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On the level of optics, British Prime Minister Boris Johnson can count his first meeting with US President Joe Biden a success. There were impressive photo ops, an exchange of gifts and a new Atlantic Charter to update the one Churchill and Roosevelt signed 80 years ago. But if Biden’s goal at the Group of Seven meeting in England was ...

The most effective weapon in America’s tussle with strategic and economic competitors may be 100 US cents. Countries like Russia and China chafe at the dollar’s dominance, but there’s little they can do other than posture and make relatively benign adjustments to their monetary arrangements. Russian President Vladimir Putin acknowledged as much, telling journalists that “we don’t want to do ...

The outlook for the global asset management industry, plagued in recent years by unmerciful downward pressure on fees, is starting to look brighter. With memestocks, decentralised finance and non-fungible tokens capturing the headlines, money managers need to keep up with the zeitgeist. A new report suggests that the cryptocurrency markets offer a great opportunity for fund managers and wealth management ...

There’s a conflict brewing in Europe between regulators, banks and some politicians over how new Basel III-compliant rules will be framed. Several banks, as well as policymakers in countries including France and Germany, say the capital requirements called for under the new regulations are too high. The Basel Committee on Banking Supervision thinks that these last-ditch efforts to weaken Basel ...

Bloomberg Chinese ride-hailing company Didi revealed a $1.6 billion net loss for 2020 as it moves ahead with plans for a US initial public offering. The company in its first public filing for the IPO listed the offering as $100 million, a placeholder that will change when the company discloses terms for the share sale. Didi filed under the business ...

Bloomberg Indian mobile content provider Glance InMobi Pte agreed to acquire e-commerce startup Shop101 to expand into influencer-led shopping in the South Asian country. Glance, which became a unicorn in December after backing from Alphabet Inc’s Google and Peter Thiel’s Mithril Capital, pushes curated news and entertainment content onto phone lock screens and also runs a short video app. It ...

Bloomberg Delays from congestion at southern Chinese ports triggered by fresh Covid-19 outbreaks are rippling through global supply chains, threatening to inflate costs and exacerbate disruptions. A cargo vessel operated by Cosco Shipping Lines Co will skip a scheduled port stop in Singapore this month because of delays in China, according to alliance partner Ocean Network Express Holdings Ltd. One ...

Bloomberg A top Indian fund manager is shunning lower-rated rupee corporate bonds until the impact of the world’s worst Covid-19 crisis on weaker borrowers is better understood. The level of stress in the economy especially for small- and medium-sized enterprises is still unclear after states locked down to curb the spread of a second virus wave from March, said Dhawal ...

Bloomberg Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode. Resurgent concerns about the health of China Evergrande Group, Hui’s flagship property company, have pushed its stock to within a hair’s breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked ...

Bloomberg It was supposed to be another sign of Joe Biden bringing together US allies left adrift under four years of Donald Trump: The leaders of Japan and South Korea sitting down for a meeting at the Group of Seven summit. Yet Japanese Prime Minister Yoshihide Suga and South Korean President Moon Jae-in failed to hold the first substantive direct ...