Chinese banks must brace for surge in bad loans, regulator says

© Reuters. FILE PHOTO: People wear protective face masks, following an outbreak of the novel coronavirus disease (COVID-19), at Lujiazui financial district in Shanghai BEIJING (Reuters) – China’s banks should brace for a big jump in bad loans due to coronavirus-induced economic pain, the financial regulator said on Saturday, noting the deterioration of asset quality […]

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Chinese banks must brace for surge in bad loans – regulator

© Reuters. FILE PHOTO: People wear protective face masks, following an outbreak of the novel coronavirus disease (COVID-19), at Lujiazui financial district in Shanghai BEIJING (Reuters) – China’s banks should brace for a big jump in bad loans due to coronavirus-induced economic pain, the financial regulator said on Saturday, noting the deterioration of asset quality […]

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US economy may be stalling out as viral outbreak worsens

WASHINGTON — The U.S. economy is stumbling as the viral outbreak intensifies, threatening to slow hiring and deepening the uncertainty for employees, consumers and companies across the country. Coronavirus case counts are rising in 38 states, and the nation as a whole has been shattering single-day records for new confirmed cases. In six states representing […]

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UK’s Sunak to map out next moves in COVID recovery plan

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London By William Schomberg LONDON (Reuters) – British finance minister Rishi Sunak will announce on Wednesday his next moves to prevent a wave of job cuts from snowballing into a full-blown unemployment crisis in the world’s sixth-biggest economy. Sunak is already on course to […]

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EU sees deeper recession, less steep rebound for euro zone

2/2 © Reuters. Outbreak of the coronavirus disease (COVID-19) in Frankfurt 2/2 By Philip Blenkinsop and Francesco Guarascio BRUSSELS (Reuters) – The euro zone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy and Spain struggling the most […]

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UK consumers remain cautious about returning to high streets

© Reuters. The coronavirus disease (COVID-19) outbreak in Leicester LONDON (Reuters) – The number of shoppers visiting retailers was down by nearly 50% last week compared with a year earlier and the amount of money spent in pubs and restaurants as they reopened last weekend suffered a similar fall, data showed on Tuesday. The figures […]

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ECB may ask banks to withhold dividends for longer

© Reuters. Outbreak of the coronavirus disease (COVID-19) in Frankfurt FRANKFURT (Reuters) – The European Central Bank is considering an extension to a recommendation that banks suspend dividends and share buybacks, and will soon provide an update, ECB bank supervisor Kerstin af Jochnick said on Tuesday. The ECB asked banks to stop dividends and buybacks […]

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California Assembly delays return to work as 5 workers test positive for coronavirus

A coronavirus outbreak in the California Legislature has indefinitely delayed the state Assembly’s return to work from a scheduled summer recess, highlighting the rapid spread of the virus in a state that has imposed new restrictions on bars and restaurants following a surge of cases and hospitalizations. Speaker Anthony Rendon’s office confirmed five people who […]

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California Assembly delays session after virus outbreak

A coronavirus outbreak in the California Legislature has indefinitely delayed the state Assembly’s return to work from a scheduled summer recess, highlighting the rapid spread of the virus in a state that has imposed new restrictions on bars and restaurants following a surge of cases and hospitalizations. Speaker Anthony Rendon’s office confirmed five people who […]

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UK Treasury, British Business Bank reviewing access to state-backed loan schemes – Telegraph

2/2 © Reuters. Outbreak of the coronavirus disease (COVID-19) in London 2/2 (Reuters) – Britain’s Treasury and British Business Bank officials are reviewing access to state-backed loan schemes after the European Union relaxed state aid rules, The Daily Telegraph reported. The Treasury is considering ways of making it easier for businesses to access coronavirus support […]

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Britain’s finance ministry pledges funding to triple number of UK traineeships

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London LONDON (Reuters) – Britain will offer its largest ever expansion of traineeships, its finance ministry said on Sunday, ahead of a highly-anticipated update due later in the week on the government’s support for the economy through the coronavirus crisis. Finance minister Rishi Sunak […]

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UK to double work coaches as lockdown hammers jobs market

