Thousands of Bangladeshi garment workers ordered home as factories stay closed

DHAKA (Thomson Foundation) – Thousands of Bangladeshi garment workers were ordered home on Sunday voicing concerns about loss of income after arriving at work to find factories remained shut after the cancellation of Western orders due to the coronavirus pandemic. Although official numbers were not available, labor leaders said the majority of the workers they […]

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U.S. banks to defend dividend payments in stress tests -FT

FILE PHOTO: The U.S. Federal Reserve Building is pictured in Washington, March 18, 2008. /Jason Reed/File Photo NEW YORK () – U.S. banks are expected to defend their dividend payments when they submit their annual capital plans to the Federal Reserve on Monday for the upcoming stress tests, the Financial Times reported on Sunday, citing […]

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UPDATE 1-BoE will not use monetary financing to fight coronavirus crisis – Bailey

* Bailey: we are not doing “monetary financing” * BoE will protect independence of inflation targeting * Central bank has raised bond-buying * UK government is borrowing more to fund higher spending * BoE is in control of expansion of reserves – Bailey (Adds details) By William Schomberg LONDON, April 5 () – The Bank […]

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German regulator says banks should not pay dividends – newspaper

FRANKFURT, April 5 () – German banks should refrain from paying dividends given the economic turmoil triggered by the coronavirus pandemic, the head of markets regulator Bafin told the Frankfurter Allgemeine Sonntagszeitung newspaper. “This is a very strong recommendation which banks should stick to,” Felix Hufeld said in remarks published on Sunday. (Reporting by Edward […]

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BoE will not use monetary financing to fight coronavirus crisis – Bailey

LONDON, April 5 () – The Bank of England will not resort to monetary financing – irreversibly printing money to help the government increase spending – to shield Britain’s economy from the impact of the coronavirus pandemic, its governor Andrew Bailey said. “Using monetary financing would damage credibility on controlling inflation by eroding operational independence,” […]

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HSBC HK shareholders mull legal action over dividend scrapping

HONG KONG, April 5 () – HSBC shareholders in Hong Kong are mulling calling for an extraordinary meeting with management and taking possible legal action against the bank’s scrapping of dividend payments. HSBC and other top British banks on Wednesday announced the suspension of payouts after pressure from the regulator to save their capital as […]

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UPDATE 3-Iran’s Rouhani says low-risk economic activities to resume from April 11 amid coronavirus

FILE PHOTO: Iranian President Hassan Rouhani speaks during the cabinet meeting, as the spread of the coronavirus disease (COVID-19) continues, in Tehran, Iran, April 1, 2020. Official Presidential Website/Handout via DUBAI () – Iran’s president said on Sunday “low-risk” economic activities would resume from April 11 in the Middle Eastern country worst-affected by the new […]

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India reassures banks of capital infusion: sources

NEW DELHI/MUMBAI, April 5 () – India has assured state banks it is ready to provide capital support as the coronavirus pandemic may lead to a surge in bad loans when economic growth is slowing, three government and banking sources told . New Delhi may need to make a provision of at least 200-250 billion […]

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UAE c.bank cuts bank reserve requirements for demand deposits by 50%

DUBAI, April 5 () – The United Arab Emirates’ central bank said on Sunday it had reduced banks’ reserve requirements for demand deposits by 50% to support the country’s economy during the COVID-19 pandemic. The aggregate value of all capital and liquidity measures adopted by the central bank since March 14 is 256 billion dirhams […]

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Lisbon court seizes NOS shares held by Angola’s dos Santos

FILE PHOTO: Isabel dos Santos, Chairwoman of Sonangol, speaks during a Newsmaker event in London, Britain, October 18, 2017. /Toby Melville/File Photo LISBON () – Sonaecom, sub-holding of Portugal’s Sonae, said on Saturday evening a Lisbon court seized shares in telecommunications firm NOS of a holding company it co-owned with former first-daughter and Angolan businesswoman […]

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UPDATE 5-Canada’s Big Six banks cut credit card interest rates to ease coronavirus impact

(New throughout, adds BMO’s credit card rate cut) TORONTO, April 4 () – Canada’s Big Six banks all said they will reduce interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic. Bank of Montreal said on Saturday it will temporarily reduce credit card interest rates to 10.99% for personal and […]

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UPDATE 2-Malawi president, ministers take 10% salary cut to fight coronavirus

(Adds details on package plan, quotes) BLANTYRE, April 4 () – Malawi’s president and cabinet will take a 10% salary cut and redirect the money towards the fight against coronavirus, President Peter Mutharika said on Saturday as he announced a stimulus package in an address on state television. Mutharika announced a number of measures aimed […]

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UPDATE 1-Portugal’s coronavirus cases grow, half a million workers at risk of lay off

LISBON () – Confirmed coronavirus cases in Portugal pushed past the 10,000 mark on Saturday, while government data showed more than half a million Portuguese workers were at risk of being temporarily laid off due to the outbreak. People wear protective face masks near Comercio square, following the coronavirus disease (COVID-19) outbreak, in Lisbon, Portugal […]

