BRUSSELS (Reuters) – The world’s financial leaders will say on Wednesday that the outlook for the pandemic-ravaged global economy is less negative as steps already taken are paying off, and will vow to do more if needed to support the recovery, their draft statement said.

Finance ministers and central bankers from the world’s 20 biggest economies will hold virtual meeting on Wednesday to discuss the main global economic challenges as the COVID-19 pandemic will cause a global economic contraction this year.

“The outlook is less negative with global economic activity showing signs of recovery as our economies have been gradually reopening and the positive impacts of our significant policy actions started to materialize,” the G20 financial leaders’ draft statement, seen by Reuters, said.

“We will sustain and strengthen as necessary our policy response, considering the different stages of the crisis, to secure a stable and sustainable recovery,” it said.


Read More

General view of the Bank Of England on September 27, 2020 in London, England.

  • The Bank of England has written to British banks, seeking information on how ready they are for monetary policy that adopts negative interest rates.
  • “We are requesting specific information about your firm’s current readiness to deal with a zero bank rate,” Sam Woods, the central bank’s deputy governor, wrote in Monday’s letter.
  • The bank survey was not marked as mandatory, but the BoE said it would help give officials a broader understanding of risks and potential issues.
  • The central bank is not currently employing a zero, or negative, interest rate. The base rate is 0.1%.
  • Visit Business Insider’s homepage for more stories.

The Bank of England appears to be moving closer to adopting negative interest rates, after writing to UK commercial lenders on Monday to ask how ready they are for sub-zero

Read More

  • President Donald Trump on Thursday night dodged questions from Fox News about whether he had yet tested negative for the coronavirus.
  • The obfuscation came despite claims by Trump that he’d recovered from the illness after testing positive last week.
  • He told Hannity he’d “probably” be tested Friday, arguing “there’s no reason to test all the time.”
  • Visit Business Insider’s homepage for more stories.

President Donald Trump implied on Thursday night that he had yet to test negative for the coronavirus since his COVID-19 diagnosis, despite boasting that he had recovered.

Speaking with the Fox News anchor Sean Hannity, Trump dodged questions over whether he had been tested since he announced his positive test the week before and spent three nights in a hospital.

Hannity asked whether Trump had tested positive since last week. Trump responded that he would most likely be tested Friday and argued there’s no reason to be

Read More

Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, July 28 (Reuters)Sterling climbed above $1.30 on Tuesday for the first time in three weeks as investors pushed back expectations for when the Bank of England would cut interest rates below zero.

The pound gained 0.3% to touch $1.3006, the first time it had broken the mark since mid-September, before pulling back a smidgeon. It was last up 0.1% at $1.2991.

Money markets pushed back bets that Britain’s interest rates would turn negative, with investors now seeing rates falling below zero in May 2021. Previously they had expected the Bank of England to cut rates into negative territory in March. BOEWATCH

The BoE, which cut interest rates to a record-low 0.1% in March, is looking at whether it is technically feasible to cut its main interest rate below zero, something that has

Read More

. As ASI erases year-to-date losses
As declining returns across fixed-income assets continue to buoy investors’ appetite in bellwether stocks, the All-share index (ASI), erased its year-to-date losses on Friday, appreciating by 2.53 per cent to close at 26,986.77 per cent last week.

This is despite the one-day holiday declared by the Federal Government on Thursday, October 1st to commemorate Nigeria’s 60th Independence anniversary.

Also, the market capitalisation of the Nigerian Stock Exchange (NSE) appreciated by 2.55 per cent to close the week N14.105 trillion. All other indices finished higher with the exception of NSE consumer goods, which depreciated by 0.75 per cent, while NSE ASeM Index closed flat.

Analysts linked the improved buying interest, and positive sentiments to Monetary Policy Committee (MPC) decisions to cut MPR from 12.5 per cent to 11.5 per cent, in addition to investors positioning ahead of the third quarter (Q3) numbers.

They expressed optimism

Read More

Democratic presidential nominee Joe Biden and his wife, Jill Biden, tested negative for Covid-19 on Friday after being exposed to President Donald Trump at the debate on Tuesday.

The Bidens were tested early Friday after seeing media reports that Trump and first lady Melania Trump were diagnosed with the virus.

Read More

A Citi analyst on Monday opened a negative catalyst watch on shares of Micron Technology  (MU) – Get Report, a day before the semiconductor company is scheduled to report fourth-quarter earnings.

Shares of the Boise, Idaho, company at last check were up 0.4% at $49.31.

Analyst Christopher Danely, who has a sell rating on the shares with a $35 price target, said he expected Micron to report sales below guidance of $6 billion but in line with his $5.5 billion estimate due to what he called a double dip in DRAM.

The analyst also expects the stock to trade lower on the report and would be more constructive on the stock in the mid $30s, according to The Fly.

Last week, TheStreet.com Founder Jim Cramer said on CNBC that “Micron’s core DRAM business could be saved by their disk drive business, but I don’t see the stock

Read More

Last week, BOE launched official talks with the Prudential Regulation Authority over the operational practicalities negative interest rates, hitting the pound. Photo: Getty
Last week, BOE launched official talks with the Prudential Regulation Authority over the operational practicalities negative interest rates, hitting the pound. Photo: Getty

A Bank of England (BOE) policymaker has said that an investigation into whether negative rates might help the UK economy through its current downturn found “encouraging” evidence from other countries.

Silvana Tenreyro, defended the potential use of negative interest rates, which could take the cost of borrowing below zero, in an interview with the Sunday Telegraph.

“There has been almost full pass-through of negative rates into lending rates in most countries,” she said.

Tenreyo, who is an external member of the Bank’s Monetary Policy Committee, said that banks would be able to handle further pressure on their finances.

“Banks adapted well – their profitability increased with negative rates, largely because impairments and loss provisions decreased with the boost to activity and the increase in asset prices.”


Read More

LONDON (Reuters) – The Bank of England’s investigation into whether negative rates might help the British economy through its current downturn has found “encouraging” evidence, policymaker Silvana Tenreyro said in an interview published late on Saturday.

FILE PHOTO: A worker wearing a protective face mask walks past the Bank of England in the City of London, Britain, August 6, 2020. REUTERS/Toby Melville/File Photo

Tenreyro told the Sunday Telegraph that she did not expect Britain to continue to enjoy a fast V-shaped recovery, due to headwinds from local flare-ups in COVID-19, rising unemployment and a “very weak” global economic outlook.

Britain’s central bank said in August that it was taking a closer look at the case for cutting interest rates below zero, and in September it said it would take a detailed look at the idea’s technical feasibility during the fourth quarter.

However Governor Andrew Bailey said this did not mean

Read More

SAN FRANCISCO, Sept. 23, 2020 /PRNewswire/ — Digital signage and experience platform Raydiant today announced the launch of a new initiative that petitions small business review platforms to stop allowing users to leave negative reviews for issues caused by third-party delivery providers.

The COVID-19 pandemic forced companies of all sizes to adapt their operations to stay in business. Arguably, one of the businesses most affected by the pandemic were restaurants that were forced to close their in-location dining and shift to options such as delivery and curbside pickup.  

As part of this shift, many restaurants began using third-party delivery providers such as UberEats, DoorDash, GrubHub, and Postmates. These delivery providers serve as a platform to connect independent delivery drivers to deliver meals to the delivery app customers. 

Issues related to the delivery experience, such as order delays and poor driver communication, are outside the control of restaurants. Yet, many

Read More