Headlines

Bank of England chief economist Huw Pill said on Friday that so far he had seen only "quite modest and tentative evidence" that inflation would fall back to and stay at the central bank's 2% target, due to strong underlying domestic price pressures, Reuters reported. "I do think that we will have to wait several more months before we can be convinced that the squeezing out of the persistent component of inflation is there," Pill said at a panel discussion hosted by the United States' National Association for Business Economics.

British retail sales jumped by the most in almost three years in January as consumers recovered their appetite for spending, suggesting the economy could emerge quickly from its recession in the second half of last year, Reuters reported. Sales volumes increased by 3.4% from December, much stronger than the median forecast of a 1.5% increase in a Reuters poll of economists. anuary's jump was the biggest since April 2021 and followed a 3.3% fall in December.

Niger missed debt payments of $24.2 million on its domestic bonds in the past week as sanctions after a 2023 coup blocked its access to the regional capital market, Bloomberg News reported. The government missed a 13.4 billion CFA franc ($22 million) principal payment on a one-year bond that matured Feb. 16, the regional market for government securities, UMOA-Titres said in a statement. The West African nation also missed interest payments of 1.07 billion franc and 284 million franc on two seven-year notes due 2027 and 2030 respectively, it said.

Honduras' CNBS regulator has banned the Central American country's financial system from trading in cryptocurrency and similar virtual assets, it said in a resolution, citing risks of fraud and money laundering, Reuters reported.

A unit of Israel Shipyards Industries is among the potential bidders for Croatian shipbuilder Uljanik Brodogradnja 1856, Jutarnji List reported, citing Eytan Zucker, chief executive officer of the Haifa-based company, Bloomberg News reported. An auction for Uljanik is expected on March 4, following previous, failed attempts to divest the debt-laden company, according to the Zagreb-based newspaper. Other potential bidders include Slovenia’s Eko Bor, Croatia-registered Adria Mont, Romania’s GSP Offshore, Italy’s Micoperi based in Ravenna, and La Maison from Cyprus.

Brazil´s state-controlled oil giant Petrobras has no plans to lower jet fuel prices as part of a wider effort to rescue struggling Brazilian airlines, Bloomberg News reported. The Rio de Janeiro-based producer can’t just lower prices when the government tells it to, Chief Executive Officer Jean Paul Prates told Bloomberg News during a recent trip to India, reiterating his opposition to such a move. Prates added that “abnormal” airfare costs continued in 2023 even while jet fuel prices fell.

Paraguay’s central bank cut its benchmark interest rate Monday for the seventh time since August as inflation remains below 4% after a post-pandemic surge, Bloomberg News reported. The monetary authority lowered its key rate to 6.25% from 6.5%, continuing an easing cycle that began after borrowing costs peaked at 8.5%, according to a statement published Monday. Consumer prices increases, once in double-digit territory after the pandemic, have consistently cooled with the latest data showing annual inflation at 3.4% in January.

Fertilizer maker Unigel Participacoes SA is pitching a last-minute deal to avoid filing for bankruptcy protection as a temporary order shielding it from creditors expires, Bloomberg News reported. The company is trying to sell bondholders led by Pacific Investment Management Co. on a plan that would include an injection of $100 million in new money, and allow it to restructure debt out of court, said the people, asking not to be identified because the discussions are private. Unigel needs the buy-in of about a third of its bondholders to kick off the restructuring.

China’s massive property market is crumbling. Xi Jinping wants to revive socialist ideas about housing and put the state back in charge, the Wall Street Journal reported. Home prices across China are falling, developers have gone bust and people are doubting whether real estate will ever be a viable investment again. The meltdown is dragging down growth and spooking investors worldwide. Under the new strategy, the Communist Party would take over a larger share of the market, which for years has been dominated by the private sector.

The National Company Law Tribunal on Tuesday extended the deadline for another 60 days to complete the resolution process of grounded airline Go First, Zee Business reported. A two-member bench of the Delhi-based NCLT admitted the plea filed by the resolution professional (RP) of Go First seeking an extension of the timeline to complete the corporate insolvency resolution process (CIRP). Diwakar Maheshwari, appearing for RP, argued that so far three parties have submitted their expression of interest for Go First and deposited the earnest money.