May, 2021

• 23 May

  Biden, South’s Moon vow unity on N Korea as US names new envoy

  

  Bloomberg President Joe Biden said he would appoint a special envoy to address issues regarding North Korea and vowed to coordinate policy towards Pyongyang closely with South Korea’s government. Following meetings with South Korean President Moon Jae-in in Washington, Biden said he’s appointing Ambassador Sung Kim to be the special envoy and that the US and South Korea are willing ...

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• 23 May

  Philippines, China hold ‘friendly’ dialogue on South China Sea row

  

  Bloomberg The Philippines and China held talks on the South China Sea through a bilateral online forum set up by both nations to promote dialogue and cooperation over the disputed waters. “The two sides had friendly and candid exchanges on the general situation and specific issues of concern in the South China Sea,” according to a statement released by the ...

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• 23 May

  US weighs financial sanctions against Ethiopia over Tigray war

  

  Bloomberg The Biden administration has prepared economic sanctions against Ethiopia that could halt financing from the US and loans by international financial institutions, according to two people familiar with the matter. The action, if confirmed, would set back relations between two longtime allies in the fight against extremism in the Horn of Africa. They’d add pressure to Ethiopia’s state finances ...

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• 23 May

  Germany imposes UK travel curbs due to variant from India

  Bloomberg Germany will impose fresh restrictions on travellers from the UK starting on Sunday due to the rapid spread in Britain of the coronavirus strain first identified in India. Travellers from the US will have to spend two weeks in quarantine upon arrival in Germany even if they test negative for the virus, according to the foreign ministry. In addition, ...

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• 23 May

  Detained Australian writer faces trial in China next week

  

  Bloomberg Australian writer Yang Hengjun will face trial in China for espionage next week, a development that is sure to strain already fraught ties between Beijing and Canberra. The Chinese government notified the Australian authorities that Yang would face trial on May 27, Australian Foreign Minister Marise Payne said in a statement. Yang was detained in January 2019 on allegations ...

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• 23 May

  RBI eases India government finances with $14bn payout

  

  Bloomberg India’s central bank approved paying a higher-than-expected nearly $14 billion as dividend to the government, providing relief to Finance Minister Nirmala Sitharaman at a time when the pandemic has strained public finances. The central board of the Reserve Bank of India approved transferring 991.2 billion rupees ($13.6 billion) to the government on, according to a statement from the Reserve ...

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• 23 May

  Barclays dragged into insurer ‘war’ over failed M&A deal

  

  Bloomberg Barclays Plc has been dragged into a bitter feud between two French insurers over its role in a failed hostile takeover bid. Scor SE is suing Barclays in London for breach of confidence when the bank advised Covea on its bid to acquire Scor in 2018. Barclays was given an inside track into the strategic thinking of Scor’s board ...

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• 23 May

  India’s largest bank posts record quarterly profit

  

  Bloomberg State Bank of India (SBI) posted a record quarterly profit that beat estimates, helped by higher interest and other income as well as lower provisions for bad loans. However, India’s largest lender broke with trend and didn’t offer guidance on fresh soured assets — the so-called slippage ratio — citing uncertainty arising from the coronavirus outbreak that is ravaging ...

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• 23 May

  BofA expands affordable-housing programme to $15 billion by 2027

  

  Bloomberg Bank of America Corp (BofA) is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps. The lender, working with the non-profit Neighbourhood Assistance Corp of America, set a goal of providing $15 billion in mortgages through May 2027, according to an announcement. Buyers get loans with no down payment, at below-market ...

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• 23 May

  US banks could shed 200,000 jobs in decade

  Bloomberg US banks could cut as many as 200,000 jobs in the next decade as they try to boost efficiency to compete with fintech and other upstarts encroaching on their territory, according to Wells Fargo & Co. The eliminations are likely to accelerate as the economy reopens following the Covid-19 pandemic and conditions normalise, Wells Fargo analysts led by Mike ...

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