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.
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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.
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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.
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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.
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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.
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