UPDATE 1-Visa quarterly profit rises 4%, pulls annual outlook amid virus outbreak

FILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. /Philippe Wojazer/Illustration () – Visa Inc (V.N) reported a 4% rise in second-quarter profit on Thursday and pulled its full-year outlook, as the company reels from the hit to consumer spending due to the coronavirus […]

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J. Crew preparing for bankruptcy filing – CNBC

FILE PHOTO: J Crew displays a closed sign on the Third Street Promenade during the global outbreak of coronavirus (COVID-19) in Santa Monica, California, U.S., March 16, 2020. /Lucy Nicholson () – Privately held fashion company J. Crew Group Inc is preparing for a bankruptcy filing that could come as soon as this weekend, CNBC […]

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UPDATE 2-Elliott further trims stake in Telecom Italia

MILAN () – U.S. hedge fund Elliott Management has further cut its stake in Italy’s biggest phone group Telecom Italia (TIM), a regulatory filing showed, amid an ongoing portfolio rebalancing as COVID-19 rocks financial markets. Paul Singer’s activist fund first invested in TIM in 2018 and went on to challenge its top investor, French media […]

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Congo’s economy expected to contract due to coronavirus -central bank

KINSHASA () – Democratic Republic of Congo has cut its 2020 economic growth forecast to -1.9% and is expecting its economy to contract due to the negative impact of the coronavirus pandemic, the country’s central bank said in a statement on Thursday. The country’s extractive industry output is expected to drop 5.6% year-on-year. The pandemic […]

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Pandemic delays prison for Hot Pockets heir, ex-Pimco CEO in college admissions scandal

BOSTON () – An heir to a microwave snack fortune and a former chief executive of investment firm Pimco cannot use the coronavirus pandemic as a reason to avoid prison time for convictions in the U.S. college admissions scandal, a federal judge ruled on Thursday, although they can delay starting their sentences. FILE PHOTO: Michelle […]

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UPDATE 2-China to launch property investment trusts to spur infrastructure development

BEIJING () – China announced plans on Thursday to create a public market for real estate investment trusts (REITs), aiming to channel personal savings and private capital into infrastructure projects without overstretching already debt-laden local governments. FILE PHOTO: A man wearing a face mask walks past an estate agent in Guangzhou’s Sanyuanli area, as the […]

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UPDATE 1-Bank Hapoalim agrees to pay over $30 mln for role in FIFA scandal -DOJ

FILE PHOTO: The logo of Bank Hapoalim, Israel’s biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016. /Amir Cohen/File Photo WASHINGTON () – Bank Hapoalim B.M. (POLI.TA) agreed to pay more than $30 million for its role in the money laundering conspiracy surrounding FIFA, the world governing body for […]

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COLUMN-How Italy’s sustainability is critical for post-pandemic debt piles: Mike Dolan

(The author is editor-at-large for finance and markets at News. Any views expressed here are his own) By Mike Dolan LONDON, April 30 () – As another economic crisis heaves Italy’s debt mountain back into view, the sustainability of the country’s finances has never been more salient for increasingly indebted nations everywhere. With governments piling […]

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Portugal relaxes coronavirus lockdown with ‘sector-by-sector’ plan

People wearing protective masks are seen on a street as the spread of the coronavirus disease (COVID-19) continues, in downtown Lisbon, Portugal April 30, 2020. /Rafael Marchante LISBON () – Portuguese Prime Minister Antonio Costa on Thursday announced a sector-by-sector plan to gradually lift lockdown measures imposed six weeks ago to combat the coronavirus outbreak. […]

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Your unemployment questions, answered

NEW YORK () – U.S. jobless claims have exceeded 30 million since the coronavirus outbreak hit the country, wiping out a decade of job gains and sending many Americans scrambling to find work and cash in on government aid. FILE PHOTO: A person walks by the entrance of the New York State Department of Labor […]

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UPDATE 3-Macy’s reopening 68 stores, targets all within six weeks as U.S. curbs loosen

NEW YORK () – Macy’s Inc plans to reopen 68 U.S. stores on Monday in states that have loosened coronavirus lockdowns, the department store operator said on Thursday, as more retailers sought to get business going after a crushing month of closures. FILE PHOTO: People wait to enter Macy’s Herald Square ahead of early opening […]

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UPDATE 1-Turkey says deployment of Russian defences delayed, but will happen

WASHINGTON () – Turkey’s planned deployment of Russian S-400 missile defences has been delayed by the coronavirus outbreak but will ultimately go ahead, President Tayyip Erdogan’s spokesman said on Thursday, despite Washington’s warnings that Ankara risks U.S. sanctions. “There has been a delay because of the coronavirus but it will move forward as it was […]

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UPDATE 3-Cigna confident of meeting 2021 profit target despite virus-led crisis

