Bloomberg India’s rupee declined the most in two weeks, and stocks fell as investors were unimpressed by the government’s economic stimulus package. The rupee weakened as much as 0.5% in the third day of declines. The S&P BSE Sensex of stocks slid 2.8% at 2:50 pm in Mumbai, while the NSE Nifty 50 Index slipped by a similar magnitude. Both …

Bloomberg The government of Nigeria, whose revenue could be slashed by more than half this year due to the oil-price slump, finalised plans for a revised budget that keeps spending almost intact, and that will mean more borrowing. Finance Minister Zainab Ahmed got approval from the West African’s nation’s cabinet to go ahead with the new budget that cuts expenditure …

Bloomberg In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a frantic pace in response to the plunge in oil …

Bloomberg Mexico has fast-tracked measures granting more authority to the state utility at the expense of clean energy companies, ignoring regulator and industry concerns over the economic and environmental impacts of the new measures. The proposal by the Energy Ministry was approved and published in Mexico’s official gazette. It comes after the National Commission for Regulatory Improvement, known as Conamer, …

Bloomberg Banks in Asia’s financial hubs such as HSBC Holdings Plc and Citigroup Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a new breed of virtual upstarts. With branches shut, customers social distancing and fearful of tainted cash, the brick-and-mortar giants are seeing a surge in demand for digital …

Bloomberg Don’t let anyone tell you regulators haven’t punished Wells Fargo & Co. — or at least its shareholders. The scandal-ridden bank has lost $220 billion in stock-market value since the Federal Reserve imposed an unprecedented cap on the firm’s assets in early 2018, crimping its ability to add customers and loans. The constraints are biting harder this year as …

Bloomberg Japan’s top banks forecast the biggest bad-loan costs since the aftermath of the global financial crisis, joining other global lenders in bracing for the fallout from coronavirus pandemic. Total credit costs at Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. will almost double to $10.3 billion in the year ending March 2021, …

Bloomberg The Bank of England (BOE) is examining unconventional monetary policy measures more urgently amid the economic slump caused by the coronavirus pandemic, according to its Chief Economist Andrew Haldane. The central bank is reviewing a number of policies — including negative interest rates and expanding the scope of the bank’s asset-purchase plan to include riskier securities — as it …

Bloomberg A crisis was supposed to be Bitcoin’s time to shine, when the need for an international currency outside the reach of central banks would prove invaluable. That hasn’t been the case. No matter to crypto die-hards. The future is brighter than ever, especially as central banks around the world pump cash into listing economies, threatening a wave of inflation …

Bloomberg Kenyan banks are expected to hoard cash as they report a jump in first-quarter loan-loss provisions to cope with the aftermath of the coronavirus pandemic. Kenyan institutions got a cash boost when the central bank lowered reserve requirements to free up funds for lending, while interest rates have been cut to a nine-year low. Banks have now started restructuring …