August, 2020

• 16 August

  Aviation Week cuts jet-delivery forecast

  Bloomberg Deliveries of commercial aircraft over the next ten years will be 30% lower than previously forecast, Aviation Week Network said in a video conference. The prediction spans regional jets to widebody planes, and the latter will be hardest-hit, Aviation Week analyst Dan Williams said on the call. Covid-19 pandemic has battered demand for air travel, with most industry participants ...

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• 16 August

  Fed’s Kaplan says inflation can run ‘moderately’ above 2% goal

  

  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 ...

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• 16 August

  Citi, BofA revamp benefits for workers worried about kids

  

  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 ...

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• 16 August

  Goldman, Morgan Stanley face stiffest Fed capital standards

  

  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 ...

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• 16 August

  Congo central bank more than doubles interest rate

  

  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. ...

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• 16 August

  Citi’s $900m ‘clerical error’ worst Wall Street bungle in ages

  

  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 ...

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• 16 August

  Big banks in US, Europe hire 19,000 people

  Bloomberg The biggest US and European banks added 19,000 people to their payrolls in first half of year as demand for loans and other services surged during the pandemic and planned staff cuts were largely put on hold. Eight of the top 15 firms increased headcount this year through June, while only four reduced it. Three lenders’ staff levels were ...

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• 16 August

  Stocks ignore stimulus rift, sowing worries on Wall Street

  

  Bloomberg This week’s run-up in US stocks towards their highest levels on record seems an anomaly, considering the political breakdown over a $1 trillion-plus fiscal stimulus package, and it’s spurring concerns from Wall Street to Capitol Hill. Federal Reserve officials and private economists alike have emphasised that a sharp drop-off in government spending imperils a recovery from the historic collapse ...

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• 16 August

  Gold heads for first weekly loss since June after big slump

  

  Bloomberg Gold posted its first weekly drop in more than two months after being buffeted by climbing real yields, profit-taking and uncertainty over US-China trade talks. Bullion is ending a week filled with big price fluctuations on a relatively tame note, trading at more than $100 an ounce below last week’s record after dropping the most in seven years. Both ...

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• 15 August

  Oil ekes out weekly gain with virus concerns capping rally

  

  Bloomberg Oil squeezed out a gain for the second straight week but uncertainty around the US-China trade deal and fears of a resurgent pandemic limited the price rally. Crude futures in New York fell 0.5%, but rise 1.9% for the week. The US and China postponed talks planned for over the weekend that had been aimed at reviewing progress at ...

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