May, 2020

• 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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• 28 May

  BMO’s $130mn loss in trading shows pain from notes, hedging

  Bloomberg Bank of Montreal (BMO) had about C$180 million ($130 million) in trading losses on a single day in March, a sign of just how risky stocks were as the coronavirus outbreak became a global pandemic. The loss, disclosed in a quarterly presentation, marks the company’s worst trading day in more than a decade. “On that day, there was significant ...

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• 28 May

  Stocks climb, US futures fluctuate; Treasuries dip

  

  Bloomberg Stocks climbed while US futures fluctuated on Thursday as investors weighed fresh fiscal stimulus from the European Union against increased friction between America and China. Treasuries drifted. The Stoxx Europe 600 opened in the green for a fourth day after the EU unveiled 2.4 trillion euros ($2.6 trillion) in total recovery spending to battle the impact of the coronavirus. ...

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• 28 May

  India stocks rise as firms gradually open for business

  

  Bloomberg Indian stocks rose amid optimism the restarting of business will help revive the economy. The S&P BSE Sensex Index added 1.8% to 31,169.39 as of 11:43 am in Mumbai on Thursday, while the NSE Nifty 50 Index gained 1.7%. Both gauges may be volatile ahead of the expiry of monthly derivatives contracts, after crossing their 50-day moving averages on ...

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• 28 May

  Singapore Exchange faces heightened competition

  

  Bloomberg Singapore Exchange Ltd. (SGX) faces heightened competition, a drop in profits and close monitoring of its dividend policy after MSCI Inc.’s decision to shift index licensing for some derivatives to Hong Kong, analysts said. MSCI will stop licensing for most derivatives products on SGX’s platform early next year, while separately agreeing to let Hong Kong Exchanges & Clearing Ltd. ...

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• 27 May

  Hamdan unveils new award for firms battling pandemic

  

  DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, announced an exceptional 4th edition of the Hamdan bin Mohammed Award for Innovation in Project Management featuring a new category titled ‘Innovative Practices in Handling the Covid-19 Pandemic’. With the new category, the award seeks to recognise organisations ...

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• 27 May

  IEA expects historic fall in global energy investment

  

  PARIS / WAM The Covid-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year – from fossil fuels to renewables and efficiency – the International Energy Agency (IEA) said in a new report released on Wednesday. The unparalleled decline is staggering in both its ...

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