May, 2021

• 4 May

  Biden boosts refugee cap after wavering on ‘Trump limits’

  

  Bloomberg President Joe Biden sought to ease tensions with his political allies by quadrupling the limit on the number of refugees who can enter the US after months of administration wavering and reversals over increasing the cap. Biden said he would allow in as many as 62,500 refugees by the end of September, up from the historically low ceiling of ...

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• 4 May

  Duterte says China a benefactor, denounces ‘disrespectful’ remarks

  

  Bloomberg Philippine President Rodrigo Duterte said China remains a benefactor, as the Southeast Asian nation seeks to increase vaccine delivery from the mainland amid brewing tensions in disputed waters. “China remains our benefactor,” Duterte said. “Just because we have a conflict with China doesn’t mean to say that we have to be rude and disrespectful.” Duterte made the comment hours ...

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• 4 May

  After India, new virus waves hit developing countries

  

  Bloomberg It’s not just India. Fierce new Covid-19 waves are enveloping other developing countries across the world, placing severe strain on their healthcare systems and prompting appeals for help. Nations ranging from Laos to Thailand in Southeast Asia, and those bordering India such as Bhutan and Nepal, have been reporting significant surges in infections in the past few weeks. The ...

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• 4 May

  Scottish independence weighs on UK assets

  

  Bloomberg A week that could set in motion the eventual collapse of the 314-year union between England and Scotland is concentrating City trading desks on market disasters ahead. As Scots enter a May 6 vote pitched on whether there should be a second independence referendum, fund managers and sell-side strategists see potential for massive chaos across the UK’s economic landscape ...

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• 4 May

  Johnson predicts coronavirus lockdown ending on June 21

  

  Bloomberg British Prime Minister Boris Johnson said coronavirus lockdown rules are set to be scrapped in seven weeks’ time, as he hailed the UK’s successful vaccine rollout ahead of key elections this week. On the campaign trail, Johnson said the pandemic data was likely to allow people in England to stay overnight with friends or relations, with indoor hospitality able ...

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• 4 May

  Australia central bank to keep stimulus even as economy roars

  

  Bloomberg Australia’s central bank will maintain its highly supportive policy settings despite surging growth and falling unemployment, as it faces up to the even bigger challenge of lifting wages and inflation from record lows. Reserve Bank of Australia Governor Philip Lowe is set to keep interest rates and three-year yield target unchanged at 0.10%, while maintaining the current pace of ...

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• 4 May

  Cyber attacks have surged ‘dramatically’, says BofA tech chief

  

  Bloomberg Bank of America Corp (BofA) is devoting more resources to fighting cyber attacks after seeing a jump in threats amid the pandemic. The company’s centralised global information-security unit has boosted spending in recent years to about $1 billion annually, according to chief operations and technology officer Cathy Bessant. That’s mostly allocated to staff and technology to bolster cyber defenses. ...

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• 4 May

  Credit Suisse chairman buys $1.2 million in stock

  Bloomberg Credit Suisse Group AG Chairman Antonio-Horta Osorio bought 1.1 million francs ($1.2 million) of shares in a sign of confidence he can turn the bank around from one of the most turbulent periods in its history. An undisclosed board member bought the stock, according to a Swiss stock exchange filing dated May 3. A spokesperson for the bank confirmed ...

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• 4 May

  Yes Bank turns focus to lending after winning back depositors

  

  Bloomberg Yes Bank Ltd, once at the center of India’s biggest financial bailout, will turn its focus on boosting lending to businesses this year after succeeding in winning back depositors, Chief Executive Officer Prashant Kumar said. Regaining depositors and raising capital were first order of business for Kumar, who took over the reins of Yes Bank in March 2020 after ...

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• 4 May

  Westpac’s profit climbs on economic recovery

  

  Bloomberg Westpac Banking Corp’s half-year profit climbed as a continued recovery in the nation’s economy drove a further reduction in pandemic loan-loss provisions at Australia’s second-largest lender. Cash earnings rise to A$3.5 billion ($2.7 billion) in the six months through March 31, compared with A$993 million in the same period a year earlier, the Sydney-based bank said in a statement. ...

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