Bloomberg The European Commission is considering setting up a network of bad banks amid growing worries over non-performing loans during the coronavirus crisis, according to German newspaper Boersen-Zeitung. The network would bring economies of scale by directly opening the affected institutions and their assets to multiple jurisdictions, according to the report. It cites a presentation by the Directorate-General Fisma, which …

Bloomberg Bank of International Settlements’ General Manager Agustin Carstens doesn’t consider the Swiss National Bank (SNB) to be a currency manipulator, according to an interview with Neue Zuercher Zeitung. Carstens told the Swiss newspaper the SNB is merely responding to loose monetary policy worldwide and using the purchases as a defensive measure in light of the large global demand for …

Bloomberg The new coronavirus may remain infectious for weeks on banknotes, glass and other common surfaces, according to research by Australia’s top biosecurity laboratory that highlights risks from paper currency, touchscreen devices and grab handles and rails. Scientists at the Australian Centre for Disease Preparedness showed Sars-CoV-2 is “extremely robust,” surviving for 28 days on smooth surfaces such as glass …

Bloomberg Stocks and US futures rise as investors focused on the prospect for more stimulus and improving corporate earnings. The offshore yuan falls after China’s central bank took steps to restrain a recent rally. The Europe Stoxx 600 Index gained 0.5%, Nasdaq 100 Index futures added 1% and the MSCI Asia Pacific Index rallied to the highest since mid-2018. Chinese …

Bloomberg China stocks climbed on optimism before President Xi Jinping’s address in the southern city of Shenzhen this week. The Hang Seng China Enterprises Index rises 2.7%, poised for the most since July 6, as of 3:07 pm in Hong Kong. Xiaomi Corp. surged 7.9% to lead gains, while Industrial & Commercial Bank of China Ltd. (ICBC) jumped the most …

Bloomberg Libya took a major step towards reviving its battered oil industry by reopening its biggest field, as Opec+ tries to curb global supplies. The National Oil Corp, Libya’s state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 …

Bloomberg In a couple of years, Japan will be paying the highest rates in the world to incumbent power utilities simply for maintaining generation capacity, including coal and nuclear plants, to help meet electricity demand in times of scarcity. That windfall comes at a time when Japan is seeking to liberalise its market, encourage new entrants and boost the use …

Bloomberg Total SE took a stake in a French floating wind farm project, its third investment in the nascent industry this year as the oil and gas giant reshapes itself for a low-carbon future. While wind farms built directly on the sea bed have become widespread and cost-competitive with other forms of energy, floating turbines that would allow clean electricity …

Bloomberg A landmark law to strengthen European Union climate policies and make the 2050 goal of climate-neutrality irreversible risks falling off a fast-track approval process, as the bloc’s leaders take time to consider the economic impact of the unprecedented overhaul in the midst of the deepest recession on record. EU heads of government plan to discuss the draft measure at …

Bloomberg Malaysia Airlines Bhd is prepared to shut down if ongoing talks with leasing companies about a restructuring plan fail, The Edge Malaysia cited the national carrier’s chief executive officer as saying. A “sizable” number of creditors support the company’s plan, some are against it and others are still undecided, Izham Ismail told the business weekly in an interview. The …