Latest From Bloomberg
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ECB Signals Bank Dividend Ban Could Be Cautiously Lifted in 2021
European Central Bank policy makers are getting behind the idea of cautiously removing the ban on dividend payments by banks next year.
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A $364 Trillion Game of Brexit Chicken Gets Ugly
The U.K. and the European Union are locked in a derivatives standoff driven by politics rather than what's best for investors.
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Philippines Signs Deal With AstraZeneca for 2.6 Million Doses
The Philippines signed a deal with AstraZeneca Plc to buy 2.6 million coronavirus vaccine doses, amid questions about the vaccine’s trial results.
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S. Africa’s Stocks Rise as FirstRand Lifts Banks, Miners Rally
South Africa’s main stock benchmark index extends gains for a second day, rises as much as 0.4% to the highest intraday level since Feb. 20, as banks and diversified miners rally.
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Palm Oil’s Stunning Rally Is Set to Boost Supermarket Prices
One of the world’s most popular raw materials is as expensive as it’s been in eight years, a rally that points to higher food prices -- and backsliding on biofuel initiatives -- in the months to come.
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India Steps Up Efforts to Draw Neighbors Closer to Counter China
India has stepped up efforts to mend strained ties with its South Asian neighbors as it seeks to wrest back its waning regional influence from China.
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Electric Carmakers Are in a Stock Market Bubble
The Tesla-led automotive revolution is real but valuations have become divorced from the messy reality of the industry.
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Let's Hope Britain's Christmas Covid Hangover Isn't Fatal
The decision to allow the mixing of three households over the festive period isn’t the smartest Covid move.
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SoftBank Hits New 20-Year High as Uber Gains, DoorDash Plans IPO
SoftBank Group Corp. rose to a fresh 20-year high as the recent stock market surge boosted the value of holdings like Uber Technologies Inc. and brightened the prospects for portfolio companies going public.
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Census Gives Trump a Final Supreme Court Showdown on Immigration
President Donald Trump’s administration has one last blockbuster showdown at the Supreme Court over his divisive immigration policies, and this one goes to the heart of how U.S. political power is allocated.
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Switzerland Inc. Sweats as Vote on Global Accountability Nears
Swiss multinationals could soon face lawsuits at home on claims of environmental damage or human rights abuses anywhere in their vast global networks.
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Hedge Fund Spat With Vedanta Shines Spotlight on Jersey Unit
A recent tussle between a hedge fund and Indian mining giant Vedanta Ltd. is spotlighting growing scrutiny of a unit based in the British crown dependency of Jersey.
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Takeover Talks Between BBVA, Sabadell Collapse in Disagreement Over Price
Banco Bilbao Vizcaya Argentaria SA ended talks about a takeover of Banco de Sabadell SA after the two Spanish lenders couldn’t agree on a price for the transaction.
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ANA to Raise Up to $3.2 Billion as Coronavirus Roils Airlines
ANA Holdings Inc. will raise as much as 332.1 billion yen ($3.2 billion) via an overseas share placement as airlines around the world rush to shore up their finances amid the coronavirus pandemic.
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Jamie Oliver Turns Leftover Mashed Potatoes Into a Brilliant Cheese Pie
The savory casserole is one of 120-plus recipes in the star chef’s new cookbook that spotlights the most popular supermarket foods.
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ECB’s Villeroy Says Debt Cancelation Would Be a Dangerous Path
European Central Bank policy maker Francois Villeroy de Galhau has rejected suggestions that the institution should consider writing off the public debt it bought during the pandemic, saying to do so would backfire.
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Holiday Shopping Moves to the Couch, Mostly: Black Friday Update
With sparse crowds and none of the stampedes of holidays past, some retail watchers started to refer to Black Friday as Blasé Friday instead -- and that was even before the virus hit.
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Brexit Britain’s Food Supply Is Imperiled by Christmas and Covid
Manufacturers and industry groups are warning that the food supply chain is at capacity and can’t cope with any further shocks.
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Europe Rushes to Woo Team Biden in Hope of Major Trade Rebalance
France and Germany are leading efforts in Europe to make early contact with President-elect Joe Biden’s team, with the aim of accelerating talks to normalize trade relations between the U.S. and the European Union.
