Bloomberg The Pentagon said it had cancelled projects related to Donald Trump’s border wall and was returning money the former president directed to the project to defense programs. “The Department of Defense is proceeding with cancelling all border barrier construction projects paid for with funds originally intended for other military missions and functions such as schools for military children, overseas ...

Bloomberg The town of Hartlepool in northeast England is the kind of place a Conservative prime minister would ordinarily struggle to find support. One of the most deprived areas of the UK, the blue-collar port saw its steel industry collapse in the 1970s and 80s and the unemployment rate remains among the highest in the country. Politically, it’s backed the ...

Bloomberg Australia has temporarily banned its citizens from returning from India. The pause on allowing in travellers that were in India within 14 days of arriving will take effect from Monday, Health Minister Greg Hunt said in an emailed statement. Breaches of the ban could lead to a fine of A$66,600 ($51,000), five years imprisonment, or both. As virus cases ...

Bloomberg A strong earthquake off Japan’s northern coast of Miyagi prefecture on Saturday temporarily disrupted bullet train service and prompted utility companies to conduct checks at nuclear power plants. The magnitude 6.8 temblor hit at 10:27 am local time at a depth of 32 miles, the Japan Meteorological Agency said. While the quake shook buildings as far away as Tokyo, ...

Bloomberg China’s biggest banks fell after posting profit gains of below 3% in the first quarter with policy makers leaning on the lenders to contain debt growth as the economy powers out of the pandemic. Industrial & Commercial Bank of China Ltd., (ICBC) the world’s biggest bank by assets reported a 1.46% gain in profit in period. Its smaller rivals ...

Bloomberg UBS Group AG will relocate its Tokyo-based rates trading business to Sydney by the end of this year as the Swiss bank reorganises its Asia-Pacific operations. The firm has initiated the process to relinquish its Japan Government Bond primary dealership, though the change won’t impact UBS’s other fixed-income trading businesses conducted with Japanese clients, it said in a statement. ...

Bloomberg Deutsche Bank AG raised its outlook after traders outperformed most Wall Street peers and it dodged losses from the collapse of Archegos Capital Management, handing Chief Executive Officer Christian Sewing the strongest quarter in seven years. Income from buying and selling debt securities rises 34% in the first three months of the year, Germany’s largest bank said in a ...

Bloomberg Booming stock markets and retail-investor fueled volatility have delivered the best quarter in years for many European banks’ equity trading desks, mirroring gains at their US counterparts. Barclays Plc said the first quarter was the “best ever” for its equities unit, which reported a 65% year-on-year jump in revenue to more than $900 million, while BNP Paribas SA posted ...

Bloomberg In his last words as Credit Suisse Group AG Chairman, Urs Rohner apologised. Eight weeks after the Swiss bank entered one of the most turbulent periods in its history, its outgoing chairman offered a mea culpa for the financial hits from the collapse of Archegos Capital Management and Greensill Capital. “The inexcusable losses that we have had to inform ...

Bloomberg HSBC Holdings Plc’s global banking unit will raise fixed pay for junior investment bankers in key hubs and hire more of them to share the workload, becoming the latest global firm to take steps to address burnout among staff. The lender will also shorten a four year associate program for certain groups in hub locations, including Hong Kong, London ...