June, 2020

• 4 June

  BofA pledges $1bn to fight racial inequality

  

  Bloomberg Bank of America Corp. (BofA) pledged to donate $1 billion over the next four years to address economic and racial inequality that’s has worsened during the coronavirus pandemic. The funds will be directed to programs that focus on health, jobs, small businesses and housing, particularly in communities with many people of colour, the bank said. Those efforts may include ...

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• 4 June

  British banks keep flooding economy with billions in loans

  

  Bloomberg British banks are flooding the economy with billions in loans every week as the demand for emergency funding for businesses persists. Lenders have so far issued over 31.3 billion pounds ($39 billion) to more than 745,000 businesses through government-backed schemes, according to UK Finance which represents finance and banking firms in London. As of May 31, banks have lent ...

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• 4 June

  Philippine central bank chief is happy where key rate is

  

  Bloomberg Philippine central bank governor Benjamin Diokno said the monetary easing implemented against coronavirus was appropriate, and that further action will depend on the economic recovery. “Right now, we’re happy where the current policy rate is,” Diokno said in an interview with Bloomberg. Monetary authorities are ready to use all the tools at their disposal, but are likely to do ...

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• 4 June

  BOE says banks must prepare for no-deal Brexit

  Bloomberg The Bank of England (BOE) repeated that lenders should plan for the possibility that the UK won’t reach a deal with the European Union (EU) before the Brexit transition period is complete at the end of this year. In a rare public statement on the talks, the central bank said Wednesday that a no-deal Brexit was “one of a ...

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• 4 June

  Global stock rally pauses as dollar rebounds; oil declines

  

  Bloomberg The stock rally powered by bets on a speedy global economic recovery from the pandemic paused for breath on Thursday as equities struggled in Europe and Asia. The dollar climbed after five consecutive sessions of declines. The Stoxx 600 Index opened lower for the first time this week, hours before the European Central Bank announces its policy decision. Futures ...

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• 4 June

  Investors take pause on Indian stocks after six-day rally

  

  Bloomberg Indian equities dropped on Thursday as investors paused for breath after the longest winning run since November. The S&P BSE Sensex and NSE Nifty 50 Index fell 0.9% each as of 12:39 pm in Mumbai, after earlier rising as much as 0.6% each. Both gauges are still trading close to their highest in almost three months — levels seen ...

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• 4 June

  Philippine stocks climb

  Bloomberg Philippine stocks climbed the most in Asia, rounding their best seven-day rally in more than two decades, on optimism the economic fallout from the coronavirus outbreak won’t be as bad as feared after the central-bank governor said monetary-easing steps were appropriate. The Philippine Stock Exchange Index climbed 4.4% on Thursday, taking its seven-day rebound to almost 19%. The peso ...

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• 3 June

  FANR board reviews progress of Barakah nuclear power plant

  

  ABU DHABI / WAM The Board of Management of the UAE’s Federal Authority for Nuclear Regulation (FANR) convened via video conference to review the performance of FANR in the first quarter as well as the progress in implementing a number of initiatives planned during this year. In a statement on Wednesday, FANR said members of the board discussed the UAE ...

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• 3 June

  Oil declines as Opec+ meet in doubt over quota-cheating

  

  Bloomberg Oil erased gains as the Opec+ meeting was put in doubt over cheating by some nations on their output-cuts deal. The producer group won’t hold an early meeting on June 4, and a scheduled gathering next week was also threatened, unless all nations first agree to cut output by as much as they promised, according to people familiar with ...

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• 3 June

  RTA records 610% rise in procedural transactions

  

  DUBAI / WAM Roads and Transport Authority (RTA’s) Chatbot, branded as Mahboub has processed 135,128 chats in March, April. The figure replicates a sharp increase from the 45,754 chats reported in the preceding two months (January and February). It reflects an increase of 195% in the number of chats performed and a stunning rise of 610% in the number of ...

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