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JPMorgan Favors South African Domestics Over Gold, Tech Stocks
It may be time to drop gold and tech stocks and buy into South Africa’s domestically focused stocks, according to JPMorgan Chase & Co.
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Biden Era, Russia Rifts Jolt Turkey Back Toward Ties With West
Turkey is seeking to mend relations with traditional western allies and regional powerhouse Saudi Arabia as rifts with Russia, Joe Biden’s U.S. election victory and the threat of European sanctions force a foreign-policy rethink, people familiar with the discussions said.
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How Iran-Turkey Trade Has Been Upended by Trump and Covid-19
Donald Trump’s sanctions and the coronavirus have dramatically shifted a commercial relationship between Turkey and Iran that was underpinned by visa-free travel and centuries of trade and cultural ties.
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India Stocks Head for Best Weekly Streak Since July Ahead of GDP
India stocks headed for a fourth straight week of gains, the longest streak since July, as investors assess the pace of economic recovery.
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India’s Write-Off of Ailing Bank’s Debt to Sting Small Lenders
India’s smaller banks will likely face higher funding costs and reduced investor appetite for their bonds just as non-performing loans spread, after the central bank moved to write off debt of an ailing lender.
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Lockdowns in South Africa Freed Township Entrepreneurs to Thrive
Sowetan business owners found that the economic devastation caused by the pandemic opened up opportunities.
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Turkey Has No Cure for a Gold Craze That Leaves Lira Vulnerable
A year of crisis for the lira has kept Turks buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum.
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Airlines’ Digital Push Also Helps to Shed Weight, Cut Fuel Costs
The coronavirus pandemic has accelerated airlines’ digital uptake as carriers look for ways to reduce human touchpoints. But that push has had another impact, too. It’s reduced cabin weight, and that can mean big cost savings.
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Hong Kong, Singapore Office REITs Live On in Post-Virus World
The office may never reach its past heights in the post-pandemic world but the outlook for Singapore and Hong Kong offices is promising.
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Huawei’s Billionaire Founder Defends ‘Clean Break’ in Honor Sale
Huawei Technologies Co. founder Ren Zhengfei called the sale of its Honor budget smartphone division a “clean break” that should free it from U.S. restrictions and create a new powerhouse in the world’s largest mobile arena.
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Arrow Denies Ties to Military as U.S. Weighs Sanctions
Arrow Electronics Inc. is in talks with the U.S. government about possible sanctions against an Asian subsidiary, another potential flashpoint in the clash between the world’s two largest economies.
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China’s Industrial Profits Surge at Fastest Pace in Nine Years
Profits at Chinese industrial enterprises surged at the fastest pace in a single month in almost nine years in October, a further sign the economic recovery is gathering pace.
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ECB’s Panetta Open to Case-by-Case Resumption of Bank Dividends
European Central Bank Executive Board member Fabio Panetta said he’s open to allowing some banks to resume paying dividends as the economy improves.
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Japan Travel Campaign Sparks Debate on Links to Covid Spread
As the coronavirus resurges in Japan, politicians and experts are growing more divided on the impact that a subsidy program encouraging people to travel is having on the spread of Covid-19.
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U.S., Taiwan to Push an Alternative to China’s Belt and Road
An informal U.S.-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure, Taiwan’s finance minister said.
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Evergrande’s Spinoff No Windfall for Chairman Hui’s Poker Pals
China Evergrande Group was able to pull off the spinoff of its property-management arm, but for Chairman Hui Ka Yan and his long-time allies, there will be no fireworks, champagne or celebratory handshakes.
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Hong Kong Integration With China Is a ‘Great Thing,’ Lam Aide Says
A top adviser to Hong Kong’s leader said integration with mainland China was a “great thing” for many people in the city, days after Chief Executive Carrie Lam spoke of a future tied to Beijing in her annual policy address.
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China to Impose Anti-Dumping Deposits On Australian Wine
China will impose anti-dumping deposits on Australian wine from this weekend, in the latest sign of deteriorating trade tensions between the two nations.
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Amazon Will Spend $500 Million on Holiday Employee Bonuses
Amazon.com Inc. will pay the employees who pack and deliver its goods a one-time bonus of up to $300, extra compensation that comes as the company faces a union drive and criticism from others for rolling back pandemic hazard pay.