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UPDATE 1-Capital One says it won’t use CFTC waiver related to oil lending

WASHINGTON () – U.S. lender Capital One Financial Corp (COF.N) said on Saturday it would not use a U.S. Commodity Futures Trading Commission (CFTC) waiver after commodity price volatility lifted the bank’s derivatives exposure toward a key regulatory threshold. FILE PHOTO: People walk past a Capital One banking center in New York’s financial district January […]

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Nigeria to set up $1.39 billion fund to fight coronavirus

ABUJA, April 4 () – Nigeria plans to create a 500 billion naira ($1.39 billion)coronavirus fund to strengthen its healthcare infrastructure to tackle the virus, the government said on Saturday. Finance Minister Zainab Ahmed, House of Representatives speaker Femi Gbajabiamila and Senate President Ahmad Lawan agreed in a meeting that the crisis intervention fund would […]

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UPDATE 1-Trump says will ask Congress for more small business funds if money runs out

U.S. President Donald Trump addresses the daily coronavirus task force briefing at the White House in Washington, U.S., April 3, 2020. /Tom Brenner WASHINGTON () – U.S. President Donald Trump said on Saturday he would ask Congress for more money to make loans to small businesses struggling with the economic fallout from the coronavirus outbreak […]

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UPDATE 1-Iran escaped prisoners back in jail amid coronavirus epidemic

DUBAI () – Most of the 70 inmates who escaped from a prison in western Iran last month are now back in jail, Iranian authorities said on Saturday, even though about 100,000 prisoners have been granted temporary release due to the coronavirus epidemic. Volunteers from Basij forces wearing protective suits and face masks spray disinfectant […]

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UPDATE 4-Five Canadian banks cut credit card interest rates to ease coronavirus impact

(Adds details of Scotiabank rate reduction) TORONTO, April 4 () – Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic. Late on Friday, Scotiabank […]

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Portugal’s coronavirus cases surpass 10,000 mark

LISBON, April 4 () – Confirmed coronavirus cases in Portugal pushed past the 10,000 mark on Saturday as Health Minister Marta Temido urged citizens to step up their fight against the outbreak as there was still “no light at the end of the tunnel”. “This fight is not a 100 meter race, it is a […]

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Italy’s Banco BPM appoints Massimo Tononi as new chairman, to confirm CEO Castagna

MILAN, April 4 () – Shareholders of Italy’s Banco BPM appointed the former head of state lender CDP Massimo Tononi as the bank’s new chairman, the bank said on Saturday after a closed-door general meeting in compliance with coronavirus restrictions. Tononi – a former Goldman Sachs banker and Banca Monte dei Paschi dei Siena chairman […]

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NMC Health’s new exec chair vows to recover misused funds

DUBAI, April 4 () – The new executive chairman of hospital operator NMC Health vowed on Saturday to work with authorities in Britain and the United Arab Emirates to recover misused funds and called on the company’s creditors for a debt standstill. Faisal Belhoul “calls for a temporary standstill from creditors to allow time to […]

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Turkish central bank tackles coronavirus fallout with record bond-buying spree

ISTANBUL, April 4 () – Turkey’s central bank made record purchases of government bonds last week to stem fallout from the coronavirus outbreak that has pushed the economy to the brink of its second recession in less than two years. The buying spree, which totalled nearly 10 billion lira ($1.5 billion), came as Goldman Sachs […]

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IMF praises Ukraine’s decisions on land reform, banking law

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. /Yuri Gripas/File Photo KIEV () – The International Monetary Fund welcomes the Ukraine’s initial parliament’s adoption of legislation to strengthen the bank resolution framework and looks forward to its final approval, […]

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CORRECTED-Singapore’s Ikhlas Capital eyes mid-2020 fund close, rethinks $500 mln target

(Corrects fund close target in headline and lead, clarifies initial maximum target in para 2) By Liz Lee KUALA LUMPUR, April 4 () – Singapore-based private equity firm Ikhlas Capital will close its inaugural fund in the middle of this year, reassessing its planned $500 million target due to the coronavirus outbreak, founding partner and […]

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Singapore’s Ikhlas Capital eyes mid-2020 fund close, rethinks $1 bln target

KUALA LUMPUR, April 4 () – Singapore-based private equity firm Ikhlas Capital will close its inaugural fund in the middle of this year, reassessing its planned $1 billion target due to the coronavirus outbreak, founding partner and chairman Nazir Razak said. “All bets are off now,” Nazir told on Friday about the size of the […]

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UPDATE 3-Four Canadian banks cut credit card interest rates to ease coronavirus impact

(Adds TD Bank’s credit card interest rate cut) April 3 () – Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers affected by COVID-19 pandemic. TD Bank will cut credit card interest […]

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UPDATE 2-Three Canadian banks cut credit card interest rates to ease coronavirus impact

(Adds details of National Bank of Canada moves) April 3 () – Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce said on Friday they are cutting interest rates on credit cards to provide relief to customers as the economic fallout from the COVID-19 pandemic deepens. Royal Bank will reduce […]

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