ECB addresses stronger euro, says it will ‘carefully monitor’ exchange rate

dhita yudha

  • The euro hit a 1-week high of $1.1902 during the press conference following the policy decision.
  • “The Governing Council discussed the appreciation of the euro, but as you know we don’t target the exchange rate,” ECB President Christine Lagarde said in a press conference Thursday.
  • The ECB decided Thursday to keep its interest rates and coronavirus-stimulus program unchanged. 



Christine Lagarde wearing a suit and tie: European Central Bank (ECB) President Christine Lagarde addresses a news conference on the outcome of the meeting of the Governing Council in Frankfurt, Germany, January 23, 2020.


© Provided by CNBC
European Central Bank (ECB) President Christine Lagarde addresses a news conference on the outcome of the meeting of the Governing Council in Frankfurt, Germany, January 23, 2020.

The European Central Bank said it discussed the recent appreciation of the euro at its policy meeting on Thursday and will “carefully monitor” the exchange rate going forward.

Loading...

Load Error

The euro hit a 1-week high of $1.1902 during the press conference following the policy decision. It has risen over 5% against the the U.S. dollar since the start of July

Read More

Bankrupt Century 21, Citing $175 Million Insurance Nonpayment, Will Cease Operations

dhita yudha

Pioneering off-price retail chain Century 21 Stores has filed for Chapter 11 bankruptcy protection and plans to shut all 13 of its stores in New York, New Jersey, Pennsylvania and Florida. The company has filed motions with the bankruptcy court to keep the stores and web site in operation in order to run going-out-of-business sales.

In tandem with the filing, the lawsuit Century 21 filed against
several of its insurance providers — for nonpayment of losses the company
claims should have been covered by their policies — has been removed to the
bankruptcy court.

Noting that insurance payouts enabled Century 21 to reopen six
months after the Sept. 11, 2001 terrorist attacks, Co-CEO Raymond Gindi said
in a statement that the family-held company had “no viable alternative” to
bankruptcy after insurers declined to pay approximately $175 million for losses stemming from losses
due to COVID-19 business interruptions.

“While retailers across

Read More