Banks reduce loan supply to European businesses and households pending higher bad loans due to the impact of lockdowns, a report from the European Central Bank showed. The ECB’s quarterly survey of banks reveals that an increasing proportion of them are tightening credit conditions, especially in France.
Hong Kong unemployment rate peaked at 16 years as its economy has been battered by the coronavirus epidemic. The unemployment rate from October to December rose to 6.6 percent, an increase of 0.3 percent from the previous three months. The retail, accommodation and food sectors have suffered from strict social distancing measures.
The United Arab Emirates are accelerate deployment of its coronavirus vaccines as the Gulf Federation seeks to overtake its new ally Israel as the most vaccinated nation in the world. The UAE, which has vaccinated around 20% of the population, is starting to catch up with Israel, which leads with a rate of 29%.
Australia’s chief medical officer has said the country will return to ‘kind of normal’ this year after its Covid-19 vaccination program, but international travel is still a long way off. Paul Kelly said the vaccination effort would not allow Australia to reopen its borders, due to high infection levels elsewhere.
The Ring at the London Metal Exchange
The London Metal Exchange will continuously offer closing his ring, where metals have been traded since its founding in 1877, a move that would mark the end of the in-person commodity trade in Europe. The stock market’s decision is said to come after the temporary shutdown of trading on the Ring last year due to the pandemic.
Halliburton, one of the world’s three largest oil services companies, announced a fourth quarter drop in income at $ 160 million, or 18 cents per share, down from $ 285 million a year ago. This is a 60 percent increase from the previous three months, when oilfield activity in the company’s main US market remained depressed.
Bank of America’s fourth quarter net income increased by nearly $ 600 million, thanks to the release of loan loss reserves, capital markets income and net interest income which climbed for the first time in over a year. Quarterly net profit increased to $ 5.5 billion but total revenue, to $ 20.1 billion, did not meet expectations of $ 20.5 billion.
Travel restrictions, store closings and fewer tainted party gatherings Swiss chocolate maker The activity of Lindt & Sprüngli. Organic sales fell 6.1% to 4.02 billion francs ($ 4.52 billion) in 2020, resulting in an almost 11% year-over-year decline. Lindt shares fell 2 percent on Tuesday.