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Google to Face a New Regulator as U.K. Plans Tech-Focused Agency
The U.K. government approved plans for a separate regulatory program for companies including Facebook Inc. and Google, saying the new competition unit would be given powers to impose fines to rein in the dominance of the largest tech companies.
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U.K. Takes Steps to Get AstraZeneca Vaccine Approved Before EU
Health Secretary Matt Hancock asked the U.K. medical regulator to potentially bypass its European Union counterpart and approve the supply of AstraZeneca Plc’s Covid vaccine to speed its deployment.
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Bitcoin Steadies After Biggest Slump Since March Market Meltdown
Bitcoin and other digital coins steadied Friday after posting some of the biggest declines since the onset of the pandemic, a selloff that stoked fresh questions about this year’s boom in cryptocurrencies.
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Libya’s Oil Comeback Has Legs Even If Reliability Is in Doubt
Libya’s oil industry, trampled by civil war and chaos, is roaring back.
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U.S. Money-Market Investors Face Multiple Grim Trends in 2021
Investors in the U.S. money market are facing a grim year ahead.
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Bank of Canada Chief Defends Bond Purchases From Political Attacks
Governor Tiff Macklem brushed off accusations the Bank of Canada is financing Justin Trudeau’s deficits and fueling inflation risks, even as he acknowledged there are limits to how much government debt it can buy.
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Oil Pares Weekly Gain Amid OPEC+ Tensions Ahead of Meeting
Oil fell below $45 a barrel -- but was still on track for a fourth weekly gain -- amid signs of division among OPEC+ members just days before a key policy meeting on whether to extend production curbs.
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Mitsui Fudosan Set to Bid for Tokyo Dome to Ward Off Oasis
Mitsui Fudosan Co. is poised to make a bid for Tokyo Dome Corp., helping the operator of one of Japan’s largest stadiums push back against activist investor Oasis Management Co.
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The Rally in Southeast Asian Bonds Can Last Into 2021
Indonesian bonds have led a recovery in Southeast Asian debt this quarter amid prospects for a vaccine-aided economic rebound. The region’s resilient fixed-income performance could be a harbinger for 2021.
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Astra Preps New Trial; Victoria Has No New Cases: Virus Update
AstraZeneca Plc said it’s likely to conduct an additional global trial to assess its Covid-19 vaccine, after current studies raised questions over its level of protection. New infections in New York reached a seven-month high, while hospitalizations rose to their highest level since June, and California’s positive-test rate hit 6.1%.
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Covid Vaccine Delays Undermine Indonesia’s Path to Immunity
Indonesia seeks to counter the pandemic with vaccines. Now, as the coronavirus spreads across its vast archipelago, pressure is building to get them to 270 million people living on 17,000 islands.
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Credit Downgrades in India Abate on Signs Economy Bouncing Back
The pace of credit-rating cuts for Indian companies has slowed to the lowest since before the pandemic amid signs the local economy is coming out of its worst-ever contraction.
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Trump Says Will Give up Power if Electoral College Backs Biden
President Donald Trump said he’ll give up power if the Electoral College votes for Democrat Joe Biden in December, the outcome indicated by votes across the U.S.
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Race to Recovery, China Stimulus Exit, Swedish Surprise: Eco Day
Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.
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Some Whole Foods Customers Complain Turkeys Smelled Bad
It will be a turkey-free Thanksgiving for a number of Whole Foods customers in seven U.S. states.
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A Millennial Crypto Victory Bigger Than the Price of Bitcoin
The Indian entrepreneurs are like the lemonade-stand kids who beat back Big Government. Their elders will catch up.
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Asia Stocks Set for Cautious Open; Dollar Ticks Up: Markets Wrap
Asian equities were poised for a cautious end to the week as a global stock rally lost steam. Oil retreated amid rising tensions with OPEC+ members.
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India Cuts Import Duty on Palm Oil to Support Consumers
India, the world’s biggest palm buyer, reduced its levy on the crude variety of the tropical oil to shield local consumers from a rally in global prices.
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Brazil Recovery Gains Steam With Surprising Jobs, Budget Data
Brazil surprised analysts with stronger-than-expected employment and budget numbers for October, a sign that the economic recovery seen in the past few months is gaining speed in the beginning of the fourth quarter.
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Worst-Hit Australian State Marks 28 Days of No New Virus Cases
The state at the center of Australia’s worst coronavirus outbreak has gone 28 days with no new cases of the virus, an enviable record as the U.S. and many European countries grapple with surging infections or renewed lockdowns.
