October, 2020

• 24 October

  Somalia lawmakers approve new cabinet

  Bloomberg The Somali parliament on Saturday approved a new cabinet named by Prime Minister Mohamed Hussein Roble last week. All the 188 lawmakers in attendance voted in favor of the cabinet ministers, according to Parliament Speaker Mohamed Mursal Sheikh. In September, the Somali parliament ratified Roble’s appointment, less than a week after his nomination. Roble, a Swedish-Somali who had been ...

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• 24 October

  Italy mulls curfew, coronavirus relief

  Bloomberg The Italian government is expected to approve further virus containment measures as soon as Sunday and is mulling additional economic support even as the threat of tighter restrictions prompts protests. New infections soared above 19,000 cases on October 23, just a day after Naples — Italy’s hardest-hit city — imposed a night-time curfew in a bid to contain spread ...

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• 24 October

  SNB may have to sell some of its $100bn in US stocks

  

  Bloomberg The Swiss National Bank (SNB) could be forced to sell a chunk of its more than $100 billion US stock portfolio as part of a campaign to ban it from investing in defense companies. A poll by gfs.bern for public broadcaster SRG showed 54% of voters in favour of the proposal, which goes to a national vote on November ...

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• 24 October

  Wells Fargo weighs asset-manager sale

  

  Bloomberg Wells Fargo & Co. is exploring the sale of its asset-management unit as the biggest banks choose paths of diving deeper into the business or getting out. The Wells Fargo unit could fetch more than $3 billion, according to a person briefed on the matter, who said the bank began discussing a possible deal with other asset managers and ...

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• 24 October

  Barclays climbs as Staley’s traders thrive on volatility

  

  Bloomberg Barclays Plc Chief Executive Officer (CEO) Jes Staley’s drive to make investment banking the centerpiece of his strategy paid off in the third quarter, with equities trading in a volatile market beating the bank’s Wall Street peers. The shares approached a two-month high. The London-based bank’s equity trading income jumped 40% and foreign-exchange, rates and credit trading rises 23%, ...

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• 24 October

  Riksbank revealing grim view of latest Covid trend

  

  Bloomberg The Riksbank governor, Stefan Ingves, fears the economic outlook is deteriorating amid signs the coronavirus pandemic is tightening its grip across Europe, and ensnaring Sweden again too. “If you look at our forecasts, it will take a few years before GDP is back” at pre-crisis levels, Ingves said in an interview in Stockholm. “And those forecasts were done before ...

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• 24 October

  Spare cash spurs record demand for debt in Europe

  

  Bloomberg There’s so much cash in Europe there are just not enough bonds to go around. The amount of spare liquidity in the euro-area economy hit an all-time high of 3.2 trillion euros ($3.8 trillion) this month and plenty of that is chasing any new debt issue. This was seen in the record 233 billion euros of orders for the ...

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• 24 October

  MUFG rules out more cuts at Asia brokerage

  Bloomberg Mitsubishi UFJ Financial Group Inc. is ruling out further job cuts at its brokerage business in Asia after a lengthy overhaul, even as global banks trim headcount during the pandemic. “We are done with it — it’s over,” Saburo Araki, chief executive officer of Mitsubishi UFJ Securities Holdings Co., said in an interview. “It must have been painful for ...

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• 24 October

  Virus is putting Britain’s next industrial revolution on ice

  

  Bloomberg In the country that pioneered the world’s first industrial revolution in the 18th century, its latest one is looking very much on hold. The global shift towards robotics and artificial intelligence across advanced economies is currently in a go-slow phase in the UK — where both Covid-19 and Brexit have hampered progress. That threatens to harm Britain’s competitiveness against ...

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• 24 October

  Apple stops selling rival earphones, speakers ahead of its new launches

  

  Bloomberg Apple Inc. has stopped selling headphones and wireless speakers from rivals including Sonos Inc., Bose Corp. and Logitech International SA as the company gears up to launch its own new audio products. The Cupertino, California-based technology giant has long sold third-party hardware on its website, one of the largest e-commerce operations in the world. All headphones and speakers from ...

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