Italia markets close in 6 hours 4 minutes
  • Reuters

    UK delivery prices jump ahead of Brexit cliff edge as firms rush to stockpile

    British businesses are rushing to stockpile goods just five weeks before post-Brexit customs checks come into force on Jan. 1, driving up the cost of cross-border deliveries and cutting capacity, industry sources said. Logistics companies told Reuters they have seen a surge in demand to bring goods into the country before any potential disruption in January, and customs agents report being overwhelmed by pleas for help from traders navigating new rules for the first time. "We have told our customers that the best thing you can do now is stock up, stockpile, and they're bringing in as much as they can," Jon Swallow, director of Jordon Freight, told Reuters of the changing dynamic in the last two weeks.

  • Policy Minefield Ahead for Turkey as It Unwinds Albayrak’s Legacy

    Policy Minefield Ahead for Turkey as It Unwinds Albayrak’s Legacy

    (Bloomberg) -- Turkey’s new economic managers are racing to reverse the interventionist policies spearheaded by President Recep Tayyip Erdogan’s son-in-law, but their market-friendly U-turn could initially mean more volatility for the lira.Since the ouster of the central bank governor and resignation of finance minister Berat Albayrak earlier this month, Turkey’s begun lifting restrictions meant to prevent speculators shorting the lira, abolished a rule compelling lenders to extend credit and raised interest rates by the most in over two years.The return to market orthodoxy has been welcomed by investors, who’d balked at Erdogan’s contrarian assertion that higher rates fuel inflation. The logical next step, say analysts, will be to further ease limits on currency swaps and derivatives deals that local banks can carry out with foreign counterparts, which had made it prohibitively expensive to access the lira offshore.That move would do little to rebuild dwindling foreign exchange reserves, however, and could increase pressure on the currency, at least initially.“Unwinding swap restrictions may create volatility in central bank reserves and the currency, which could weigh on market sentiment,” said Hakan Kara, who was chief economist at the central bank from 2003 until he was removed from the job last year. “The authorities should design a plan in coordination with banks to ease the offshore restrictions gradually and meanwhile conduct central bank FX purchases to replace the swaps.”Officials could do just that. In an effort to rebuild depleted reserves, authorities are considering restarting auctions to buy dollars with liras for the first time since 2011, according to a person familiar with the matter.As this mechanism would create new pressure on the already-fragile lira, economists say officials may first opt for Eurobond sales in an effort to increase foreign currency buffers, and hold off auctions until the exchange rate market normalizes.The first Eurobond announcement came on the heels of the banking regulator announcement on Tuesday that it will repeal the so-called asset ratio rule. The Treasury mandated Goldman Sachs, HSBC and Morgan Stanley to arrange issuance of 10-year Eurobonds. More issuances are likely to come as the bank tries to recoup its reserves, according to a London-based analyst.Asked to comment on the issue, a central bank official said details of the monetary policy tools and how they will be used would soon be made public for the sake of accountability, transparency and predictability.Lira DefenseUntil August, Turkey had sought to deter short-selling by essentially barring foreign investors from borrowing from local banks.The tenure of Albayrak and the former central bank governor, Murat Uysal, was also marked by aggressive sales of foreign currency in a futile effort to prop up the lira without resorting to rate hikes. Turkey’s gross reserves dropped 22% this year to $82.4 billion, while net foreign-exchange reserves -- or holdings stripped of liabilities to lenders -- fell by more than half. When money borrowed from local lenders via swaps is stripped out from net reserves, they fall below zero, according to Bloomberg calculations.It was the dramatic depletion of Turkey’s FX stockpile, according to several officials familiar with the matter, which finally persuaded Erdogan a change of personnel was needed.Changes made earlier this month mean banks can now sell foreign institutions liras worth up to 5% of their equity for transactions that mature in seven days. The cap is 10% for transactions maturing in a month and 30% for those maturing in a year.Further reducing swap limits would narrow the discrepancy in yields between local and offshore markets, creating another option for Turkish banks seeking lira and encouraging carry traders to invest in the currency. It would also make it easier for speculators to bet against the lira and, because fewer lenders would resort to the central bank’s own mechanism, it could affect reserve levels.On Tuesday, Turkey’s lira weakened past 8 per dollar for the first time in almost two weeks as a decline in liquidity magnified the impact of local investors’ demand for foreign currency.State banks have not been selling foreign currency to defend the lira since the appointment of the new economy team, according to traders, signaling another major policy shift. On Thursday, the central bank raised the limit for traditional swap auctions, a reserve-boosting step which shows it’s fine tuning lira liquidity.“It is difficult to move fast on this given thin liquidity in the FX market is making the lira more vulnerable to speculative attacks,” said Evren Kirikoglu, an independent market strategist in Istanbul before the swap announcement. “Therefore, I expect the restrictions to be eased gradually.”(Updates with the central bank’s latest swap step in the penultimate paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 2nd Edition Report on the Aftermarket Car Telematics Industry - Key Future Trends

