Bloomberg The Philippines is bracing for destructive winds and intense rains as Typhoon Surigae rapidly intensifies. The typhoon locally known as Bising is moving west northwest over the Philippine sea, packing maximum winds of 175 kilometres (109 miles) per hour and gusts of up to 215 kilometres per hour, the weather bureau said on Saturday. Flooding and rain-induced landslides may ...

Bloomberg The US government piled trillions of dollars of emergency funds into Americans’ accounts during the pandemic. That’s boosting the bottom lines of the banks that store their cash. Lending giants reported blockbuster profits this week, in part because stimulus payments have helped consumers bounce back from the Covid-19 crisis and prevented more severe economic damage. The emergency funds helped ...

Bloomberg Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit. “The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of ...