Switzerland’s two big banks, UBS and Credit Suisse , said they decided to pay out part of their dividend for 2019 later this year after financial markets watchdog FINMA had criticised their decision to maintain a full payout during the coronavirus crisis.
Swiss financial watchdog Finma said on Thursday it welcomed a decision by UBS and Credit Suisse to pay out half of their dividends for 2019 in the fourth quarter of 2020 despite their strong capital decisions.
(Bloomberg) — Oil is set to tumble back toward $20 a barrel as global producers will likely fall short of targeted cuts this week, leaving a supply overhang that will threaten to overwhelm global storage, according to ING Groep NV.Oil giants including Saudi Arabia and Russia are likely only going to be able to cobble together a global agreement to curb 6 million to 7 million barrels a day of supplies, said Warren Patterson, ING’s head of commodities strategy. That’s more than triple what OPEC+ was cutting at the start of this year but is short of the 10 million …read more […]
Commodity currencies drew support on Thursday from hopeful signs the coronavirus pandemic may be peaking and that major oil producers may agree to cut output to stem a plunge in oil prices.
Global automakers reeling from the COVID-19 pandemic are accelerating efforts to restart factories from Wuhan to Maranello to Michigan, using safety protocols developed for China and U.S. ventilator production operations launched in recent weeks.
(Bloomberg) — A popular investment among Asia’s wealthy in the years of rock-bottom interest rates has been upended in the recent market rout, leaving investors facing losses estimated to be in the billions of dollars.Structured products called fixed coupon notes attracted scores of private banking clients in Hong Kong and Singapore in recent years, according to half a dozen bankers and advisers Bloomberg spoke with. Promised regular coupons even in turbulent times, some put 20% or more of their portfolios into the instruments, they said. One catch: the principal was tied to swings in assets like stocks, and losses could …read more […]
Asian shares rose on Thursday on hopes the COVID-19 pandemic is nearing a peak and that governments would roll out more stimulus measures, while expectations of an oil production cut agreement bolstered crude prices.
U.S. Senator Kelly Loeffler said on Wednesday she would liquidate her individual stock share positions after the wealthy Republican and her husband were criticized over sales of millions of dollars in stock during the coronavirus outbreak.
Exxon Mobil Corp used economic uncertainty tied to the coronavirus pandemic to urge workers at its lubricants and packaging plant in Paulsboro, New Jersey, to vote for a proposed contract, according to two sources familiar with the matter.
Exxon Mobil Corp used economic uncertainty tied to the coronavirus pandemic to urge workers at its lubricants and packaging plant in Paulsboro, New Jersey, to vote for a proposed contract, according to two sources familiar with the matter. Workers at the plant on Wednesday rejected the contract in a 62-11 vote, however, said the two sources. The workers are represented by the Independent Oil Workers union (IOW) in Paulsboro. …read more […]
OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action. Crude prices have slumped below the cost of production for many producers, including the booming U.S. shale oil industry. U.S. President Donald Trump said last week a deal he had brokered with OPEC leader Saudi Arabia and Russia could lead to cuts of as much as 10-15 million barrels per day or …read more […]
Home rental firm Airbnb will block British bookings on its platform for the vast majority of customers on Thursday, allowing only key workers to stay in properties for as long as emergency government coronavirus restrictions are in place.
Mexico’s president threw himself into a new confrontation with businesses on Wednesday, accusing big companies of not paying taxes and upbraiding others for laying off workers during the coronavirus crisis.
Crude futures rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with the coronavirus-driven collapse in global oil demand.
Risk-sensitive currencies climbed on Thursday on budding optimism the coronavirus pandemic may be peaking although the euro was dented by the European Union’s failure to agree on more support for their weakened economies.
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