Bloomberg Chinese banks face an unprecedented drop in profits this year as bad loans surge because of the coronavirus outbreak, according to UBS Group AG. In a severe downside case, China’s banking industry could see bad debt jump to 5.2 trillion yuan in 2020, UBS analysts led by May Yan said. The estimate is based on an assumption that China’s …

Bloomberg JPMorgan Chase & Co. and Citigroup Inc. told employees if they can work from home to begin doing so this week, escalating efforts to prevent the deadly coronavirus from spreading among staff. Australia’s Macquarie Group Ltd. has gone further, telling the vast majority of its staff globally to work from home. Citigroup’s directive, which applies to employees in the …

Bloomberg The Indonesian rupiah dropped to its weakest since the emerging market rout of 2018, as a sell-off in the nation’s bonds and stocks show little signs of abating with a worsening coronavirus pandemic. The currency slipped as much as 1.5% to 15,160 per dollar on Tuesday, the lowest since November 2018. The benchmark 10-year bond yield surged 17 basis …