Stocks Rally, Dollar Weakens on Biden Transition: Markets Wrap

Global stocks advanced for a second day as investors cheered the start of U.S. President-elect Joe Biden’s formal transition. The dollar extended its decline to the lowest since 2018.

Cheese Prices Plunge as Lockdowns Bite Into Dining Business

Cheese prices are plunging as Covid’s second wave drives diners from restaurants.

The Latest Unicorn Startup Is a Used Car Website in India

The pandemic temporarily shuttered the country’s mass transit systems, stoking demand for affordable vehicles.

South Africa’s Rising Debt Is ‘Major’ Threat to Finance Industry

The deep ties that bind South Africa’s banks and insurers to the government is a key risk to the country’s financial stability, according to the central bank.

Unintended consequences of the Special Resident Retiree’s Visa

FREEPIKThe Philippines prides itself on its tropical weather, pristine beaches, thousand islands, scenic natural wonders, delicious local cuisine, and hospitable people, making it one of the most sought-after travel destinations for tourists looking for recreation and relaxation. For these same reasons, the country makes for an appealing retirement haven not only for Filipino citizens but foreign nationals as well.

UK cuts its quarantine policy to five days — but there’s a catch

Travellers arriving in the UK will be able to cut their self-isolation period from 14 to 5 days starting next month if they test negative for the coronavirus.

Fuel prices increase for 5th consecutive day; Check out latest petrol, diesel prices

State-owned fuel retailers started to steadily increase prices on Friday after international Oil Marketing Companies (OMCs) broke a nearly two-month-long hiatus from daily fuel price revisions

India successfully test-fires land-attack version of BrahMos missile

The BrahMos supersonic cruise missile is the world's fastest operational system in its class. Recently, DRDO had extended the range of the missile system from the existing 298 km to around 450 km

New Zealand Dollar Rises Past 70 Cents for First Time Since 2018

New Zealand dollar extended its advance past 70 cents per dollar, a level not seen since June 2018, as the market further priced out the possibility of negative borrowing costs.

ECB Sees Hard Choices for Authorities Timing End of Pandemic Aid

Governments and central banks face a tricky balance between shocking the economy if they end pandemic support too soon, and undermining it if they keep measures in place too long, according to a European Central Bank report.

ING Philippines launches e-payment service

ING Bank N.V. Philippines on Tuesday launched its in-app payment service as it moves to further diversify its all-digital consumer banking platform. In a virtual press briefing, ING Philippines country manager Hans Sicat announced the launch of the all digital bank’s payment account “ING Pay.” “We have received very encouraging results since our launch in 2018 with our entry product – ING Save Account. The launch of ING Pay today further...

Jio Payments Bank seeks RBI nod to open accounts of RIL, other group firms

Permission has been sought even though RBI has placed curbs on lending by scheduled commercial banks to companies they lend up to a certain limit; RBI's response is awaited

Elon Musk surpasses Bill Gates as the world's second-richest person as Tesla's market value nears $500 billion

The jump in Musk's net worth places him second to Amazon boss Jeff Bezos, whose wealth stands at $182 billion.

AstraZeneca Data Hint at Halting Severe Covid, Slaoui Says

The leader of the U.S. government’s coronavirus vaccine program said AstraZeneca Plc found that 16 participants who received a placebo in its clinical trial contracted severe Covid-19, a sign that the shot could block the worst cases of disease.

British telcos may be fined 10% of revenues for using Huawei gear under new law

British telcos could face large fines if they fail to remove Huawei equipment from their 5G networks under new legislation.

Turkey Dismantles Another Key Policy to Cool Lending Boom

Turkey took a further step toward mainstream economic management by abolishing a rule that compelled lenders to extend credit and buy government debt. The lira and bank shares rose on the news.

Xiaomi’s Sales Grows Fastest in Two Years After Huawei Slide

Xiaomi Corp. posted its fastest pace of revenue growth in more than two years after the Chinese smartphone giant grabbed market share from Huawei Technologies Co. when American sanctions deepened.

Oil Highest Since March on Vaccine Progress, Biden Transition

Oil traded at its highest level since March as markets broadly rallied on the start of the U.S. presidential transition process and with the demand outlook strengthening after a string of positive vaccine breakthroughs.

