Bloomberg The Chinese army has released footage of its Hong Kong garrison firing cannons and torpedoes in a drill in the South China Sea amid rising tensions between Beijing and Washington over the status of the former British colony. The People’s Liberation Army (PLA) recently tested the weaponry, including a torpedo launch from the vessel Huizhou that successfully hit its ...

Bloomberg Thousands of anti-government protesters marched in the Thai capital of Bangkok on Sunday, demanding an end to the military-led administration and for the monarchy’s powers to be reined in. Demonstrators in masks and carrying placards assembled at the Democracy Monument, which commemorates the 1932 revolution that ended absolute monarchy. They held up three fingers to reflect their calls for ...

Bloomberg South Korean President Moon Jae-in said his administration remains ready to mend ties with Japan after more than a year of tensions, and as both sides hold ceremonies to remember Japan’s World War II surrender in 1945 that ended its brutal colonial rule over the Korean Peninsula. Moon reiterated a call for Japan to respect its Supreme Court’s decision ...

Bloomberg Puerto Rico was having a do-over of its gubernatorial primary election on Sunday after it mismanaged the first vote so badly that tens of thousands were unable to cast a ballot. The outcome will set the stage for the November 3 governor’s race and provide the first glimpse of who might lead the US commonwealth out of a record-setting ...

Bloomberg Australia is close to reaching a deal to produce a Covid-19 vaccine, Health Minister Greg Hunt said on Sunday. “We are in advanced negotiations with a range of different companies with regards to a vaccine,” Hunt said on Sky News. He said he was “genuinely optimistic” a coronavirus vaccine would be internationally available by next year. The federal government ...

Bloomberg The Federal Reserve could allow inflation to accelerate above its 2% goal if has underperformed it in the past, said Dallas Fed President Robert Kaplan. “I would be willing to see inflation run moderately above 2% in the aftermath of periods where we’ve been running persistently below,” Kaplan said in a virtual event with the Dallas Friday Group, a ...

Bloomberg Two US banking giants are rolling out more benefits to parents juggling childcare and home schooling while keeping the companies running through the pandemic. Citigroup Inc. will offer employees discounts on test preparation and tutoring services as many continue to work from home while their kids start the new school year. Bank of America Corp. (BofA) is extending backup ...

Bloomberg Goldman Sachs Group Inc., Morgan Stanley and several foreign lenders operating in the US will face the stiffest capital demands under the Federal Reserve’s first set of big-bank requirements to incorporate the regulator’s new stress buffer. The capital levels, determined by the Fed’s most recent stress-test process, give Goldman Sachs the highest target among domestic banks, with an overall ...

Bloomberg Monetary policy makers of the Democratic Republic of Congo more than doubled the central bank’s benchmark interest rate amid a depreciating currency and the mounting inflationary pressures. The rate was increased to 18.5% from 7.5%, central bank Governor Deogratias Mutombo said in a statement shared by a spokesman from the institution. It’s at the highest level since April 2018. ...

Bloomberg Even for Citigroup Inc., it was big money. The loan operations staff at the New York bank wired $900 million, seemingly on behalf of Revlon Inc., to lenders of the troubled cosmetics giant controlled by billionaire Ron Perelman. It was a mistake for the ages — a “clerical error,” as Citigroup told lenders — that’s now plunged the bank ...