September, 2020

• 27 September

  Credit Agricole scouts for takeover targets in Italy

  

  Bloomberg Credit Agricole SA, France’s second-biggest lender, is scouting for potential acquisitions in Italy as banking deals accelerate in Europe, according to people familiar with the deliberations. The French firm has discussed purchases of small and mid-sized banks in Italy, said the people, who asked not to be identified because deliberations are private. Potential targets include Banco BPM SpA as …

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• 27 September

  Deutsche revamps work-from-home rule in permanent shift

  

  Bloomberg Deutsche Bank AG is revising its work-from-home policies in an effort to permanently reduce office space, adding to a growing number of lenders that are using lessons learned from the pandemic to lower costs. The bank’s leadership is working on a new “hybrid model” for how staff can split work between the office and their homes, Chief Executive Officer …

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• 27 September

  Colombia cuts key rate for seventh time

  Bloomberg Colombia’s central bank cut interest rates to a record low in a split decision after inflation slowed below its target and the weak recovery left a quarter of urban workers still jobless. Four of the bank’s seven-member board voted to reduce the benchmark rate by a quarter percentage point to 1.75%, Governor Juan Jose Echavarria said after the meeting. …

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• 27 September

  It’s deja vu for Canada stock investors as virus hits market

  

  Bloomberg Canada’s stock market is on pace for its first monthly loss since the coronavirus pandemic rocked global markets in March, signalling investors should brace for a wild ride ahead. The problem today, as it was in the spring, is the spread of Covid-19. Virus cases are rising rapidly in parts of the world that seemed to have the problem …

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• 27 September

  Every day-trader dollar is worth 5 in a new theory on stocks

  

  Bloomberg Day traders claiming bragging rights for this year’s $9 trillion US equity rebound can find some supporting evidence in the latest research. Even as retail trading has grown to represent 20% of daily volume, Wall Street has struggled to figure out how much this modest-sized contingent actually influences prices. After all, the market is teeming with algorithmic funds, long-only …

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• 26 September

  UK budget deficit soars to $222bn under lockdowns

  

  Bloomberg UK government borrowing soared to 173.7 billion pounds ($222 billion) in the first five months of the fiscal year as the costs of the coronavirus pandemic continued to mount. The budget deficit in August alone was 35.9 billion pounds, the Office for National Statistics said. Britain now has borrowed more since a national lockdown was imposed in March than …

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• 26 September

  Oil falls in wake of renewed concerns over virus surge

  

  Bloomberg Oil falls this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdown measures and further stifle crude demand. New York futures edged lower and drop 2.1% on the week. The number of US coronavirus cases rise above 7 million, according to data from Johns Hopkins University. Meanwhile, a second governor tested positive for …

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• 26 September

  BP hits 25-year low a week after climate strategy

  

  Bloomberg Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low. Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas …

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• 26 September

  Topaz set to test Canada energy appetite with IPO

  

  Bloomberg Tourmaline Oil Corp is betting investors have an appetite for more Canadian energy stocks, offering up the biggest initial share sale to come out of Alberta’s oil patch in three years. The Calgary-based natural gas driller is creating a new royalty and energy infrastructure company through an initial public offering of Topaz Energy Corp, with the new entity and …

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• 26 September

  Apple’s $15 billion tax victory faces EU appeal at top court

  

  Bloomberg Apple Inc.’s victory over a record back-tax order faces a challenge at the European Union’s top court as Competition Commissioner Margrethe Vestager seeks to rescue her crackdown on allegedly unfair fiscal deals doled out to multinational companies. The EU’s General Court “made a number of errors of law” when it sided with Apple in its ruling in July, the …

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