Andrew Ferguson, CEO of the Asia Pacific Loan Market Association, says he is concerned by a lack of awareness of the Libor transition and the Secured Overnight Financing Rate among Asian financial professionals. Asian companies hold $675 billion or more in Libor-based bonds and loans, the majority of which matures after the phaseout date, which might leave firms struggling to obtain credit without adequate preparation. BNN Bloomberg (Canada) (13 Feb.)
An EU document obtained by Reuters contains a warning to Group of 20 finance ministers that the global economy is at risk of a major slowdown. "Global economic growth remains weak, amid signs of stabilization, in particular in global manufacturing," according to the document, which says trade and geopolitical tensions remain high. Reuters (13 Feb.)
UK Chancellor Sajid Javid has resigned after Prime Minister Boris Johnson unexpectedly demanded Javid's advisers be replaced by Boris' selections, with Javid saying "I don't believe any self-respecting minister would accept such conditions." Javid has been replaced by Chief Secretary to the Treasury Rishi Sunak. BBC (13 Feb.)
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