China’s service sector activity expands at faster pace in May – official PMI

BEIJING () – Activity in China’s services sector expanded at a faster clip in May as measures to contain the coronavirus outbreak were lifted, official data showed on Sunday, suggesting business and consumer confidence may slowly be improving. The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 53.6 in May, from 53.2 in April, the […]

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RPT-Credit Suisse’s Rohner sees no big hit from oil & gas exposure – SRF

FILE PHOTO: Chairman Urs Rohner of Swiss bank Credit Suisse takes part in a panel discussion at the Swiss International Financial Forum (SIFF) in Rueschlikon, Switzerland November 6, 2019. /Arnd Wiegmann ZURICH () – Credit Suisse will not take a significant hit from its exposure to the battered oil and gas sector, Chairman Urs Rohner […]

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UPDATE 2-Saudi Arabia’s PIF gets $40 bln from foreign reserves to fund overseas investments

RIYADH () – Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday. FILE PHOTO: Saudi Minister of Finance Mohammed al-Jadaan attends a session at the 50th World Economic Forum (WEF) […]

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Trump administration to study ways to protect for U.S. investors from Chinese firms

U.S. President Donald Trump is accompanied by Treasury Secretary Steven Mnuchin as he makes an announcement about U.S. trade relations with China and Hong Kong in the Rose Garden of the White House in Washington, U.S., May 29, 2020. /Jonathan Ernst WASHINGTON () – The Trump administration will study ways to safeguard Americans from the […]

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Ecuador repays $1 bln in loans from Goldman, Credit Suisse

QUITO () – Ecuador in April repaid $1 billion of loans made two years earlier by Goldman Sachs (GS.N) and Credit Suisse [CSAG.UL], the Andean country’s economy ministry said late on Thursday. The loans at the time allowed Ecuador to advance in a process to renegotiate its foreign debt. Their repayment comes as President Lenin […]

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UPDATE 1-Fed’s corporate bond facility bought 15 ETFs in first days of operations

() – The Federal Reserve’s new facility for corporate bond purchases bought about $1.3 billion of shares in 15 exchange-traded funds in its first week of operation through 158 trades, data released Friday showed. The Secondary Market Corporate Credit Facility made the purchases from 10 securities firms between its launch on May 12 and May […]

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UPDATE 1-Tencent in talks to buy Warner Music stake – WSJ

FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. /Jason Lee/File Photo () – Chinese internet giant Tencent Holdings Ltd (0700.HK) is in talks to invest $200 million in Warner Music Group, ahead of the record company’s slated initial public offering next week, the Wall Street Journal […]

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After long battle, Ukraine plans to privatise power producer Centrenergo next year

KIEV () – Ukraine will privatise the thermal power producer Centrenergo in the second quarter of 2021 after finally succeeding in changing the company’s management amid bomb threats and a legal battle, the head of the State Property Fund told on Friday. The State Property Fund, which oversees privatisations in the government, has fought to […]

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UPDATE 1-Morgan Stanley plans June return of some traders to New York headquarters – CNBC

FILE PHOTO: A woman takes photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. /Brendan McDermid () – Morgan Stanley (MS.N) is planning to start getting some traders to return to its New York headquarters in mid- to late-June, CNBC reported on Friday, citing people […]

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UK helps employers with slow phase-in of job shield costs

LONDON () – British finance minister Rishi Sunak offered fresh help to employers hit by the coronavirus shutdown on Friday, announcing that future contributions they must make to the government’s costly wage subsidy scheme will be phased in slowly. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak attends a news conference on the ongoing […]

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ECB’s green light to Intesa Sanpaolo’s takeover bid for UBI expected by mid-June-sources

MILAN, May 29 () – The European Central Bank is expected to clear Italian bank Intesa Sanpaolo’s proposed takeover of smaller rival UBI Banca in the next couple of weeks, two people familiar with the matter said on Friday. Intesa unveiled in February an all-paper exchange offer for UBI to create the euro zone’s seventh-largest […]

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New York City on track to reopen on June 8, five upstate regions ready to enter phase two -Cuomo

FILE PHOTO: New York Governor Andrew Cuomo addresses a briefing on the coronavirus disease (COVID-19) response at the National Press Club following his meeting with U.S. President Trump in Washington, U.S., May 27, 2020. /Carlos Barria NEW YORK () – New York City is ‘on track’ to enter phase one of reopening on June 8, […]

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ChinaAMC woos global investors with ESG-integrated China equity fund

SHANGHAI () – China Asset Management Co (ChinaAMC) has become the country’s first mutual fund house to launch an ESG-integrated global fund targeting China stocks, capitalsing on growing foreign interest toward environmental, social and governance (ESG) investing. The Chinese fund giant has launched the fund in partnership with Dutch asset manager NN Investment Partners (NN […]

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UPDATE 1-Fed’s Powell says Fed to keep on with crisis fight

WASHINGTON () – Federal Reserve Chair Jerome Powell on Friday reiterated the U.S. central bank’s promise to use its tools to shore up the economy amid the coronavirus pandemic, even as investor attention is turning to the next phase of its response. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the […]

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UPDATE 2-Argentina bonds pop as new debt offers raise deal hopes

BUENOS AIRES/LONDON () – Argentine bonds jumped on Friday after the government and key bondholders exchanged new proposals to revamp around $65 billion in debt that edged the two sides closer together and bolstered hopes that a deal can be stuck eventually. FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration […]

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UPDATE 1-Argentina, creditors ‘getting closer’ to deal as new offers exchanged

FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. /Agustin Marcarian/Illustration/File Photo BUENOS AIRES/LONDON () – Argentina and its creditors have edged closer to a deal after a second round of proposals were exchanged between key bondholders and the government, bolstering hopes that an eventual accord can […]

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Middle East rich most cautious after oil plunge, COVID-19 crisis -Barclays

LONDON () – High net worth individuals in the Middle East have become the most risk averse among wealthy investors in emerging markets after being hit by the oil price crash, according to an executive at Barclays (BARC.L) private bank. The banks’ rich clients across emerging markets are shifting towards perceived safer investments, such as […]

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Lebanon has scant chance of getting IMF aid, opposition figure says

BEIRUT, May 29 () – Lebanon has scant chance of securing badly needed aid from the International Monetary Fund as the government fails to enact reforms demanded by donors to address its financial crisis, opposition politician Samir Geagea said on Friday. “Unfortunately, (matters) are going from bad to worse,” he said. “It could, in my […]

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Dutch gov’t: telecoms to give data to health authority

AMSTERDAM, May 29 () – The Dutch government said on Friday it plans to introduce an emergency law requiring telecommunications companies to give anonymized cell tower data to the country’s health authority RIVM. In a statement, it said it the law would be in force for up to one year, and it has already been […]

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