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Asian Companies Are Finally Getting Serious About Climate Risks
The region has pulled ahead of North America on some climate-risk reporting metrics as major economies pledge to cut emissions
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Kim Jong Un Likely to Let His Missiles Do the Talking With Biden
North Korea has greeted the last two U.S. presidents with tests of missiles or nuclear bombs within weeks of taking office. And experts see the same happening with Joe Biden, whom the regime has called “a rabid dog.”
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Thai Industry Demands Tougher Currency Measures to Save Exports
Thailand must check the runaway gain in its currency as it makes it harder for exporters to compete in the global market and drive an economic recovery, according to the nation’s largest industry group.
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Billionaire Ray Dalio Set to Open Family Office in Singapore
Ray Dalio, the billionaire founder of Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.
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Filipinos Nix Christmas Gifts, Netflix in Worst Regional Slump
Christmas is usually when Ajr Gie de Guzman gives the children in her family up to 2,000 pesos ($42), a traditional cash gift in the Philippines known as “aguinaldo.” But after taking a buyout from her job as a hotel sales executive amid the coronavirus crisis, there won’t be such cheer this season.
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Covid-19 Pushes Thailand’s Vaccine Development to ‘New Era’
A race to develop a vaccine against Covid-19 is paving the way for researchers in Thailand to produce inoculations against other diseases.
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India’s Economy Seen Clawing Back After Slipping Into Recession
Concern about the depth of India’s recession is slowly being replaced by optimism that a recovery is taking hold.
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Chile Senate Backs Pinera’s One-Time Pension Withdrawal Bill
Chile’s senate passed a government-backed bill allowing people to tap their pension savings for a second time, while rejecting competing legislation that’s embroiled in a legal battle.
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E-Commerce Boom Drives Colombia Office Space Rebound, CBRE Says
Colombia’s commercial real estate market is recovering following a period of rising vacancies earlier this year as the pandemic drives demand from sectors such as data centers and e-commerce, according CBRE Group.
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This is the 'apocalypse' for legacy retail: Former Sears Canada CEO
Legacy retailers such as Hudson's Bay and Macy's are on their way out as these companies have neglected to build a foundation in e-commerce before the pandemic, according to Mark Cohen, former CEO of Sears Canada.
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Johnson Warns England Not to Relax After Virus Lockdown Ends
Prime Minister Boris Johnson warned of “long months ahead” in the fight against coronavirus, as his government put most of England into the highest two tiers of new restrictions when a lockdown lifts next week.
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Sturgeon Wants Scots Independence Vote Early in Next Parliament
Scotland should hold a new independence referendum early in the next parliamentary session, First Minister Nicola Sturgeon said, as polls show consistent support for breaking away from the rest of the U.K.
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'A captive market:' U.S. border closure keeps Black Friday shoppers in Canada
With the Canada-U.S. land border closed to non-essential travel to limit the spread of COVID-19, Canadians are unable to travel for their Black Friday shopping.
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7:02Keystone XL's Indigenous investors plan to secure financing soon
The indigenous group seeking to buy a stake in TC Energy Corp.’s Keystone XL oil pipeline expects to secure financing by the first quarter of next year.
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U.K. and EU Ready to Resume Brexit Talks Roiled by Coronavirus
U.K. and European Union negotiators are poised to resume face-to-face trade talks this weekend after key officials involved in the discussions were forced into quarantine.
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Kohli, Who Shaped India’s IT Services Industry, Dies at 96
Faqir Chand Kohli, the founding chief executive officer of Tata Consultancy Services Ltd., who steered the Indian company for three decades, has died. He was 96.
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Vaccine Muddle Is Reputational Risk for AstraZeneca
The British drugmaker will likely conduct an additional global trial for the Oxford inoculation. It’s got to be careful how it presents the results.
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Masses Mourn Maradona in Argentina, Upending Covid Restrictions
Pent up frustration and emotions after eight months of strict Covid-19 restrictions in Argentina exploded with the news of the death of soccer superstar Diego Maradona, prompting people to flood squares, streets and the presidential palace to honor their icon.
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Germany Surpasses 1 Million Covid Cases Since Start of Pandemic
Germany’s total coronavirus cases surpassed 1 million for the first time Thursday, a day after the government extended a partial shutdown until just before Christmas.
