Bloomberg UK lenders would be forced to refund all victims of financial fraud if plans being proposed by an official watchdog are adopted, according to the Telegraph newspaper. The Payment Systems Regulator — an independent subsidiary of the Financial Conduct Authority — will lead a consultation due to begin within weeks on whether customers who are tricked into transferring money ...

Bloomberg Even if everyone agrees that vaccines will ignite the economy next year, Wall Street’s collective consciousness has no idea what it will mean for stocks. Forecasts among the people paid to fashion such estimates are all over the map — to an almost historic degree. The most bullish, Dubravko Lakos-Bujas at JPMorgan, predicts the return to normal will serve ...

Bloomberg Most equities markets in the Middle East advanced as investors looked to the rollout of mass vaccination programs for a fresh spur to prices. Saudi Arabia’s Tadawaul All Share Index gained the most in the region, climbing 0.3% in 10:27 am local time. Gauges in Dubai, Abu Dhabi, Bahrain and Kuwait also rose, while Oman’s benchmark index slipped. Saudi ...

Bloomberg Sri Lanka’s credit rating was pushed further into junk at S&P Global Ratings, which cited the nation’s deteriorating fiscal position as a risk to the sovereign’s ability to service debt. The country’s long-term foreign-currency credit rating was cut to CCC+ from B-, with a stable outlook, according to a statement from S&P. Sri Lanka’s credit score is now the ...

Bloomberg The UK will become the first major industrialised nation to end all public finance for fossil fuel projects overseas, in an effort to mark itself out as a leader in tackling climate change. Prime Minister Boris Johnson was expected to make the announcement at a virtual United Nations summit , which he’s co-hosting with France, Italy and Chile. More ...

NEW YORK / WAM The Covid-19 pandemic has revealed just how important it is for all countries to have strong health systems that provide the entire population with quality services when and where they need them, UN Secretary-General Antonio Guterres has stressed. “For Universal Health Coverage Day, let us commit to ending this crisis and build a safer and healthier ...

NEW DELHI / WAM The Indian government has identified “sunrise sectors” for investors in the Gulf with the thrust on joint ventures in infrastructure and manufacturing, integrating into supply chains and tapping sovereign wealth funds. This was stated by the Minister of State for External Affairs, V Muraleedharan, in his keynote address to a panel discussion here on “India and ...

Bloomberg Apple Inc has started building its own cellular modem for future devices, a move that would replace components from Qualcomm Inc, Apple’s top chip executive told staff. Johny Srouji, Apple’s senior vice president of hardware technologies, made the disclosure in a town hall meeting with Apple employees, according to people familiar with the comments. Qualcomm shares dropped 4.4% in ...

Bloomberg Chinese electric-car maker Nio Inc joined the rush for fundraising among new-energy vehicle manufacturers, capitalising on a 11-fold increase in its share price this year to boost its coffers. The manufacturer is selling 60 million American depositary shares in a follow-on offering, and has the option to sell another nine million, according to a statement. Based on its latest ...

Bloomberg Singapore is set to host the world’s first electric-powered air taxi service by the end of 2023, according to Volocopter GmbH, which is developing the vertical-takeoff craft. The German manufacturer is committed to starting operations within three years once it completes flight trials, evaluation and certification in collaboration with the city-state, it said in a statement. Tickets for a ...