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Saturday, August 8, 2020

IMF Approves Temporary Increase in Annual Access Limits to Financial Support

Washington, DC – July 22, 2020: On July 13, the Executive Board of the International Monetary Fund (IMF) approved a temporary increase in the annual limits on overall access to resources in the General Resources Account and the Poverty Reduction and Growth Trust. The...

EU leaders strike ‘historic’ $2 trillion deal to rebuild Europe’s economy

London/Hong Kong - After almost five days of fraught discussions, European leaders have agreed to create a €750 billion ($858 billion) recovery fund to rebuild EU economies ravaged by the coronavirus crisis. The European Commission will borrow the money on financial markets and distribute just...

Bank of America shares drop as the firm sets aside another $4 billion for coronavirus-related loan losses

The bank said it generated earnings of $3.5 billion, or 37 cents a share, exceeding the 27 cents a share expected by analysts surveyed by Refinitiv. However, revenue of $22.5 billion barely edged out analysts’ estimate of $22 billion. Bank of America’s trading division helped offset...

Global Banks must resolve explainability and “black box” risk governance challenges to succeed with AI post-pandemic, says EIU report

The Economist Intelligence Unit report identifies data bias, “black box” risk and lack of human oversight as key concerns GENEVA, Switzerland, July 16, 2020/ -- AI will separate winning banks from losers, say 77% of banking executives surveyed during COVID-19; COVID-19 will intensify the use...

Shale boss says US has passed peak oil

US crude production has already peaked, according to one of the country’s leading shale executives, as producers battered by the price crash shun new output growth and start trying to become profitable. Matt Gallagher, chief executive of Parsley Energy, one of Texas’s biggest independent oil...

Putin delays $360bn spending plan as Covid-19 batters economy

Vladimir Putin has delayed his flagship $360bn national investment plan by six years as the coronavirus pandemic pitches Russia into recession and leaves a hole in the federal budget. Mr Putin unveiled the so-called National Projects two years ago as a much-needed Rbs25.7tn ($362bn) injection...

BlackRock punishes 53 companies over climate inaction

BlackRock has punished more than 50 companies from US oil major ExxonMobil to Swedish carmaker Volvo over their lack of progress on tackling global warming, six months after it warned of huge investment risks from climate change. Larry Fink, chief executive of the $6.8tn investment...

UK-China relations: from ‘golden era’ to the deep freeze

n the autumn of 2015, on a mission to Beijing that would pave the way for President Xi Jinping’s triumphal state visit to the UK that October, George Osborne employed a phrase that has come to haunt Sino-British relations. Looking to the future, the...

Investors yank $500m from super-leveraged US tech fund

An exchange traded fund designed to amplify the moves of red-hot US tech stocks has just suffered its worst ever week of outflows, suggesting that investors are growing wary of highly stretched valuations. Investors pulled $491m from the ProShares UltraPro QQQ ETF last week in...

Wall Street edges higher as earnings season kicks off

Wall Street stocks inched higher on Tuesday, as investors assessed an opening foray in a quarterly earnings season that will guide them on the pace of the US economic recovery. The S&P 500 was up 0.5 per cent at lunchtime in New York as gains...
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