Bloomberg President Donald Trump formally nominated Brian Brooks to take over a key banking regulator, potentially forcing Joe Biden to fire him after the president-elect is sworn in. The White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman Mike Crapo has already signalled that Brooks would get a confirmation hearing for a five-year …

Bloomberg China’s finance sector should open up further to support the “dual circulation” economic strategy and mitigate risks in the industry, a central bank official said. More liberalisation in the financial sector would provide extra support to the real economy, according to Liu Guiping, vice governor of the People’s Bank of China (PBOC). He was speaking at a forum organised …

Bloomberg Banco Bilbao Vizcaya Argentaria (BBVA) SA and Banco de Sabadell SA ended short-lived takeover talks in a disagreement over the price, setting back consolidation in a banking market hit hard by the Covid-19 pandemic. Discussions about a purchase of Sabadell by BBVA to create the second-largest domestic lender in Spain collapsed after the two sides couldn’t agree on the …

Bloomberg In a record-breaking month that added $1.7 trillion to European equities, none rallied as hard as unloved bargain stocks. The Stoxx Europe 600 Index has surged 15% in November, on track to overtake the previous record set in April 2009 in the aftermath of the global financial crisis. Now, like then, value and cyclical sectors such as banks, insurance …

Bloomberg Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week. Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Kuwait slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest …

Bloomberg Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies. Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the …

Bloomberg Oil rose for a fourth straight week, buoyed by optimism over Covid-19 vaccine progress ahead of an Opec+ ministerial gathering next week. Futures in New York advanced 8% this week, despite edging lower. The shape of the oil futures curve firmed over recent sessions with some nearer-dated futures contracts rising above later-dated ones. It’s a sign of how the …

Bloomberg ANA Holdings Inc will raise as much as 332.1 billion yen ($3.2 billion) via an overseas and domestic share placement as airlines around the world rush to shore up their finances amid the coronavirus pandemic. Japan’s largest carrier, whose shares have slumped 30% this year, will use the proceeds to repay long-term debt and buy Boeing 787 aircraft to …

Bloomberg Arcadia Group, the retail empire controlled by Philip Green is likely to file for administration in the UK as early as next week, putting 13,000 jobs at risk. The owner of the Topshop and Topman brands wrote in an emailed statement that it’s exploring “a number of contingency options” after the closure of its stores due to Covid-19 “had …

Bloomberg Lunar New Year may be more than two months away but one Chinese fuel supplier is already gearing up for an expected surge in air travel. China Aviation Oil (CAO) is seeking to import jet fuel for January delivery in its first buy tender since May, according to data compiled by Bloomberg. The move by CAO, one of the …