Bloomberg Taiwanese banks’ contributions to offshore loans for mainland Chinese firms fell to their lowest levels in at least 10 years as lenders turn increasingly anxious to limit their credit exposure to the economic fallout of the coronavirus pandemic and rising political tensions. The share of Taiwanese financial institutions in China’s offshore syndicated and club loans tumbled to the lowest ...

Bloomberg While most global banks say they’re gearing up for a shift from Libor, concerns persist about lawsuits if borrowers reach a cliff-edge scenario, according to Moody’s Investors Service. Banks’ clients are lagging in their effort to prepare for Libor’s exit and this could come back to haunt lenders, Vice President Olivier Panis said in an interview. Financial institutions risk ...

Bloomberg Gold buying by central banks, an important driver of bullion’s advance in recent years, is forecast to pick up in 2021 after a slowdown this year. Citigroup Inc. sees demand from the official sector rising to about 450 tons after a drop to 375 tons this year, which would be the lowest in a decade. HSBC Securities (USA) Inc. ...

Bloomberg European Central Bank (ECB) President Christine Lagarde said it’s worth examining a Federal Reserve-style strategy that allows for inflation to temporarily rise above the institution’s target. A policy under of committing to make up for low inflation after missing the goal for a while “could be examined,” as part of the institution’s strategic review, Lagarde said at a conference ...

Bloomberg The Philippine central bank said it will ban from the industry former bank employees who allegedly falsified documents for German payments company Wirecard AG. Bangko Sentral ng Pilipinas is adding the former bankers to a list of persons disqualified from becoming directors or officers at any supervised financial institution, it said in an email. Wirecard filed for bankruptcy in ...

Bloomberg US equity-index futures dropped alongside most stock markets after an acrimonious American presidential debate highlighted the risk of a contested vote in November. A gauge of the dollar edged higher. S&P 500 futures fall as much as 1.3% in the hours after the chaotic sparring between Donald Trump and Democratic hopeful Joe Biden during which the president suggested vote-by-mail ...

Bloomberg Micron Technology Inc. shares fall after the largest US chipmaker said it recently halted shipments to China’s Huawei Technologies Co. Micron also cut capital spending plans, warned about weaker demand from some corporate customers and forecast possible oversupply in a key market next year. Shares of the company dropped 3.6% in extended trading. The stock is down almost 6% ...

Bloomberg Oil retreated on renewed concerns over demand as some of the world’s biggest traders warned that a recovery is still some way off as the pandemic continues to cast a shadow over the market. US benchmark crude futures fall as much as 2.2%. Global confirmed deaths from the coronavirus — which has eviscerated energy demand — topped 1 million. ...

Bloomberg India is considering a floor price for natural gas produced from local fields to shield explorers like state-run Oil & Natural Gas Corp (ONGC) as tariff slumps, people with knowledge of the matter said. Shares of explorers gained. The proposal being considered by the oil ministry pegs the price to the popular benchmark Japan-Korea Marker that is used for ...

Bloomberg Mexican President Andres Manuel Lopez Obrador vowed to restore the national oil company to its former glory. Instead, Petroleos Mexicanos is drowning in debt, its oil output is declining, and now it appears to be losing fuel market share in its own backyard. In the past 21 months of the Lopez Obrador administration, Pemex has lost roughly 13% of ...