Tech selloff spreads to Europe as virus fears mount


(Reuters) – European stocks were hit by a selloff in technology shares on Tuesday, after a drop overnight on Wall Street following fears of new coronavirus restrictions and a flare-up in U.S.-China tensions. The pan-European STOXX 600 index fell 1.3%, with technology stocks dropping 3.2%, […]

UK economy risks shrinking 14% this year, budget forecasters warn


LONDON (Reuters) – Britain’s economy could shrink by more than 14% this year and government borrowing risks approaching 400 billion pounds ($500 billion) if there is lasting damage from the coronavirus, government budget forecasters warned on Tuesday. The Office for Budget Responsibility said its central […]

Asian shares retreat as virus and Sino-U.S. tensions flare


SINGAPORE/WASHINGTON (Reuters) – Asian stock markets slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-U.S. tensions and fresh coronavirus restrictions in California kept a lid on investor optimism as earnings season gets underway. MSCI’s broadest index of Asia-Pacific shares […]

Blackouts darken misery of Lebanon's economic collapse


BEIRUT (Reuters) – Samira Hanna spends a lot of time in the dark. Her old Beirut apartment gets less than two hours of electricity a day, and with Lebanon’s economy in ruins, the grandmother can barely afford candles, let alone a private generator. “I sit […]

Asian shares set to slip as coronavirus concerns weigh


NEW YORK (Reuters) – Asian shares were set to open mostly lower on Friday as record-breaking new coronavirus cases and deaths in several U.S. states stoked concerns that new lockdowns could derail the economic recovery, and investors looked forward to earnings season. Australian S&P/ASX 200 […]

European shares rise on SAP's upbeat outlook, China rally


(Reuters) – European stocks rose on Thursday as software giant SAP signalled a rebound in its business from a coronavirus hit and China’s stock markets extended a rally, supporting risk sentiment in the continent. The broader European equities index rose 0.3%, with technology stocks .SX8P […]

Trading, underwriting soften profit plunge for some U.S. banks


NEW YORK (Reuters) – Trading and underwriting revenue could provide some comfort for big Wall Street banks that begin reporting results next week, although second-quarter profits likely plunged because of the coronavirus pandemic’s impact on lending. Analysts expect capital markets-centered banks Goldman Sachs Group Inc […]

Kenneth Lai promoted to OCBC's head of global treasury


SINGAPORE (THE BUSINESS TIMES) – Banking veteran Kenneth Lai was named OCBC’s new head of global treasury effective on Oct 1, in an internal appointment that is part of the bank’s leadership renewal. He will be reporting directly to OCBC’s group chief executive officer Samuel […]

Wall Street rises on rebound hopes despite jump in virus cases


(Reuters) – Technology shares boosted Wall Street’s main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country. Safe-haven gold rose more than 1% as the number of confirmed U.S. […]