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Bloomberg China is reconsidering its strategy for the internationalisation of the yuan and planning for more policy support after completing a comprehensive review recently, according to a senior central bank official. “As everybody knows in the past, the internationalisation of the RMB (yuan) sticks to the market principles,” Zhu Jun, director general of the People’s Bank of China’s international division, ...

Bloomberg The big margin of support among rural voters that helped Donald Trump secure victory four years ago is looking less firm in 2020 with the potential to shift the outcomes in key battleground states. Joe Biden, the Democratic nominee, is nowhere near winning the rural areas of the country, where roads are lined with Trump-Pence lawn signs and barn ...

Bloomberg Criminal gangs may have received as much 2 billion pounds ($2.6 billion) from the UK’s rush to deliver wage support during the pandemic. While Chancellor of the Exchequer Rishi Sunak’s furlough programs have sustained millions of workers through the crisis, the rush to build them from scratch opened the door to massive fraud, according to the National Audit Office ...

Bloomberg Italy and Spain are preparing to extend virus restrictions this week as new cases surge in the two countries that were at the epicenter of the initial wave of the coronavirus pandemic in Europe. In Italy, Prime Minister Giuseppe Conte approved a plan to limit opening hours for restaurants, and shut entertainment centres and gyms. Italians will also be ...

Bloomberg Two of Argentina’s largest creditor groups excoriated the government for mismanaging the economy, saying the country was headed for disaster just seven weeks after restructuring $65 billion in debt. The investors urged policy makers and International Monetary Fund (IMF) to do their part to set the stage for an economic recovery. They said in a joint statement that the ...

Bloomberg Californians are facing the largest mass blackout so far this year as the state’s biggest utility, PG&E Corp., prepares power shutoffs to prevent live wires from falling into dry brush and igniting wildfires with ferocious winds expected to sweep across the region. PG&E is planning to cut power to 386,000 homes and businesses — an estimated 1.2 million people ...

ABU DHABI / WAM Ookla, the global leader in fixed broadband and mobile network testing applications, data and analysis, on Saturday recognised Etisalat for being the fastest mobile network operator worldwide in 2020 providing its subscribers the most superior experience with the fastest mobile speeds from anywhere in the world. This major achievement is a testimony of UAE’s leadership’s vision ...

Abu Dhabi / WAM The largest commercial bank in Russia, Central and Eastern Europe is on course to opening an office in Abu Dhabi by the end of this year, according to a top executive. Sberbank is looking to promote investment activity in both conventional and Islamic finance through cooperation with funds, financial institutions and other bodies in the Middle ...

Dubai / WAM Thirty-one Italian companies will take part in the virtual edition of Water, Energy, Technology, and Environment Exhibition (Wetex 2020) on October 26 – 28. This participation is almost 50 percent more than in the 2019 edition, according to the Italian Trade Agency (ITA). The Italian companies will be showcasing the latest advancements of Italy in sustainable and ...

Bloomberg One of France’s biggest energy companies has delayed a decision on a $7 billion deal to import liquefied natural gas (LNG) from the US after pressure from the government in Paris to seek cleaner supplies of the fuel. Engie SA said it has postponed work on a contract to take LNG from NextDecade Corp’s operation, which is fed by ...