Fed brings the global financial system back from the abyss
Sitting calmly in front of a bookshelf filled with thick volumes of the "Federal Reserve Bulletin," Jerome Powell this week set out to offer a simple explanation for the complicated steps the U.S. central bank is taking to relieve dire stresses in the global ...
Toyota requests $9 billion credit line from Japanese mega-banks SMBC and MUFG
Toyota Motor Corp. has asked two mega-banks to set up a credit line of ¥1 trillion ($9.2 billion), company sources said Friday, a move that signals the leading automaker is struggling with rising fundraising costs caused by the coronavirus outbreak. Toyota's financial base remains solid, ...
FSA logs over 200,000 consultations between lenders and virus-hit firms in Japan
Financial institutions in Japan provided 212,000 financing consultations between Feb. 1 and March 19 to businesses affected by COVID-19, it has been learned. In 5,800 cases, lenders agreed to change the terms of loans at the request of struggling borrower companies between March 10 and ...
Central banks take further steps to boost U.S. dollar liquidity
Six central banks, including the U.S. Federal Reserve and the Bank of Japan, announced on Friday coordinated action to further boost U.S. dollar liquidity amid concerns over the economic impact of the coronavirus pandemic. The Fed said in a statement that it will increase the ...
The plumbing behind world's financial markets is creaking — loudly
The coronavirus panic is jolting stock markets, with steep drops in major indexes grabbing the public's attention. But behind the scenes, there is less understood and potentially more worrying evidence that stress is building to dangerous levels in crucial arteries of the financial system. Bankers, ...
Vietnam reduces plan to build new coal plants amid fiscal and environmental concerns
Vietnam is scaling back a plan to build new coal plants, as financial restrictions and local environmental concerns increase the difficulty and complexity of constructing such facilities. The National Steering Committee for Power Development has recommended eliminating about 15 gigawatts of planned new coal plants ...
World economy risks worst year since 2009 as hopes fade of rapid rebound from virus
The world economy may be heading for its worst performance since the financial crisis, more than a decade ago, as the spread of new virus that causes COVID-19 increasingly dashes hopes of a swift rebound. A few weeks ago most economists bet the China-led slump ...
BOJ board member urges inflation policy review and stronger steps to avert virus-linked recession
A member of its BOJ’s Policy Board has called for stronger action by the central bank as the widening fallout from the coronavirus outbreak risks tipping the economy into yet another recession.
Bank of Japan asks major lenders about contingency plans following infection at MUFG
The rapid spread of the new coronavirus has prompted the Bank of Japan to ask major banks how prepared they are for a worsening of the outbreak, people with knowledge of the matter said. Initial findings from the talks indicate that large financial institutions are ...
Japan's Recruit Career to cancel March joint job seminars amid COVID-19 outbreak
Major Japanese job information provider Recruit Career Co. said Thursday it has decided to call off joint job seminars scheduled in March for students graduating in spring 2021 due to the spread in Japan of the new coronavirus. The unit of Recruit Holdings Co. made ...
MUFG Bank to invest ¥80 billion in ride-hailing service Grab
MUFG Bank will form a capital and business alliance with Singapore-based ride-hailing service Grab, with the view to collaborating on retail financial services, sources have said. The major Japanese bank, together with its group companies, will invest up to ¥80 billion (about $720 million) in ...
Losses in Japan from cash card collection scams surged in 2019
Losses from cash card collection scams more than doubled in 2019 from the previous year, with swindlers posing as police officers or bank workers visiting victims' homes and tricking them into handing over their cards, a police report showed Thursday. The scams netted ¥5.21 billion ...
