May, 2020

• 28 May

  China doesn’t want Cold War, US decoupling: Li

  

  Bloomberg China’s Premier Li Keqiang struck a conciliatory tone with the US, saying that the two sides should cooperate and respect each other’s interests as tensions escalate on many fronts. As he spoke, the New York Times reported that President Donald Trump’s administration plans to cancel the visas of thousands of graduate students and researchers in the US with direct ...

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• 28 May

  Johnson to UK: ‘Move on’ from aide row

  

  Bloomberg Boris Johnson appealed to the UK to “move on” from the controversy over claims that his top adviser broke lockdown rules, as the prime minister tried to fight off a growing revolt from within his own party. Johnson said he was “sorry” for the “pain” and “anguish” the public had suffered since March, when he ordered sweeping restrictions on ...

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• 28 May

  Fake news probe fuels Bolsonaro-court crisis

  

  Bloomberg Brazil’s federal police targeted allies of President Jair Bolsonaro as part of an investigation mandated by the Supreme Court into the spread of fake news, potentially fuelling an institutional crisis between the three branches of government. Search and seizure orders were carried out in six states under a probe led by Justice Alexandre de Moraes. In his decision, Moraes ...

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• 28 May

  Food help to Africa strained as Covid-19 adds to hunger

  

  Bloomberg Fatou Fofana used to be able to support herself, her baby daughter and two other children by selling spices and stock cubes on the outskirts of Abidjan, Ivory Coast’s biggest city. But measures to contain the coronavirus have reduced her earnings to about $2 a day, leaving her reliant on local food aid to survive. The 39-year-old’s market stall ...

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• 28 May

  Third of Russians don’t believe in virus pandemic

  Bloomberg Nearly a third of Russians believe that the threat from the coronavirus crisis has been massively overblown, according to an opinion poll published on Thursday. More than 23% dismiss the pandemic as the invention of people who have an interest in promoting such a myth, showed the survey of 7,600 people from across Russia conducted on May 21-26 by ...

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• 28 May

  Banks in Denmark may face a $24 billion capital shortfall

  

  Bloomberg Several of Denmark’s biggest banks will see their so-called bail-in buffers come under intense pressure as the Covid-19 crisis triggers an historic economic slump. Stress tests published by the Danish central bank show that lenders may need to issue as much as 160 billion kroner ($24 billion) until 2022 to maintain a layer of capital known as MREL, which ...

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• 28 May

  BofA CEO sees 10% increase in trading revenue this quarter

  

  Bloomberg Bank of America Corp. (BofA) Chief Executive Officer Brian Moynihan said he expects the company’s traders to do very well in the current quarter, while not up to the pace set in the first three months of the year. Combined bond- and stock-trading revenue may rise in the “high single digits” or even close to 10% from a year ...

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• 28 May

  Citi to bring traders back in coming weeks

  

  Bloomberg Citigroup Inc. will gradually start bringing traders back to its London offices in the coming weeks as UK leaders continue to craft plans to ease social distancing restrictions. The firm will begin by restoring traders and other employees from its markets and securities services unit to its offices in London, according to people familiar with the matter, who asked ...

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• 28 May

  Bank of Korea slashes rates to record low in bid for recovery

  

  Bloomberg The Bank of Korea (BOK) cut rates to a record low and forecast the first economic contraction since the Asian financial crisis, but stopped short of offering clarity on what future steps it might take to shore up an economy battered by the coronavirus pandemic. Following the BOK’s unanimous decision on Thursday to cut the seven-day repurchase rate to ...

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• 28 May

  Coronavirus is ravaging Indonesian bank’s clients

  

  Bloomberg The worst crisis in more than two decades among Indonesia’s smaller companies will boost loan losses and curtail profit at nation’s largest lender, according to PT Bank Rakyat Indonesia Finance Director Haru Koesmahargyo. Bank Rakyat expects more than 10 million customers in its core segment — micro, small and medium enterprises — to be affected by the Covid-19 outbreak, ...

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