August, 2020

• 23 August

  Rabobank group reviews commodity trade finance

  

  Bloomberg Rabobank Group is reviewing its commodity trade finance business, joining other major lenders in reconsidering their roles in an industry upended by recent trading scandals and the novel coronavirus. The Dutch bank, best known for financing food and agricultural traders, is analysing clients in its current portfolio. While it has no plans to exit the sector, it may choose …

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• 23 August

  Wells Fargo resumes job cuts after pandemic break

  

  Bloomberg Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top US competitors that have resisted workforce reductions amid the coronavirus pandemic. The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and years ahead. …

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• 23 August

  BofA customer opens mobile app, finds an extra $2.45bn

  Bloomberg Days after Citigroup Inc. made headlines for accidentally sending $900 million to a group of lenders, a Bank of America Corp. (BofA) customer in Massachusetts opened his account to find an even bigger cash infusion: $2.45 billion. But the money was never really there. “This was a display error and nothing more than that,” Bank of America spokesman Bill …

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• 23 August

  Canada banks to improve from Covid quarter

  Bloomberg Canada’s biggest banks are expected to see profits plunge for a second straight quarter due to economic fallout from the Covid-19 pandemic — though there are signs of improvement. The nation’s six-largest lenders will post an average profit decline of about 30% in the fiscal third quarter from a year earlier when they kick off the reporting season next …

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• 23 August

  Apple reverses move for WordPress to add in-app payments

  

  Bloomberg Apple Inc. reversed course on a decision to force popular blogging platform WordPress to add in-app purchases to its app, a move that could help lessen tensions between Apple and developers amid a public battle with Epic Games. The WordPress said that Apple had informed it that it had 30 days to add in-app-purchases to its application, which would …

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• 23 August

  Software firms gear up to reveal books ahead of busy IPO season

  

  Bloomberg Silicon Valley software notables — Unity Technologies Inc., Snowflake Inc. and Asana Inc. — are set to disclose their financials as soon as next week ahead of September trading debuts, according to people familiar with their plans. Palantir Technologies Inc., which also is planning to go public in late September through a direct listing, is nearing disclosure of its …

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• 23 August

  Facebook asks FTC how to avoid another Cambridge Analytica

  

  Bloomberg Facebook Inc. told the Federal Trade Commission (FTC) that the social-media company needs clear guidance on how to comply with new laws that grant consumers the right to transfer their data, without running afoul of user privacy. Regulators in Europe and California have ruled that consumers have the right to collect and move their personal information to new websites …

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• 23 August

  Warner Bros releases new Batman video game

  Bloomberg Warner Bros. Interactive Entertainment announced the much-anticipated Gotham Knights, the first new Batman game in five years. The game will be out in 2021. During the event, developers showed footage of Batgirl and other superheroes fighting through Gotham in a setting where Batman is dead. Warner Bros. had been teasing Gotham Knights for nearly a year through Twitter posts …

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• 20 August

  US cancels China trade talks, raising questions over deal

  

  Bloomberg President Donald Trump said he called off last weekend’s trade talks with China, raising questions about the future of a deal that is now the most stable point in an increasingly tense relationship. “I cancelled talks with China,” Trump said in Yuma, Arizona. “I don’t want to talk to China right now.” The phase-one trade deal, which came into …

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• 20 August

  Equinor unit signs deal to sell power

  

  Bloomberg A giant wind farm being developed off the coast of the UK will sell some of its power to energy trader Danske Commodities A/S. Under the 15-year deal, the subsidiary of Equinor ASA will trade and balance power from 480 megawatts of the Dogger Bank wind farm, about 13% of its capacity. It’s a key step as the developers …

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