U.K. Looks at Huawei Install Ban Next Year to Placate Hawks

The U.K. is considering a ban on the installation of Huawei Technologies Co. 5G equipment as soon as next year to appease hawks pushing for tighter restrictions on the Chinese network equipment maker, according to people familiar with the matter.

U.K. Renewable Power Set For a $27 Billion Investment Boost

The U.K. government plans to double the amount of renewable power supported by the country’s main subsidy mechanism and create a new structure that will bolster a variety of technologies, speeding up a wave of new investment.

German business confidence down for 2nd consecutive month

BERLIN (AP) — Business confidence in Germany, Europe's biggest economy, fell for a second consecutive month in November as a resurgence of coronavirus infections led to partial shutdowns across the continent, a closely watched survey showed Tuesday. Still, the decline was smaller than economists had predicted. And official data released separately on Tuesday showed that the economy performed a bit better in the third quarter than previously...

Gold Drops to Four-Month Low as Biden Transition Looks Assured

Gold extended a drop to the lowest level in four months after the formal transition to President-elect Joe Biden was triggered, alleviating political uncertainty.

Best Amazon Black Friday 2020 deals for Tuesday include Fitbit Versa 2 and new Echo Dot

Amazon Black Friday week sale is in full swing with massive discounts on everything from tech to fashion. Here are our top picks of today's best deals

Germany Can Fund Virus Aid Into 2021, Merkel Lawmaker Says

Germany can comfortably afford to provide financial aid to businesses affected by coronavirus lockdown restrictions until well into next year, according to a senior lawmaker in Chancellor Angela Merkel’s bloc.

Czech Premier Signals Delay in $7 Billion Nuclear Reactor Tender

Czech Prime Minister Andrej Babis said the country isn’t yet ready to start a tender for a new nuclear reactor, signaling a delay in the project that’s been a key concern for investors in power utility CEZ AS.

Big changes in the global insurance market: will they affect you?

You’ll probably be aware of the terms “bull market” and “bear market” in terms of stocks and shares. But did you know that the insurance world has cycles too? It is useful to know because market changes cause a knock-on effect on insurance policies worldwide. In investing, a bull market is characterized by strong investor […]You’ll probably be aware of the terms “bull market” and “bear market” in terms of stocks and shares. But did you know that...

Inside Bloomberg’s Covid Resilience Ranking

Everyone is fighting the same coronavirus, but nearly a year into the pandemic, quality of life and control of the pathogen’s spread look vastly different across the world. Bloomberg’s Covid Resilience Ranking scores the largest 53 economies on their success at containing the virus with the least amount of social and economic disruption.

ING Bank eyes to offer consumer lending service in 2021

ING Bank N.V. Philippines is looking at further diversifying its platform as it plans to offer consumer lending service within its mobile application. During the media launch of ING Pay, ING Philippines head of Retail Mohamed Keraine said “ING Lend” is going to be introduced next year as the bank is going “step-by-step” in offering consumer banking services in its platform. After launching ING Save in 2018 and ING Pay this month, Keraine said,...

From Asian Loser To Darling: South Korea’s Stocks Win Fund Fans

Just a year ago, Korean stocks were dismissed by foreign investors as a value trap.

Oil wipes out most of its pandemic losses and hits its highest since March, as a vaccine rollout turns traders bullish on 2021

"An oil demand rebound in 2021 is now a certainty and markets are not waiting to price it in," SEB chief strategist Bjarne Schieldrop said.

Russia Online Retailer Ozon Raises $990 Million in U.S. IPO

Russian online retailer Ozon Holdings Plc will raise $990 million in its initial public offering in the U.S., taking advantage of demand for technology stocks amid the busiest fourth quarter for new listings since 1999.

Peru’s 100-Year Bond Sale Shows Markets Can Defy Political Chaos

Peru, a country that’s on its third president this month, convinced investors that its strong financial institutions would carry the day.

