REFILE-UPDATE 1-Coronavirus shows U.S. too dependent on cheap medical imports, USTR says

(This Mar 30 story adds missing word “from” in last paragraph.) FILE PHOTO: U.S. Trade Representative Robert Lighthizer speaks during a meeting at the Presidential Palace, in Mexico City, Mexico December 10, 2019. /Carlos Jasso WASHINGTON () – U.S. Trade Representative Robert Lighthizer on Monday said the United States would seek to promote more domestic […]

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Fear of virus won’t save mom in U.S. college admissions scandal from prison

BOSTON () – A California mother was sentenced on Tuesday to seven months in prison for paying $450,000 to help her daughters gain an illicit edge in the college admissions process, despite her lawyers’ arguments that she faced exposure to the coronavirus if she were incarcerated. FILE PHOTO: Manuel and Elizabeth Henriquez, facing charges in […]

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Coronavirus clampdown prompts British professional services to cut costs

LONDON, March 31 () – Britain’s coronavirus lockdown began taking its toll on London’s financial heartland on Tuesday as accounting and consulting group Grant Thornton and law firm Allen & Overy sought to cut costs, including pay, and bolster capital. Professional services in the City of London have hit a near standstill since the coronavirus […]

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UPDATE 1-Small Canadian banks chase deposits to secure funding for troubled times

(Adds loan deferrals detail, share prices) By Nichola Saminather TORONTO, March 31 () – Canada’s small financial institutions are waging a war for deposits, offering customers higher interest rates to shore up funding and meet demand for deferrals and loans, despite a drop in official interest rates to a decade-low. While Canada’s biggest banks have […]

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Billionaire investor Steve Cohen: ‘After an earthquake there are tremors’

BOSTON () – Billionaire trader Steven A. Cohen is cautioning the staff of his investment firm, Point72 Asset Management, to remain cautious amid markets that have recovered slightly from coronavirus-driven lows. FILE PHOTO: Steven Cohen, chairman and CEO of Point72 Asset Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May […]

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UPDATE 1-Spain offers more aid for households, small businesses hit by coronavirus

MADRID () – Spain offered more help to households and small companies on Tuesday to try to calm fears about the country’s mothballed economy and shield the population from losing their homes during the coronavirus lockdown. People walk in Via Laietana street during the outbreak of the coronavirus disease (COVID-19), in Barcelona, Spain, March 31, […]

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Taliban team arrives in Kabul to begin prisoner exchange process

KABUL, March 31 () – A three-member Taliban team arrived in Kabul on Tuesday to begin a prisoner exchange process pivotal to kick-starting talks between the insurgent group and negotiators named by the Afghan government to end the country’s 18-year-old war. The peace talks, known as the intra-Afghan dialogue, were envisaged in an agreement signed […]

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UPDATE 1-Swiss bank watchdog toughens stance on dividends

(Adds bank comment, background) By Brenna Hughes Neghaiwi ZURICH, March 31 () – Switzerland’s bank watchdog on Tuesday toughened its line against banks paying dividends, saying that capital relief to promote lending during the coronavirus crisis would be cut for any new dividend payments approved after March 25. Regulators around the world have been urging […]

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EXPLAINER-What the Federal Reserve has done in the coronavirus crisis

() – The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases. FILE PHOTO: Federal Reserve […]

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Beijing local financial regulator grants Oaktree outbound investment quota

BEIJING, March 31 () – U.S. distressed asset manager Oaktree has received an outbound investment quota in the Beijing municipality worth $500 million, the Chinese capital’s local financial regulator said on Tuesday, Oaktree is the first financial institution to participate in the city’s outbound investment scheme, the regulator said in a statement. The scheme allows […]

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Bank of Canada expected to buy C$200 billion of debt as it embraces QE

TORONTO, March 31 () – The Bank of Canada is likely to buy about C$200 billion of government debt after announcing its first quantitative easing program, which would nearly triple the amount of assets on the central bank’s balance sheet, bond strategists estimate. Just a few weeks ago, Canada’s central bank was defying the global […]

