The EU is set to unveil new proposals today for improving its crisis-management framework for the banking system. Europe’s recovery and resolution rules for lenders have proven too inflexible for some countries, while others have faulted them for loopholes, especially when it comes to small and medium-sized banks. Though the new rules have been years in the making, they were brought into focus after the recent turmoil in the US saw several smaller lenders collapse. Concerns Europe could face a similar fallout were intensified by the woes of Credit Suisse. As we told you last month, the European Commission wants to make it easier to wind … Continue reading EU will release new crisis-management framework for the banking system (Bloomberg)

Canada Faces Massive Strike as Public Service Union Walks Out – Bloomberg The labor disruption is expected to impede government functions including the release of economic data from Statistics Canada, passports and immigration applications. More than 35,000 of the workers are employed by the Canada Revenue Agency, the country’s tax-collection body. However, the government has said it doesn’t plan to extend the May 1 deadline for filing personal income taxes. Workers will walk off the job at 12:01 a.m. Ottawa time on Wednesday, officials with the Public Service Alliance of Canada told reporters Tuesday night. “We truly hoped we wouldn’t … Continue reading Canada Faces Massive Strike as Public Service Union Walks Out – Bloomberg

Sour loans spiral to $78bn https://digitaledition.ft.com/article/281530820315767 This is more than four times the $17bn recor­ded by Rho­dium in the three years from 2017 to the end of 2019. There are no offi­cial fig­ures for the total scale of BRI lend­ing over the past dec­ade, but it is believed to total “some­where in the ball­park of $1tn”, accord­ing to Brad Parks, exec­ut­ive dir­ector of Aid­Data at Wil­liam and Mary uni­versity in the US. Tags #china #economy #BRI Continue reading China’s Belt and Road Ini­ti­at­ive hit by defaults

… in Sign of Economic Recovery After Covid – Bloomberg Link Private survey on services activity adds to strengthening momentum Source: Caixin/S&P Global, China Federation of Logistics and Purchasing Strong services readings indicate “consumption remains solid and will continue to take the driving seat for the economic recovery,” said Zhou Hao, chief economist at Guotai Junan International Holdings. The country’s economic rebound has shown encouraging signs in recent weeks, with official gauges of activity gathering pace and home sales rising in March for a second month. Key now to the growth outlook this year is whether household and business confidence … Continue reading China Services Activity Surges

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The Bank of Canada left interest rates unchanged for a second straight meeting and pushed back against market expectations for a cut later this year. Bloomberg Policymakers led by Governor Tiff Macklem held the overnight lending rate at 4.5% on Wednesday, in line with the expectations in a Bloomberg survey of economists. Central bankers upgraded their outlook and said recent data are “reinforcing” their confidence that inflation pressures will abate, while keeping the door open to additional hikes should the economy surprise to the upside. “Governing Council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures … Continue reading Bank of Canada Holds and Pushes Back Against Rate-Cut Bets