() – Cigna Corp (CI.N) on Thursday reaffirmed its profit goals for this year and the next, expecting its $52 billion acquisition of pharmacy benefits manager Express Scripts to tide over the COVID-19-triggered global economic meltdown. FILE PHOTO: A screen displays the logo fro Cigna Corp. on the floor at the New York Stock Exchange […]

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Nigeria could have to ‘replace’ $300 mln Abacha loot if mis-used – US

ABUJA, April 30 () – Nigeria must use money repatriated from funds looted by former military ruler General Sani Abacha on agreed public projects or be forced to “replace” it, the U.S. Justice Department said. The United States and the British dependency of Jersey agreed with the Nigerian government in Febuary to return $300 million […]

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BlackRock names London-based executive as new stewardship chief

BOSTON () – BlackRock Inc (BLK.N) on Thursday said it named London-based financial executive Sandy Boss as its new head of investment stewardship, bringing a more international structure to the top asset manager’s voting on topics like climate change and social issues. FILE PHOTO: The company logo and trading information for BlackRock is displayed on […]

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Bank of Ireland loan repayment breaks rise above 35,000

DUBLIN, April 30 () – Bank of Ireland has processed more than 35,000 three-month repayment breaks in Ireland across all loan categories to help customers cope with coronavirus disruption, a spokesman for the country’s largest bank by assets said on Thursday. Ireland’s five retail banks agreed on Thursday to extend the breaks for impacted customers […]

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WRAPUP 1-Fed to expand reach of ‘Main Street’ lending program

FILE PHOTO: The Federal Reserve seal is seen during Chairman Jerome Powell news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, U.S., January 29, 2020. /Yuri Gripas WASHINGTON () – The U.S. Federal Reserve on Thursday widened a key program to nurse the “Main […]

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CORRECTED-UPDATE 3-Big U.S. banks cry foul over temporary exclusion from small business lending program

WASHINGTON () – Wall Street banks criticized the U.S. government on Wednesday after the Small Business Administration said it would temporarily close its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country’s smallest lenders. The agency said it would only accept loans from banks with assets of […]

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UPDATE 4-Lloyds Bank profit almost wiped out by $1.75 bln coronavirus hit

LONDON () – Lloyds Banking Group’s (LLOY.L) first quarter pretax profit was all but erased by provisions against expected bad loans due to the coronavirus pandemic, although Britain’s biggest bank said on Thursday it was well placed to help with a recovery. FILE PHOTO: A man enters a Lloyds Bank branch in central London, Britain […]

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UPDATE 1-China launches property investment trusts to spur virus-hit economy

FILE PHOTO: A man wearing a face mask walks past an estate agent in Guangzhou’s Sanyuanli area, as the spread of the novel coronavirus disease (COVID-19) continues in the country, in Guangdong province, China April 13, 2020. /David Kirton/File Photo BEIJING () – China on Thursday said it will launch a pilot scheme for real […]

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ECB’s Lagarde says duration of euro economy’s « unprecedented decline » as yet uncertain

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde gestures as she addresses a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, March 12, 2020. /Kai Pfaffenbach () – The coronavirus pandemic has sent the euro zone’s economy into an “unprecedented decline” that is likely to steepen before […]

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UPDATE 2-Health insurer Cigna’s profit beats estimates, reaffirms profit goal for 2020, 2021

() – Cigna Corp (CI.N) on Thursday reported better-than-expected quarterly profit and stuck to its profit target for the year as it benefited from strong sales at its Express Scripts pharmacy benefits business (PBM). FILE PHOTO: A screen displays the logo fro Cigna Corp. on the floor at the New York Stock Exchange (NYSE) in […]

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UPDATE 1-Greece wants to prevent new generation of bad loans after coronavirus

(Adds details) ATHENS, April 30 () – Preventing an increase in soured bank loans is a top priority for Greece as it grapples with the economic fallout from the new coronavirus pandemic, Prime Minister Kyriakos Mitsotakis told parliament on Thursday. Greece exited its third international bailout in 2018. A nationwide lockdown imposed to contain the […]

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Asian stocks set for its best month in over 4 years

April 30 () – Asian stocks have recovered sharply in April and are on track to post their biggest monthly gain since October 2015, thanks to the stimulus measures unveiled by governments to cushion their economies against the coronavirus-induced slowdown. The MSCI’s broadest index of Asia-Pacific shares has gained about 8.5% this month, compared with […]

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REFILE-Exchange operator ICE profit jumps as trading volumes surge

() – Intercontinental Exchange Inc (ICE.N), which owns the New York Stock Exchange, reported a 34.3% rise in first-quarter profit on Thursday, helped by the coronavirus-fueled market volatility that led to a surge in trading volumes. Net income attributable to the company rose to $650 million, or $1.17 per share, in the quarter ended March […]

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