Bloomberg South Africa’s central bank unexpectedly cut its benchmark interest rate to a record low to support an economy that’s projected to slump even deeper into recession after the government extended a nationwide lockdown in response to the coronavirus. The repurchase rate was reduced to 4.25% from 5.25%, the South African Reserve Bank said in an emailed statement. The decision ...

Bloomberg JPMorgan Chase & Co. said first-quarter profit tumbled 69% to the lowest in more than six years as credit costs surged, giving investors a first glimpse at the extent of the damage Covid-19 is wreaking on bank results. The company set aside $8.29 billion for bad loans, the biggest provision in at least a decade and more than double ...

Bloomberg Credit Suisse Group AG shareholders should reject the bank’s compensation plan over proposed payments to former executives in the wake of a corporate spying scandal, a top shareholder adviser said. Investors should be concerned about lack of disclosure of overall compensation for former Chief Operating Officer Pierre-Olivier Bouee, who was blamed for the spying and fired in December, Glass ...