The Leicester coronavirus outbreak has been linked to schools in the city, as the government extends lockdown measures regionally. .
The Leicester coronavirus outbreak has been linked to schools in the city, as the government extends lockdown measures regionally. .
The de facto chief of South Korea's Samsung business empire was convicted Monday over a huge corruption scandal and jailed for two and a half years, in a ruling that deprives the tech giant of its top decision-maker.
Japanese Prime Minister Yoshihide Suga vowed Monday to get the pandemic under control and hold the already postponed Olympics this summer with ample coronavirus protection. In a speech opening a new Parliament session, Suga said his government would revise laws to make anti-virus measures enforceable with penalties and compensation. Early in the pandemic, Japan was able to keep its virus caseload manageable with non-binding requests for businesses to close or operate with social distancing and for people to stay home.
England wrap up seven-wicket win over Sri Lanka in first Test * Day five: Sri Lanka 135 and 359 all out; England 421 and 76-3 * Tourists seal victory with minimum of fuss at Galle
(Bloomberg) -- U.S. and European equity futures dipped and Asian stocks were mixed Monday amid investor caution at the start of the week even as data indicated China’s economic recovery remains on track. The dollar nudged up.South Korean shares retreated as sentiment toward chip component makers took a hit on news the Trump administration will restrict licenses to several Huawei Technologies Co. suppliers. Hong Kong and Chinese stocks gained after growth and industrial output data beat expectations. S&P 500 futures pointed lower with European contracts. Crude oil slipped.Cash Treasuries aren’t trading due to the Martin Luther King Jr. holiday, though U.S. bond futures advanced. The S&P 500 closed lower Friday and support for Treasuries pushed the yield on 10-year notes down to around 1.08%.Global shares slipped last week after optimism about the $1.9 trillion U.S. aid package, and the so-called reflation trade, faltered into a holiday weekend. Investors are waiting for the inauguration of Joe Biden, who ascends to the U.S. presidency on Wednesday with a speech outlining how he’ll tackle the health and economic crises he inherits.“Markets needed a breather or even a pull back to justify reflationary expectations,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.Meanwhile, Janet Yellen is expected to affirm the U.S.’s commitment to market-determined exchange rates and provide assurances that the U.S. won’t seek a weaker currency for competitive trade advantages, the Wall Street Journal reported, citing Biden transition officials familiar with preparation for her confirmation hearing as Treasury Secretary.U.S.-China tension continues to bubble in the last days of Donald Trump’s presidency. The U.S. notified several Huawei suppliers that it’s revoking their licenses to work with the Chinese firm and rejecting other applications, Reuters reported, citing unidentified people familiar with the matter.On the coronavirus front, cases topped 95 million, while the U.S. death toll from Covid-19 neared 400,000. Norway expressed increasing concern about the safety of the Pfizer Inc. vaccine on elderly people with serious underlying health conditions after deaths in 29 people who received inoculations.These are some key events coming up in the week ahead:U.S. equity and bond markets are shut Monday for the Martin Luther King Jr. holiday.Earnings come from companies including Bank of America, Morgan Stanley, Procter & Gamble, Intel, and Netflix.Joe Biden takes office as U.S. president on Wednesday.Policy decisions are due Wednesday from central banks in Brazil, Malaysia and Canada. The Bank of Japan and the ECB deliver decisions Thursday.Here are the main moves in markets:StocksS&P 500 futures slid 0.1% as of 2:38 p.m. in Tokyo. The index fell 0.7% on Friday.Japan’s Topix index declined 0.6%.Hong Kong’s Hang Seng rose 0.9%.South Korea’s Kospi lost 2.1%.Shanghai Composite rose 1%.Euro Stoxx 50 futures lost 0.2%.CurrenciesThe yen was at 103.70 per dollar, up 0.1%.The Bloomberg Dollar Spot Index climbed 0.1%.The euro bought $1.2075.The offshore yuan traded at 6.4950 per dollar, down 0.2%.BondsThe yield on 10-year Treasuries ended last week at 1.08%.CommoditiesWest Texas Intermediate crude slid 0.6% to $52.05 a barrel.Gold added 0.4% to $1,836 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Kamala Harris will make history on Wednesday when she becomes the nation’s first female vice president — and the first Black woman and the first woman of South Asian descent to hold that office. With the confluence of crises confronting Joe Biden's administration — and an evenly divided Senate in which she would deliver the tie-breaking vote — Harris is shaping up to be a central player in addressing everything from the coronavirus pandemic to criminal justice reform. Symone Sanders, Harris' chief spokeswoman, said that while the vice president-elect's portfolio hasn't been fully defined yet, she has a hand in all aspects of Biden's agenda.
