August, 2020

• 23 August

  Thai banks strong, able to deal with impact of virus

  

  Bloomberg Thailand’s commercial banks are financially sound and are able to withstand any economic impact from the pandemic, Bank of Thailand Deputy Governor Ronadol Numnonda said in a statement on Sunday. The banking system’s capital fund is strong with an adequacy ratio, or BIS ratio, at the “high level” of 19.2% by the end of June. Lenders are profitable and ...

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• 23 August

  Fed used only a fraction of Main Street lending facility: Report

  

  Bloomberg The Federal Reserve has used only a fraction of the $600 billion in an emergency lending program for small and medium businesses struggling with the Covid pandemic, according to a congressional watchdog report. Eligible lenders participating in the Main Street program have issued $496.8 million in loans, of which $472 million is Federal Reserve money, or about 0.07% of ...

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• 23 August

  Rabobank group reviews commodity trade finance

  

  Bloomberg Rabobank Group is reviewing its commodity trade finance business, joining other major lenders in reconsidering their roles in an industry upended by recent trading scandals and the novel coronavirus. The Dutch bank, best known for financing food and agricultural traders, is analysing clients in its current portfolio. While it has no plans to exit the sector, it may choose ...

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• 23 August

  Wells Fargo resumes job cuts after pandemic break

  

  Bloomberg Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top US competitors that have resisted workforce reductions amid the coronavirus pandemic. The San Francisco-based lender, under growing pressure to lower costs, quietly ended a moratorium on terminations in recent weeks as it prepares to make deeper cuts in the months and years ahead. ...

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• 23 August

  BofA customer opens mobile app, finds an extra $2.45bn

  Bloomberg Days after Citigroup Inc. made headlines for accidentally sending $900 million to a group of lenders, a Bank of America Corp. (BofA) customer in Massachusetts opened his account to find an even bigger cash infusion: $2.45 billion. But the money was never really there. “This was a display error and nothing more than that,” Bank of America spokesman Bill ...

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• 23 August

  Canada banks to improve from Covid quarter

  Bloomberg Canada’s biggest banks are expected to see profits plunge for a second straight quarter due to economic fallout from the Covid-19 pandemic — though there are signs of improvement. The nation’s six-largest lenders will post an average profit decline of about 30% in the fiscal third quarter from a year earlier when they kick off the reporting season next ...

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• 23 August

  Apple reverses move for WordPress to add in-app payments

  

  Bloomberg Apple Inc. reversed course on a decision to force popular blogging platform WordPress to add in-app purchases to its app, a move that could help lessen tensions between Apple and developers amid a public battle with Epic Games. The WordPress said that Apple had informed it that it had 30 days to add in-app-purchases to its application, which would ...

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• 23 August

  Software firms gear up to reveal books ahead of busy IPO season

  

  Bloomberg Silicon Valley software notables — Unity Technologies Inc., Snowflake Inc. and Asana Inc. — are set to disclose their financials as soon as next week ahead of September trading debuts, according to people familiar with their plans. Palantir Technologies Inc., which also is planning to go public in late September through a direct listing, is nearing disclosure of its ...

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• 23 August

  Facebook asks FTC how to avoid another Cambridge Analytica

  

  Bloomberg Facebook Inc. told the Federal Trade Commission (FTC) that the social-media company needs clear guidance on how to comply with new laws that grant consumers the right to transfer their data, without running afoul of user privacy. Regulators in Europe and California have ruled that consumers have the right to collect and move their personal information to new websites ...

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• 23 August

  Warner Bros releases new Batman video game

  Bloomberg Warner Bros. Interactive Entertainment announced the much-anticipated Gotham Knights, the first new Batman game in five years. The game will be out in 2021. During the event, developers showed footage of Batgirl and other superheroes fighting through Gotham in a setting where Batman is dead. Warner Bros. had been teasing Gotham Knights for nearly a year through Twitter posts ...

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