    2nd Edition Report on the Aftermarket Car Telematics Industry - Key Future Trends

    Dublin, Nov. 26, 2020 (GLOBE NEWSWIRE) -- The "Aftermarket Car Telematics - 2nd Edition" report has been added to's offering. What are the latest trends and business opportunities for aftermarket car telematics? The analyst estimates that total shipments of aftermarket car telematics systems reached 24.7 million units worldwide in 2019. Growing at a compound annual growth rate of 14.4 percent, the shipments are expected to reach 48.5 million units in 2024. The aftermarket car telematics applications covered in the report include stolen vehicle tracking, roadside assistance, vehicle diagnostics, Wi-Fi hotspot and various convenience applications. Get up to date with the latest industry trends in this new 210-page strategy report.Aftermarket Car Telematics is the second strategy report analysing the latest developments on the market for applications such as stolen vehicle tracking (SVT), vehicle diagnostics, Wi-Fi hotspot, roadside assistance and convenience applications targeting consumers. This strategic research report provides you with 210 pages of unique business intelligence including 5-year industry forecasts and expert commentary on which to base your business decisions.Highlights from this report: * Insights from 30 new executive interviews with market leading companies. * Comprehensive overview of the aftermarket car telematics value chain and key applications. * In-depth analysis of market trends and key developments. * New profiles of 92 aftermarket car telematics solution providers. * Summary of the involvement of vehicle OEMs and mobile operators. * New data on car populations and new car registrations worldwide. * Market forecasts by region lasting until 2024.This report answers the following questions: * What types of aftermarket car telematics products are offered on the market? * Which are the leading providers of car telematics technology? * What business models are available for players entering the car telematics space? * Which are the dominant technology form factors? * How will the market evolve in Europe, North America, Latin America, Asia-Pacific and MEA? * How are mobile operators approaching the aftermarket car telematics market? * Will car OEM telematics solutions outcompete aftermarket car telematics in the long term? * Which are the major drivers and barriers for car telematics adoption? * Which are the key future trends in this industry?Key Topics Covered: 1 The global passenger car market 1.1 Introduction 1.1.1 Passenger cars in use by region 1.1.2 New passenger car registration trends 1.1.3 Hybrid electric, plug-in hybrid electric and all-electric vehicles 1.2 Overview of aftermarket car telematics services 1.2.1 Aftermarket car telematics services in Europe 1.2.2 Aftermarket car telematics services in the Americas 1.2.3 Aftermarket car telematics services in ROW 1.3 Regulatory compliance 1.3.1 Vehicle security, safety and emergency call regulations 1.3.2 The eCall and ERA-GLONASS initiatives 1.3.3 Insurance industry standards for vehicle tracking 1.4 Vehicle crime2 Car telematics solutions 2.1 Aftermarket telematics infrastructure 2.1.1 Vehicle segment 2.1.2 Tracking segment 2.1.3 Network segment 2.1.4 Service segment 2.2 Aftermarket car telematics applications 2.2.1 eCall and roadside assistance 2.2.2 Stolen vehicle tracking 2.2.3 Motor insurance telematics 2.2.4 Dealer lot management 2.2.5 Vehicle finance telematics 2.2.6 Remote control and convenience services 2.2.7 Vehicle diagnostics and maintenance 2.2.8 Electronic toll collection and congestion charging 2.2.9 Wi-Fi hotspot 2.2.10 Vehicle emission monitoring 2.3 Business models3 Market forecasts and