Vietnam on Monday awarded a licence to a unit of Taiwan's Foxconn Technology Co Ltd to build a $270 million plant to produce laptops and tablets, the Vietnamese government said. The plant, to be developed by Fukang Technology, will be located in the northern province of Bac Giang and will annually produce eight million units, the government said in a statement on its website. Foxconn has so far invested $1.5 billion in Vietnam and plans to raise its investment by $700 million and recruit 10,000 more local workers this year, the government said.
Japanese Prime Minister Yoshihide Suga said on Monday his government will take all possible measures to protect the country's medical system, as hospitals creak under the strain of the COVID-19 pandemic. Suga this month issued a state of emergency for Tokyo and three surrounding prefectures in a bid to stem a resurgence of infections.
“There’s no special treatment here ... because a virus doesn’t treat you specially.”
Regardless of the reason you choose to use it, you will reap the benefits, and it is one reason to add them to your daily routine.
(Bloomberg) -- Philippine banks will recover faster from the impact of the coronavirus pandemic than they did from the Asian financial crisis due to record-low interest rates, higher capital and a stable economy, the head of the nation’s bankers group said.Lenders in the Southeast Asian nation may bounce back in three to four years -- about half the time it took after the 1997 crisis -- as banks aggressively provision for probable losses, said Cezar Consing, president of the Bankers Association of the Philippines.“This crisis might be more impactful on the economy, but the banking system at the same time is better able to handle some of the stresses,” he said in an online interview.The nation’s bad-loan ratio may peak at 6%-7% this year, Consing said, compared with about 4% in 2020, and far lower than the 20% levels seen during the Asian crisis. This would mean banks hold about 744 billion pesos ($15.5 billion) in bad debt out of a total of 10.63 trillion pesos of loans at the end of November.Consing, who is serving his final three months as president of Bank of the Philippine Islands before retiring, recalled that it took lenders about six to seven years to recover pre-crisis profits after the 1997 crisis.Deeper Economic ContractionIn Malaysia, strong asset quality and buffers that banks built up during the good times have helped prevent a financial crisis, Bank Negara Malaysia Deputy Governor Jessica Chew Cheng Lian said.“It was really top of mind for us to ensure that the pandemic does not evolve into a financial crisis, which would obviously lead to a much deeper and extended economic contraction,” Chew said via live-stream Monday from the Asian Financial Forum in Hong Kong.In the same way, above-minimum capitalization and ample provisions for bad loans are bright spots for Philippine banks, and most major lenders had coverage of over 100% in the third quarter, according to Rena Kwok, a Singapore-based analyst at Bloomberg Intelligence. Still, Kwok sees a slower economic recovery amid a resurgence in virus cases as a “downside risk.”The Bangko Sentral ng Pilipinas, like other central banks globally, has eased monetary policy and brought in other relief measures to limit the fallout of the pandemic. It cut reserve requirements for banks to encourage lending and help shore up cash in the financial system.The Philippine economy is expected to grow by 6.5%-7.5% this year, after a projected contraction of as much as 9.5% in 2020, according to latest government estimates.Other Highlights:Provisions for loan losses will remain elevated in 2021, but not as high as last year when they reached record levelsBanks can tolerate negative interest rates for up to a year. “If you have negative interest rates for long periods of time you’re creating bubbles, you’re creating problems, you’re mis-allocating resources.”While interest rates have fallen, other costs like regulatory, technology and cyber-security expenses have increasedPhilippine growth is very credit intensive, with a ratio of 1.50 pesos of new loans for every 1 peso of new economic output. “The fact that loan growth is flat at a time when GDP is going down, to me, is already something good.”A challenge for Philippine banks is how to become bigger and remain relevant to support the nation’s growth agenda. Banks now account for 12%-13% of the stock exchange compared with 15% a decade ago(Updates with Malaysia central bank deputy governor’s comments from sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Capital Motion Picture Group has picked up North American and U.K. rights to Cold War thriller “The Man on the Other Side,” directed by Marcus Lim. The Canada-based full-service distributor said that it plans to release the film in 2021. The deal was announced by producers Militancy Films Singapore and Germany’s Doghouse Filmproductions. International rights […]
Australian Open: how Covid is shaping the tennis tournament – explainerQuarantined tennis players, fan ‘pods’ and much smaller crowds. Here’s how the 2021 Australian Open is shaping up amid the pandemic
There are many ‘rags to riches’ stories in the world, and each one is inspiring. Ramesh Gholap’s story, however, is not only inspiring but also a testimony to the art of manifestation.