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Asia Shields Brazil Starbucks Supplier From Coffee’s ‘Big Scare’
Asia’s rapid economic recovery is shielding a major specialty coffee producer from the full brunt of the pandemic.
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Advent Is Said to Revive Unit4 Sale Plans After SPAC Approach
Advent International is planning to revive a sale of software business Unit4 NV after receiving takeover interest from a blank-check company, according to people familiar with the matter.
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Tech Stocks Trading Defies Holiday Doldrums In Busy Week
Trading volume, even in hot areas such as tech stocks, notoriously dip in the days ahead of the U.S. Thanksgiving holiday. Not this year.
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Trudeau government moves to legalize single-event sports betting
Canada’s Justice Minister David Lametti unveiled proposed legislation to legalize single-event sports betting, marking a change in direction for Prime Minister Justin Trudeau’s government.
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European Stocks Are Little Changed as Value Shares Lead Declines
European equities showed limited movement amid lower trading volume, with the U.S. market closed, while this month’s strong rotation into value stocks reversed on concerns about the spreading pandemic.
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Holiday Goes Dark in Southern California as Edison Cuts Power
With strong winds raising the risk of wildfires, Edison International began cutting power to some homes and businesses in Los Angeles, blacking out Thanksgiving celebrations already overshadowed by the state’s worsening coronavirus surge.
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Ontario to Limit Food Delivery App Fees Amid Covid Lockdown
Canada’s most populous province is following New York City’s lead in restricting fees that companies such as Uber Technologies Inc. and DoorDash Inc. charge restaurants for delivery as coronavirus cases continue to rise.
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U.S. air travelers on Thanksgiving eve at highest since March
Travelers screened at U.S. airports on Thanksgiving Eve were the highest since coronavirus shutdowns descended in mid-March as many Americans bucked warnings by health officials.
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Sausage Roll and Chips, Anyone? It’s Bleak News for British Pubs
Unless they can get creative, a slow December might mean the end for many local businesses.
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Amazon Unions From Brazil to Germany Plan Black Friday Protests
Unions representing tens of thousands of Amazon.com Inc. employees are planning walkouts and other action as the year’s busiest shopping season begins this week, in protest at the e-commerce giant’s handling of everything from sick pay and Covid-19 precautions to user privacy.The giant Verdi trade union in Germany is holding a walkout across seven Amazon facilities, it said in a statement Thursday. It’s part of the Make Amazon Pay campaign, an assemblage of organized labor, human rights organiza
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Astra likely to run fresh global vaccine test, CEO says
AstraZeneca Plc is likely to conduct an additional global trial to assess the efficacy of its COVID-19 vaccine, according to the company’s chief executive officer, after current studies raised questions over its level of protection.
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Former Bank of America Executive Appointed as Johnson’s Top Aide
Boris Johnson named a former senior manager at Bank of America Corp. to become his new chief of staff as part of an overhaul to his team of advisers at the top of the U.K. government.
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India Bank Writes Off $43 Million Debt It Said DBS Would Service
A struggling Indian bank being acquired by DBS Group Holdings Ltd. will write off 3.18 billion rupees ($43 million) of bonds before being purchased by the Singaporean group.
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Wirecard Sought to Obstruct a Special Audit That Hastened Its Demise
Wirecard AG continuously obstructed a special audit of its books by accounting firm KPMG LLP, a probe that ended up uncovering fictitious bookings on a massive scale and hastened the collapse of the once high-flying mobile payment company.
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Qatar Inks Deal for Minority Stake in Turkish Stock Exchange
Qatar announced on Thursday a series of high-profile investments in Turkey, its biggest ally in a years-long rift with Gulf heavyweights Saudi Arabia and the United Arab Emirates, including the purchase of a stake in the country’s main bourse.
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Nigerian Central Bank Rule Leaves Cocoa Stranded at Ports
Nigerian cocoa exporters are facing long delays in shipping their goods after the central bank started insisting on additional documentation to ensure proceeds are returned to the country.
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U.S.-EU ‘Mini’ Tariff-Cutting Deal Clears Final Hurdle in Europe
The European Union removed tariffs on U.S. lobster, making good on a pledge meant to improve transatlantic trade ties strained by the “America First” agenda of outgoing President Donald Trump.