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G20 financial officials say action plan will address low-income debt risk

RIYADH () – An action plan by the Group of 20 major economies to address the coronavirus pandemic will consider the risk of debt vulnerabilities in low-income countries and deliver financial aid to emerging countries, a joint statement said on Tuesday. G20 finance minister and central bank governors, who spoke by video conference for the […]

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SE Asia Stocks-Markets rise as China factory activity rebounds

* Indonesian President plans stricter movement restrictions * Vietnamese PM orders suspension of public transport services * Thailand earmarks $15 bln stimulus package By Arundhati Dutta March 31 () – Southeast Asian stock markets rose on Tuesday as data showed China factory activity unexpectedly expanded in March after contracting to a record low in the […]

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UPDATE 3-China factory activity unexpectedly expands, but economy unable to shake off virus shock

BEIJING () – Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump. FILE PHOTO:A worker walks past a steel factory in Beijing April 1, […]

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UK energy firms seek state help to offer payment breaks amid coronavirus

FILE PHOTO: The sun rises behind electricity pylons near Chester, northern England October 24, 2011. /Phil Noble/File Photo LONDON () – British energy suppliers have asked the government to provide support so they can offer payment breaks to households and businesses struggling to pay bills because of the impact of the coronavirus. Many large British […]

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Hong Kong bankers and asset managers can work from overseas, says watchdog

HONG KONG, March 31 () – Hong Kong’s markets regulator has given its approval for licensed traders and asset managers to work from overseas if necessary because of travel restrictions or other practical problems caused by the coronavirus pandemic. Financial regulators around the world have had to waive normal rules, such as allowing traders to […]

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UPDATE 1-New euro zone ‘corona bonds’ body could take years to set up – bailout fund

(Adds Luxembourg finance minister, detail) BRUSSELS, March 31 () – A new mechanism to enable the issuance of joint euro zone debt to counter economic fallout from the coronavirus epidemic, as recommended by nine European leaders, could take up to three years to set up, the head of the bloc’s bailout fund said. However, common […]

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MORNING BID-Goodbye to a nightmarish quarter

A look at the day ahead from EMEA senior markets correspondent Tommy Wilkes. The views expressed are his own. It’s the end of the most calamitous quarter for world stocks since 2008. For European stocks you have to go back even further – to 2002. With world markets having seen $10 trillion wiped off their […]

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UPDATE 1-China’s Pinduoduo raises $1.1 bln in share placement amid volatile markets

FILE PHOTO: People are seen at their desks at the headquarters of Chinese online group discounter Pinduoduo in Shanghai, China July 25, 2018. Picture taken July 25, 2018. /Stringer HONG KONG () – Chinese e-commerce firm Pinduoduo Inc (PDD.O) said on Tuesday that it had raised $1.1 billion in a private share placement, bolstering its […]

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Shareholders of Abu Dhabi-listed CBI decline board proposal for capital hike

DUBAI, March 31 () – Shareholders of Abu Dhabi-listed Commercial Bank International, which is part owned by Qatar National Bank, have declined a proposed by the board to increase the capital of the company, according to a regulatory filing on Tuesday. The filing did not state the reasons for the shareholders decision. The shareholder meeting […]

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China stocks climb as factory activity rebounds, spurs hopes of recovery

* SSEC +0.4%, CSI300 +0.6%, HSI +1.1%, HSCE +1.1% * China’s March factory activity expands, beats estimates * World Bank warns of economic pain for China, rest of Asia HONG KONG/SHANGHAI, March 31 () – China shares climbed on Tuesday after the country reported a better-than-expected industrial activity, spurring hopes that the world’s second-largest economy […]

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Nikkei gains but on track for worst month in 15 months

SYDNEY, March 31 () – Japanese stock benchmark Nikkei gained on Tuesday as Wall Street stabilised and factory data from China held out the hope of a rebound in activity, even though the global coronavirus crisis showed no signs of abating. The Nikkei share average rose 0.8% to 19,233.50 by the midday break. For the […]

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