Man found living in Chicago airport for three months 'due to fear of Covid'. Aditya Singh allegedly stayed in secure area of O’Hare international airport after becoming too afraid to return home to California
(Bloomberg) -- Samsung Electronics Co. heir Jay Y. Lee was sentenced to two years and six months in prison over bribery charges, concluding a years-long graft trial that inflamed outrage over the cozy relationships between government and business.Monday’s sentencing lands the top decision maker at the world’s biggest electronics company behind bars at a time of unprecedented global uncertainty. The Seoul High Court first jailed Lee in 2017 after convicting the billionaire for his role in a corruption scandal that toppled former president Park Geun-hye. The Samsung Group’s de facto leader served a year in prison but was released in February 2018 after his original five-year term was halved and suspended. The Supreme Court overturned that verdict and ordered a retrial in 2019.Lee, 52, has been embroiled in a legal fight that started four years ago and stemmed from a controversial merger in 2015. The Samsung executive was accused of offering horses and other payments to a friend of the former president to win support for his formal succession at the corporation. The Supreme Court upheld a 20-year prison term for Park last week, citing wide-ranging charges including bribery related to Samsung.Shares of Samsung Electronics fell nearly 4% after the sentence was read out loud.Why Jail Threat Hangs Over Samsung Billionaire Again: QuickTakeThe ruling creates a vacuum atop the world’s largest producer of memory chips, smartphones and consumer appliances at a time the Covid-19 pandemic is exacerbating rising uncertainty around the U.S.-Chinese relationship and intensifying competition. While Samsung’s daily business is run by an army of managers, Lee’s absence may stall or complicate massive investments or strategic longer-term moves. The executive plays an active role at the company, frequently joining government-related and public events after he was released from the prison.During the last hearing on Dec. 30, Lee read out a lengthy personal apology over the case -- reiterating pledges he first made in May -- stressing his effort to make Samsung company great while pledging not to repeat past wrongdoings, and pledging not to pass down power to his children. Lee’s ascension to the chairmanship of Samsung after his father’s death in October is likely to be delayed until he goes free.Separately, he faces another case related to a controversial merger between Samsung C&T and Cheil Industries in 2015, centered on allegations ranging from violation of capital markets law to a breach of duty. Lee will have to attend hearings in that case from jail.(Updates with Samsung shares falling in 4th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Russian president’s most determined foe detained minutes after landing at Moscow
England will launch the next phase of its vaccination programme on Monday, offering doses to people aged 70 and above, as well as those seen as extremely vulnerable clinically. Europe's biggest vaccination programme so far had focused on people aged 80 and older as well as frontline healthcare workers. The government wanted all adults to have been offered a first vaccination by September, health minister Matt Hancock said.
As he was preparing to leave the White House in January 1989, President Ronald Reagan wanted to leave a note for his successor, George H.W. Bush, and reached for a pad emblazoned with a cartoon by humorist Sandra Boynton under the phrase, “Don’t Let the Turkeys Get You Down.” Thus was born the tradition of departing presidents leaving a handwritten note in the Oval Office for their successors. President Donald Trump has refused to accept the results of November’s election and vowed not to attend Joe Biden’s inauguration on Wednesday.
In what their owner considers an unlikely friendship, a chicken was filmed riding on the back of a horse on a farm in Cranbrook, Tasmania.Tracey Johnston filmed her Friesian thoroughbred-cross, named Reinah, calmly moving around a paddock with the chicken on its back.“I have never seen this happen before!” Johnston told Storyful. “If you knew the mood of Reinah you’d know this is an unusual event. If that horse didn’t want a chook on its back, there would not be a chook on its back!”Johnston told Storyful her pet beagle likely scared the chicken, forcing the bird to jump onto the safety of the horse’s back.“I could hear the chook making a ruckus and I walked outside and the chook was sitting on the horse” Johnston said. Credit: Tracey Johnston via Storyful
Country diary: snowfall creates a mini monochrome world in the woodsThe Chevin, Otley, West Yorkshire: The only colour is the dark green ferns in the depths of a ghyll