trends 3.1 Aftermarket car telematics market sizing 3.1.1 Aftermarket car telematics in Europe 3.1.2 Aftermarket car telematics in the Americas 3.1.3 Aftermarket car telematics in ROW 3.1.4 Vendor market shares 3.2 Value chain analysis 3.2.1 Automotive industry players 3.2.2 Telematics industry players 3.2.3 Telecom industry players 3.2.4 IT industry players 3.3 Market drivers and barriers 3.3.1 Macroeconomic environment 3.3.2 Regulatory environment 3.3.3 Competitive environment 3.3.4 Technology environment 3.4 Market trends and conclusions 3.4.1 Continued broadening of the aftermarket car telematics concept is expected 3.4.2 Privacy concerns are softening 3.4.3 Aftermarket SVT/SVR services compete with OEM services in many countries 7 3.4.4 Usage-based insurance to remain an aftermarket service in most countries 3.4.5 Insurance companies insource telematics activities in many markets 3.4.6 Smartphone-based telematics solutions compete with aftermarket telematics 3.4.7 CRM solutions and vehicle diagnostics enable improved customer care 3.4.8 Wi-Fi hotspots enable convenient connectivity for passengers 3.4.9 Car telematics service providers to use a wide ecosystem of partners 3.4.10 Consumer telematics can potentially increase MNO IoT revenues 3.4.11 New IoT Technologies to simplify aftermarket car telematics services4 International car telematics solution providers 4.1 Bright Box 4.2 CalAmp (LoJack) 4.3 Continental 4.4 Harman Connected Services 4.5 IMS (Trak Global Group) 4.6 Ituran 4.7 Mojio 4.8 Octo Telematics 4.9 Pointer Telocation (PowerFleet) 4.10 Targa Telematics 4.11 Teletrac Navman Automotive 4.12 Verizon 4.13 Viasat Group 4.14 Vodafone and Vodafone Automotive5 Company profiles and strategies 5.1 Providers of SVT/SVR and related services 5.1.1 Autoconnex 5.1.2 Autolocator 5.1.3 Cesar Satellite 5.1.4 StarLine 5.1.5 Coyote (Traqueur) 5.1.6 Ingenie Business 5.1.7 MS&AD TX Connected 5.1.8 SHERLOG Technology 5.1.9 BrickHouse Security 5.1.10 Certified Tracking Solutions 5.1.11 Cox Automotive and Cox2M 5.1.12 Guidepoint Systems 5.1.13 Ikon Technologies 5.1.14 IMETRIK Global 5.1.15 MasTrack 5.1.16 PassTime GPS 5.1.17 Procon Analytics 5.1.18 SareKon 5.1.19 Skypatrol 5.1.20 Spireon 5.1.21 Autotrac 5.1.22 Car Security (LoJack Argentina) 5.1.23 CEABS 5.1.24 Maxtrack 5.1.25 OMNILINK (Graber) 5.1.26 Positron (Stoneridge) 5.1.27 Active Telematics 5.1.28 Katsana 5.1.29 TPL Trakker 5.1.30 ACM Track 5.1.31 Bidtrack (Bidvest Group) 5.1.32 Cartrack 5.1.33 Digit Vehicle Tracking (Digicell) 5.1.34 MiX Telematics 5.1.35 Netstar 5.1.36 Tracker Connect 5.2 Specialist consumer telematics solution providers 5.2.1 Air 5.2.2 Grupo Next 5.2.3 Net4things 5.2.4 Protectus Technologies (CarLock) 5.2.5 Springworks International 5.2.6 The Plan B Company 5.2.7 Thinxnet (ryd) 5.2.8 AccuTracking 5.2.9 Autobrain 5.2.10 Automatic Labs (SiriusXM) 5.2.11 Autonet Mobile 5.2.12 Agnik (Vyncs) 5.2.13 Linxup (MOTOsafety) 5.2.14 Modus 5.2.15 Tail Light (Bouncie) 5.2.16 Zubie 5.2.17 Comodif 5.2.18 Beijing Yesway Information Technology 5.2.19 CarIQ 5.2.20 Minda iConnect (Carot India) 5.2.21 Scope Technology 5.2.22 PATEO 5.2.23 SenSight Technologies (AutoWiz) 5.2.24 Jooycar 5.3 Technology vendors 5.3.1 Bosch Connected Devices and Solutions 5.3.2 Danlaw 5.3.3 Gosuncn WeLink 5.3.4 Jimi (Concox) 5.3.5 Meitrack 5.3.6 Meta System 5.3.7 Munic 5.3.8 PFK Electronics 5.3.9 Quartix 5.3.10 Queclink Wireless Solutions 5.3.11 Redtail Telematics 5.3.12 Sinocastel 5.3.13 Teltonika 5.3.14 Trakm8 5.3.15 Traffilog 5.3.16 ThinkRace 5.3.17 Voyomotive 5.3.18 Xirgo TechnologiesFor more information about this report visit and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: Laura Wood, Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900