July, 2020

• 26 July

  Europe’s economy to outpace US in upending of past roles

  

  Bloomberg The euro area economy is for once set for a sprightlier recovery from crisis than the US, thanks to starkly different responses to the coronavirus. America’s failure to get a grip on the pandemic is putting the brakes on its rebound compared with Europe, where many former virus hot spots managed to resume economic activity without causing a similar …

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• 26 July

  Sharjah Media City signs JV with Connected Circles

  Sharjah / WAM Sharjah Media City (Shams) a world-class media hub for innovative facilities and services, joined forces with Connected Circles, an Amsterdam-based company which helps retain and attract talents, boost brands reach, and gain trust through transparency, consistency, and relevant content. The joint venture aims to bring knowledge, experience, and business processes from Amsterdam to the Middle East. The …

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• 26 July

  Ajman, Zambia discuss ways to boost trade

  Ajman / WAM Representatives of the Ajman Chamber of Commerce and Industry and Consulate of Zambia discussed joint economic cooperation and various investment opportunities available to both sides, in a bid to increase the value of trade and promote partnerships between investors from Ajman and Zambia. The chamber was represented at the meeting by Salem Al Suwaidi, Director-General of the …

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• 26 July

  FirstEnergy works to distance itself from ex-unit amid probe

  

  Bloomberg FirstEnergy Corp’s chief executive officer pushed to distance the company from its former unit that owns nuclear plants benefiting from an Ohio state law at the crux of an alleged racketeering and bribery conspiracy. CEO Charles Jones said the company hasn’t had control of decisions made by its former FirstEnergy Solutions unit, now Energy Harbor, since November 2016. And …

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• 26 July

  Cenovus Energy takes advantage of ‘credits’ to boost oil production

  

  Bloomberg Cenovus Energy Inc is taking advantage of a plunge in the price for credits that allow the oil-sands company to produce more than output limits imposed by Alberta. For August, those credits are trading at about $1.25 a barrel, compared with $7 or more before the global pandemic, according to people familiar with the market who asked not to …

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• 26 July

  Oil sands’ return keeps Canadian pipelines empty

  

  Bloomberg Canada’s oil-sands producers are taking their time at restoring production, leaving the country’s normally congested pipelines with room to spare. Enbridge Inc said that nominations to ship heavy oil on its Mainline, the country’s biggest oil-export network, exceeded capacity by 7% in August versus 3% in July. For the sixth straight month, no rationing was imposed for light oil …

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• 26 July

  India’s bad loan ratio to jump to two-decade high, says RBI

  

  Bloomberg The bad loan ratio in India’s banking sector is forecast to swell to the highest level in more than two decades after a prolonged lockdown hurt businesses and left millions jobless. Soured assets will rise to 12.5% of total advances by March 2021 — highest since the financial year started 1999 — from 8.5% a year earlier, the Reserve …

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• 26 July

  South Africa relaxes loan-guarantee rules to improve take-up

  

  Bloomberg South Africa is in talks with non-banking lenders to join its 200 billion rand ($12 billion) loan-guarantee measures as it seeks to improve access to finance for businesses hit by the coronavirus pandemic. The government-backed program will have less stringent approval processes and extend repayment periods, the National Treasury, the South African Reserve Bank and the Banking Association of …

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• 26 July

  Bank of Japan may have a new pattern for when it buys stocks

  

  Bloomberg The Bank of Japan (BOJ) may have adopted a new standard in deciding when to support stocks, according to Seiichi Suzuki, a market analyst at Tokai Tokyo Research Institute Co. While market consensus has it that the BOJ purchases ETFs when the Topix index falls at least 0.5%, recent buying patterns have changed, Suzuki said. “The bar for ETF …

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• 26 July

  Treasury, UK banks make plans for Covid bad debt

  

  Bloomberg The Treasury is in talks with the UK’s largest banks about a plan to tackle billions of pounds of bad debts expected under government’s Coronavirus loans program for small businesses, the Financial Times reported. Part of the discussions centers on a common code of conduct to deal with bounce-back borrowers, which could include guidance on when and how to …

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