norwich have suspended striker Lewis Grabban after he left the team hotel without permission ahead of their Capital One Cup victory at Rotherham, according to reports. The 27-year-old, who has been the subject of three unsuccessful bids from former club Bournemouth, was not in the matchday 18 at New York Stadium and reports surfaced that the player had left the team hotel and made his own way home after being told he would start on the bench. The Canaries are now said – by a number of national newspapers – to have acted by suspending Grabban, telling him to stay away from the club, as his exit from Carrow Road appears to be drawing closer. center_img His walk-out was not confirmed by boss Alex Neil, but he vowed to resolve any issues while refusing to weaken the club’s stance on the fee Bournemouth will have to pay for the striker. “I don’t have any issues with any player. He might have an issue but I’ll quickly fix it,” Neil said after the 2-1 win at Rotherham. “There won’t be any shedding of light. Any sort of thing that happens behind closed doors stays there and that has always been the case and that will remain the case. “As far as I am concerned Lewis Grabban is a Norwich player, bottom line, that is it. Every player has got a price, but they have to a valuation we think the player is at, not what they think the player is valued at. “We have rejected three bids from Bournemouth and the bids we have received were not anywhere near the valuation of our player. “Until we get to a stage where the bids are acceptable then Lewis Grabban remains a Norwich player.” The Barclays Premier League club were unavailable for comment when asked by Press Association Sport on Wednesday night. last_img read more

Kyle Busch talks 200th win, hot start to season, what’s next

first_img NASCAR at Richmond: Odds, prediction, sleepers, drivers to watch for Toyota Owners 400 “The guys at JGR (Joe Gibbs Racing) having been building us fast cars, so we are good when we unload at the track,” he said. “Then Adam (Stevens, crew chief) and the guys have really done a nice job of working through practices and getting our cars better throughout the weekend and also making the calls on race day to put us in a position to win.”He continued: “My guys on pit road have been so good, especially at places like Martinsville and Bristol, where track position was really important where they gained us those spots and put us in a better position at the end of the race. I think you need everything to be successful and we have that going on right now and hope we can keep it going, it’s obviously been a great start to the season for us.”Busch will go for his fourth win in the Cup Series and seventh in his career at Richmond Raceway at the Toyota Owners 400 this week. He will take the weekend off from Xfinity Series racing. Kyle Busch has been unstoppable to start the year, winning 10 races — including three Cup events — across the NASCAR national series.In the process, he passed Richard Petty’s all-time wins record with a victory in the TruNorth Global 250 Gander Outdoors race in the Truck Series on March 23. “Being close to 100 on Xfinity, that’s what I said I’d quit at. The Truck stuff, being in the 50s, I’d love to be able to continue on with that, race my trucks. I like that, working with my guys, my team, my company. On the Cup side, as well, too. Somebody asked me, ‘Is 100 a number?’ Sure, we’ll set the next number on the Cup side at 100. It’s going to be hard to get there, no question about that. You might as well set your goals high, go out there and strive to achieve them.”With his 200th win, Busch also had some fun. Along with Omaze, he is giving fans a chance to join him as a VIP guest as another pretty cool opportunity.”We’re partnering with Omaze to fly one lucky fan and a friend out to North Carolina to drive with me in a new 2018 Toyota Camry Rowdy Edition II,” Busch said. “They get VIP passes for the Coca-Cola 600 and (my wife) Samantha will give them a behind-the-scenes tour at the track. And, of course, the coolest thing is they’ll get to take home the car.”He continued: “Proceeds from the campaign will support The Samantha and Kyle Busch Bundle of Joy Fund, which helps couples who are struggling to conceive a child and advocates for infertility education and awareness. Fans can visit Omaze.com/ROWDY until May 6 to enter for their chance to win and help us raise funds for something that’s very near and dear to our family.”There’s some time before the Coca-Cola 600, but in the weeks leading up to the event Busch has been the hottest driver in all series so far this season. He has won all four Truck races he has entered, three of the four he has been in on the Xfinity side and, of course, the three Cup events.But beyond that, he has finished outside of the top six just once in all of his races and even that finish was a top 10. And he may very well have four wins in the Cup Series had he not been caught for a speeding violation at Las Vegas Motor Speedway when he had a lead.Busch has been running very well, but he says his success is far more than about how he has been driving. He now sits at 202 wins all time, as he took home a victory in the Xfinity Series in Texas and another at Bristol Motor Speedway last week, and he has no intention of slowing down anytime soon.“I think anything beyond the recent 200 is just another number,” Busch told Omnisport this week. “I mean, I could go lightly and say 250, or I could reach for the stars and say 300.  What’s wrong with that? Related Newslast_img read more

Tottenham new stadium news: Spurs confirm test event on December 16

first_img Latest Football Stories Tottenham Hotspur have moved a step closer to opening their new stadium as they officially announced a test event on December 16.The occasion will see 6,000 season ticket holders, in two sets of 3,000, given the chance to explore the new podium areas, the single-tier South Stand, which will include The Market Place, the new Spurs Shop, and the new Paxton House Ticket Office. Supporters have been asked to apply for admission, costing £1 to help the club test their ticketing systems, on Monday, December 3.The familiarisation event is set to help the club staff get used to affairs at the 62,062 arena, while also allowing fans to experience it’s splendour en masse for the first time. The new stadium has a real European feel to it Every time Ally McCoist lost it on air in 2019, including funny XI reactions REVEALED 2 Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade The club hope it will properly trial their security procedures, and give supporters the chance to work out their own matchday routines with access to The Market Place allowing fans to see some of the food and drink options available.They will also be able to enter the Goal Line Bar which runs the entire length of the goal-line and is Europe’s longest bar. Berahino hits back at b******t Johnson criticism – ‘I was in a dark place at Stoke’ no dice @LightySpurs shining 2 REPLY You will also be able to gain access to the Beavertown Tottenham Taproom, the club’s very own Microbrewery – a first for any stadium. ADVICE We are delighted to be able to give 6,000 fans the chance to visit and explore the South Stand and podium areas at #SpursNewStadium during a specially-arranged familiarisation event on Sun Dec 16 (11am – 3pm).— Tottenham Hotspur (@SpursOfficial) November 30, 2018It’s a huge step forward following several delays, caused by problems with critical safety systems. Which teams do the best on Boxing Day in the Premier League era? Son ban confirmed as Tottenham fail with appeal to overturn red card BEST OF Where Ancelotti ranks with every Premier League boss for trophies won huge blow MONEY How Tottenham’s new stadium looked on November 30 REVEALED Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury RANKED Premier League Team of the Season so far, including Liverpool and Leicester stars Ronaldo warned Lukaku how hard scoring goals in Serie A would be before Inter move Top nine Premier League free transfers of the decade last_img read more