Bloomberg A Supreme Court panel in India refused to issue orders on the government’s petition to stop a proposed rally by farmers that would run at the same time as Republic Day celebrations on January 26. The three-judge panel headed by Chief Justice of India Sharad A. Bobde said police, and not the court, should decide on allowing farmers into ...
Read More »Tunisia’s protests rage on
Bloomberg Tunisia saw another night of anti-government protests after the prime minister acknowledged “legitimate†anger at nation’s economic malaise while warning against the use of violence. Protesters blocked roads, burned tires and skirmished with police in mainly working class neighbourhoods of Tunis and the central city of Kasserine, local broadcaster reported. More than 600 people have been arrested in upheaval ...
Read More »Malaysia holds key rate amid lockdown to curb virus surge
Bloomberg Malaysia kept its benchmark interest rate unchanged Wednesday, saving its policy ammunition as the country grapples with a surge in Covid-19 infections that could take months to subside. Bank Negara Malaysia (BNM) maintained the overnight policy rate at a record-low 1.75% at its first meeting of the year, as expected by 12 of 23 economists surveyed by Bloomberg. The rest ...
Read More »JPMorgan appoints Huang to lead China securities venture
Bloomberg JPMorgan Chase & Co. has appointed veteran dealmaker Houston Huang to lead its Chinese securities venture as the Wall Street firm steps up expansion in the country. Huang will become chief executive officer and head of investment banking for JPMorgan Securities (China) Co., according to an internal memo seen by Bloomberg News. He will be responsible for implementing the ...
Read More »Big banks unleash $5b from reserves on loan optimism
Bloomberg Wall Street’s worst fears about the fallout from Covid-19 are receding. Three of the biggest US lenders — JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. — cut their combined reserves for losses on loans by more than $5 billion, helping fourth-quarter profit top estimates even as they faced headwinds from low interest rates. While posting ...
Read More »HK bank staff arrested in $810m laundering probe
Bloomberg Hong Kong police have arrested seven current and former bank staff in the city in an alleged money laundering case involving HK$6.3 billion ($810 million) in dirty money flows over the past four years. Five men and two women, between the ages of 30 and 37, were arrested, the police said in a statement on Wednesday after making raids ...
Read More »BofA plans to buy back $2.9bn of stock in Q1
Bloomberg Bank of America Corp. (BofA) said it plans to repurchase $2.9 billion worth of stock this quarter, the most it can under new Federal Reserve guidelines. The buybacks come on top of its 18-cent dividend and $300 million in repurchases that offset stock awards, the bank said in a statement that came ahead of its fourth-quarter results. Bank of ...
Read More »Zimbabwean banks shut 17% of their branches
Bloomberg Zimbabwean banks have closed about 17% of their branches as an escalation in the number of coronavirus infections spurs lenders to shut their doors for the time being and accelerate a digitisation drive. Of the 300 branches in the country, 10% were permanently closed last year due to the digitisation push. An additional 23 branches are now temporarily under ...
Read More »Surge in bad debt set to worsen India shadow bank woes
Bloomberg India’s troubled shadow banks face mounting challenges to a nascent recovery from pandemic, with their asset quality set to deteriorate further as flagged by the financial regulator. Non-performing assets already swelled in the most recent data to the highest in at least five years, at 6.3% as of March 2020 even before the worst of the pandemic impact, the ...
Read More »Europe stocks rise with futures; dollar declines
Bloomberg European stocks tracked US equity futures higher on Wednesday, buoyed by earnings and hopes for more stimulus. The dollar extended its retreat. Nasdaq futures rallied and tech shares led gains in the Stoxx 600 Index following strong earnings from Netflix Inc. and chipmaker ASML Holding NV. S&P 500 contracts edged higher a day after US Treasury Secretary nominee Janet ...
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