Minimum wage workers set to get pay rise worth 'just 18p an hour' due to Covid

Workers could be handed a rise of just 18p in tomorrow's spending review after the Low Pay Commission originally projected a National Living Wage rise of 49p - but that was in March, before the devastation to the economy

Container Crunch Means It Pays More to Sail Empty to Asia

(Bloomberg) -- Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic. Shipping carriers seeking to capitalize on the most lucrative trade routes are returning empty cargo containers to Asia, contributing to freight rates that have soared to record highs. Because the carriers aren’t first loading the boxes with exports before...

Japan’s ramen bars struggle to stay open as COVID hammers small firms

Hurt by deflationary pressures and growing competition in the run-up to the now-delayed Tokyo Olympics, noodle bars are particularly prone to the economic malaise the pandemic triggered in the service sector. TOKYO — Sixty-year-old Yashiro Haga is folding his Tokyo noodle ramen shop after 15 years in December, unable to overcome the prospect of a lasting customer slump due to the coronavirus crisis. “The flow of people has changed due to the...

PlayStation 5: Sony boss has bad news for anyone who hasn't managed to get the PS5 yet

Jim Ryan, CEO at Sony Interactive Entertainment, has delivered some bad news for anyone who hasn’t managed to get the console yet

There’s $500 Million of Coal on Anchored Ships Off China’s Coast

More than $500 million worth of Australian coal is on ships anchored off Chinese ports, as a diplomatic spat between the two countries cuts into trade, idles a portion of the world’s dry bulk carriers and threatens to spiral into a humanitarian crisis.

These AAA Bonds Are Tumbling as China Default Fears Spread

A string of defaults by Chinese state-owned companies has sent shockwaves across the world’s second-largest credit market.

Germany’s Business Outlook Worsens After Short-Lived Rebound

German businesses are losing confidence in the outlook after a resurgence in coronavirus cases forced authorities to reintroduce restrictions, putting a halt to the recovery.

EU Set to Tap Buoyant Demand for Social Bonds With Another Sale

The European Union’s third sale of social bonds was met with enthusiasm once again, with investors showing continued interest in securities designed to finance the bloc’s economic recovery.

Credit Suisse to Take $450 Million Charge on Hedge Fund York

Credit Suisse Group AG expects to book a $450 million impairment on its stake in York Capital Management as the U.S. firm winds down most of its hedge-fund strategies, the latest blow for the bank after a series of setbacks this year.

Goldman Sachs to Start Paris Trading Venue as Brexit Nears

Goldman Sachs Group Inc. is planning a European stock trading platform to ensure its clients can still buy and sell shares even without a post-Brexit agreement to allow dealing in London.

Germany’s DAX to Get Bigger, Stricter After Wirecard Fiasco

Germany’s DAX index plans its most sweeping overhaul since its inception, adding 10 new companies and new quality controls after the implosion of Wirecard AG rocked investor confidence in the gauge.

HK to Shut Bars; the Best Places to Be Amid Covid: Virus Update

Hong Kong will shut bars and clubs as the city tightens social distancing rules amid a recent spike in virus cases.

Astra Shot That Works Better in Small Doses Raises Questions

The news reached Sarah Gilbert Saturday evening that the Covid-19 vaccine she’s developed with AstraZeneca Plc appeared to work. But the University of Oxford professor had expected a key number: Was it more than 90% effective, as others have been -- or less?

JD’s Logistics Unit Weighs IPO at $40 Billion Valuation Inc.’s logistics unit is considering an initial public offering that could raise at least $5 billion, according to a person familiar with the matter.

Labour market failed to employ enough workers this festive season: CMIE

Besides the weak employment rate, the CMIE Managing Director and CEO Mahesh Vyas noted that the deterioration of labour metrics in November is a signal again that the recovery is not complete

When will the world reach ‘herd immunity'? Citi weighs in

An analysis by Citi Research showed that "herd immunity" start to form in the fourth quarter of 2021, beginning with developed markets.

Winter is coming, and millions may lose their jobs in restaurants and hospitality

Many restaurants and businesses in colder-weather regions will face big challenges, including job losses, as winter arrives, a new study shows.

Bitcoin Pierces $19,000 for First Time Since 2017

Bitcoin surpassed $19,000 for the first time since 2017 as the mania over digital currencies continues to grip Wall Street.