World News

HSBC to push on with overhaul ‘wherever possible’ despite crisis

By Lawrence White LONDON (Reuters) – HSBC will press ahead with plans to shift capital from underperforming businesses, cut costs and strip out layers of management, despite problems caused by the coronavirus pandemic. Chief Executive Noel Quinn said HSBC <HSBA.L> would proceed “wherever possible” with a transformation plan outlined in February, but had paused most […]

World News

UBS ups estimates for COVID-19 insured losses to $30-60 billion

LONDON (Reuters) – Swiss bank UBS <UBSG.S> raised its estimates for COVID-19 insured losses to $30-60 billion from $20-40 billion on Friday, citing increasing uncertainty about non-U.S. business interruption claims. UBS upped its estimates for non-U.S. business interruption to $7-22 billion from $5-15 billion previously, and said it expected $8-16 billion in credit insurance losses, […]

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Britain has set tight deadline, not moving in talks: EU’s Barnier

BRUSSELS (Reuters) – The clock is ticking even more than before in talks on the future relationship between Britain and the European Union, but Britain is failing to move despite setting a tight timetable, the EU’s chief Brexit negotiator said on Friday. “(Britain) has imposed this very rigorous calendar, exceptional for such an important negotiation,” […]

World News

Coronavirus stockpiling drives best Nestle sales growth in years

By Siddharth Cavale (Reuters) – Swiss food giant Nestle <NESN.S> reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled everything from Purina pet food to Nescafe coffee to frozen meals to prepare for coronavirus lockdowns. Sales in North America and Europe were particularly strong in March, helping to drive […]

World News

Singtel secures $3 billion in bank credit for subsidiaries

SINGAPORE (Reuters) – Singapore Telecommunications’ <STEL.SI> (Singtel) subsidiaries have secured close to $3 billion in bank credit facilities, it said on Friday. The deals include S$3.45 billion ($2.4 billion) of facilities for Singtel Group Treasury and A$800 million ($510 million) for its Australian subsidiary Optus Finance. The funds will be used for refinancing and general […]

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Top Senate Democrat says momentum growing for state aid package

WASHINGTON (Reuters) – The top Democrat in the U.S. Senate said on Friday that momentum is gathering behind efforts to provide federal assistance to state and local governments hit by the coronavirus epidemic, despite opposition from the Senate’s top Republican. Senate Democratic leader Chuck Schumer said he is seeing “more momentum for state and local […]

World News

The cost of lockdowns in emerging markets

By Karin Strohecker LONDON (Reuters) – Measures to prevent the spread of coronavirus in developing countries come at a heavy cost to governments and citizens, raising poverty levels and government debt and crimping future growth. Policy-makers have to make some hard socio-economic choices depending on the demographic, fiscal and labour market set-up of their country. […]