© Reuters. FILE PHOTO: The coronavirus disease (COVID-19) outbreak in Watford LONDON (Reuters) – Britain’s government will double the number of its job coaches as part of a plan to tackle a rise in unemployment triggered by the coronavirus lockdown, the finance ministry said on Saturday. The number of work coaches at British job centres […]

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UK scraps sales tax on personal protective gear until October

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Britain LONDON (Reuters) – Britain’s finance ministry said on Friday it will extend the scrapping of sales tax on personal protective equipment (PPE) for infectious diseases until the end of October. “Extending the zero VAT rate on PPE will provide the relief needed by […]

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Brazil emergency aid for low-paid workers jumps to nearly $50 billion

© Reuters. Outbreak of the coronavirus disease (COVID-19) in Rio de Janeiro By Marcela Ayres and Jamie McGeever BRASILIA (Reuters) – Brazil’s emergency payments to low-paid, informal workers hit hard by the COVID-19 crisis stands at around 254 billion reais ($48 billion), more than double all 2020 discretionary spending, a senior Economy Ministry official said […]

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U.S. House approves extension of small business loan program

© Reuters. A person in a mask walks on a nearly empty street in the coronavirus outbreak near the Treasury Department in Washington WASHINGTON (Reuters) – The U.S. House of Representatives on Wednesday approved an extension of a $660 billion lending program in an effort to help small businesses hit hard by the coronavirus pandemic, […]

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5 things to watch for in Thursday’s jobs report for June

WASHINGTON — With the viral outbreak worsening and unemployment at Depression-era levels, the government on Thursday will issue what will almost surely be another remarkable jobs report. Hiring in June might have reached the highest monthly total on record — 3 million. Yet so deep were the layoffs this spring that a gain that large […]

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ECB lowers bar for bank mergers in hope of spurring consolidation

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Frankfurt FRANKFURT (Reuters) – The European Central Bank is lowering the bar for bank mergers in the euro zone, hoping to encourage an elusive wave of consolidation in a sector plagued by low profits and unresolved issues inherited from the last financial crisis. In […]

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Watchdog puts British banks on notice but no overdraft inquiry

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in London By Huw Jones LONDON (Reuters) – Britain’s financial watchdog will not open a formal inquiry into how banks charge for overdrafts, but put them on notice on Wednesday of a full evaluation of their pricing next year. The Financial Conduct Authority gave banks […]

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Global labour market ‘uncertain’, no return to pre-pandemic levels in 2020: ILO

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Ahmedabad By Stephanie Nebehay GENEVA (Reuters) – The outlook for the global labour market in the second half of 2020 is “highly uncertain” and the forecast recovery will not be enough for employment to return to pre-pandemic levels this year, the International Labour Organization […]

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Madrid taxi drivers demand fleet limits amid weak demand

2/2 © Reuters. The coronavirus disease (COVID-19) outbreak in Madrid 2/2 MADRID (Reuters) – Thousands of taxi drivers took to the streets of Madrid on Tuesday, honking their horns and clogging up the roads around city hall to demand a limit on the number of vehicles allowed to operate amid a post-lockdown slump in demand. […]

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German inflation picks up in June

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) near Bonn BERLIN (Reuters) – German annual inflation accelerated at low levels in June, preliminary data showed on Monday, but remained well below the European Central Bank’s target, providing further justification for stimulus. German consumer prices, harmonised to make them comparable with inflation data from […]

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British PM Johnson: we need an interventionist approach to economy

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London LONDON (Reuters) – British Prime Minister Boris Johnson said on Monday that the government should take an activist and interventionist approach to the economy. “I believe personally that what the government has got to do right now is keep going with an activist, […]

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UK’s Johnson pledges ‘Rooseveltian’ spending boost after COVID hit

2/2 © Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in London 2/2 LONDON (Reuters) – British Prime Minister Boris Johnson promised a “Rooseveltian” boost to public spending to help the country’s economy recover from the coronavirus shock and said a return to austerity would be a mistake. Johnson said he would double down […]

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EU’s recovery fund must include substantial grants – IMF

© Reuters. FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Frankfurt BERLIN (Reuters) – A substantial part of the European Union’s package of measures to help the economy recover from the coronavirus pandemic must consist of grants rather than loans, the International Monetary Fund’s chief economist told Der Spiegel. “Otherwise it will not promote […]

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