Trading Floors Buzz With Excitement as BOJ Axes Negative Rates
One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
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One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.
A Vietnamese real estate tycoon on trial in a $12 billion fraud case should receive the death penalty for allegedly bribing government officials, violating bank lending regulations and embezzlement, government prosecutors proposed to the Ho Chi Minh City People’s Court, VnExpress news website reported.
Japan’s real estate shares were the biggest winners on Tuesday after a widely expected move by the Bank of Japan to end its negative rates regime, with investors focusing on the dovish tone by the central bank and the inflation outlook.
The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
Jul 9, 2020
BNN Bloomberg
Canadians have become too dependent on financial aid amid the COVID-19 pandemic and the federal government should start encouraging people to return to work, according to the head of one of Canada’s largest commercial landlords.
“They’ve got to get people off of support. Somehow we gotta get people back to working again and taking care of themselves,” Michael Cooper, chief executive officer of Dream Office Real Estate Investment Trust, said in an interview Thursday with BNN Bloomberg’s Jon Erlichman.
“$2,000-a-month during the summer is a lot better than working, so I think there’s a real moral hazard there and I think it’s really serious,” he added, referring to the monthly payment made to Canadians enrolled in the federal government’s Canada Emergency Response Benefit program (CERB).
"So I guess that’s a real issue, people are getting addicted to getting paid and not working and coming off that is going to be hard," Cooper added.
Cooper's comments come one day after Finance Minister Bill Morneau announced the federal government expects to run a budget deficit of $343.2 billion for the 2020-21 fiscal year due to massive spending and an extension of emergency aid programs in response to the pandemic.
Direct support to businesses and households will cost a total of $212 billion this year, the government forecast. That includes $80 billion for CERB and $82.3 billion for the wage subsidy program.
Cooper said the federal government should also ease reopening restrictions for businesses in addition to dialing back emergency aid to Canadians.
“I’m worried with restaurants and other businesses, I’m not sure the revenues will cover the cost at 50-per-cent occupancy,” he said.
“We’re barely on life support and it’s going to take a lot of return to business before business can actually pay for its own way.”