Covid-19

“The European Central Bank has lifted its blanket recommendation against distributions, including dividends and share buybacks, but under strict conditions that will have the biggest impact on eurozone banks with high capital returns, analysts said.” – by Vanya Damyanova

“…the PRA judges that an extension of the exceptional and precautionary action taken in March is not necessary and that there is scope for banks to recommence some distributions should their boards choose to do so, within an appropriately prudent framework.” – Bank of England

“Brussels is planning to lay out a raft of proposals in a bid to make it easier for EU banks to offload soured loans as it anticipates the risk of a pandemic-related wave of corporate distress.” – by Sam Fleming and Martin Arnold

“The government’s independent forecaster said the virus was responsible for an 11.3 per cent contraction in the UK economy, the steepest for more than 300 years. It added that output would take a further large hit if ministers fail to negotiate a free trade agreement with the EU before the end of the year.” – […]

“The new U.S. president has an opportunity to revitalize the U.S.-German partnership by thinking bigger and broader about a new series of centerpiece projects. Four areas of possible cooperation in which to promote positive and forward-looking solutions to shared problems are: transatlantic security, trade, public health, and climate change.” – by Stephen Szabo and Jason […]

“Now, after months of pandemic pressure and with no bailout forthcoming from Norway, it appears the airline may be nearing the end of the road.” – by Gabriel Leigh

“[Banks] generated enough pre-provision operating profit in the first nine months of 2020 to absorb their dud-credit charges. They also reported higher common equity Tier 1 (CET1) capital ratios for the end of September than in March.” – by Liam Proud

“With global financial markets awash in cheap credit, Italy is issuing zero-interest bonds and hoping that it can somehow avoid fiscal calamity.” – by Desmond Lachman

“Central banks were among the biggest buyers of European common debt this week, signaling growing trust that the euro will hold its own through the pandemic.” – by Anna Hirtenstein

“The coronavirus crisis is having a profound and lasting effect on the global economy, with the vast majority of countries expected to get back to their 2019 level of economic output only in 2022.” – by Eldar Vakhitov