Three Big US Banks Set Aside $28-B in Downturn Warning

Three big US banks have set aside almost 28 billion dollars amid concerns about customers defaulting on loans due to the pandemic. The decision helped push Wells Fargo to its first quarterly loss since 2007 and weighed on the financials of other banks. JP Morgan Chase profits roughly halved, while Citigroup’s plunged 73%. The firms warned of a painful economic …

New York City Rents Slide As Vacancies Hit Record

With more residents leaving the city, the New York rental market took a beating in June, a new report has found. The vacancy rate of Manhattan rental apartments hit a record 3.7%, more than double a year ago, according to a report from real estate firm Douglas Elliman and appraiser Miller Samuel. It was the highest level in the report’s …

Tourism Revival Game Plan is Locals-only

Provinces that are reopening their tourist attractions are focusing on domestic visitors initially, with Boracay only allowing guests from the immediate region, Tourism Secretary Bernadette Romulo-Puyat said. She estimated that 50% of tourism establishments in areas under modified general community quarantine can now operate. The governor of Aklan province and the mayor of Malay, Aklan, have indicated their intention to …

Pork’s Role in Trade Talks Between China And Germany

The Chinese market eats roughly half of the world’s pork every year, and it has become a competitive battleground for European nations seeking to boost their exports of pork. German Farmers Association director Bernhard Kruesken said, “Of course we have competition within Europe… between our Spanish colleagues, our French or Dutch colleagues.” The novel coronavirus disease remains an ongoing threat …

40% Discount on Shipping Rates for Food Cargo

Department of Transportation Secretary Arthur Tugade ordered shipping lines to offer a 40% discount on regular shipping rates for food shipments and a quota of 12% of the ship’s capacity for such cargoes. Department Order No. 2020-007 was issued on June 24 and was published in newspapers Friday. The DOTr said the discounted rates and cargo quota are intended to …

Gov’t Plans to Borrow P205-B in July

The government is seeking to borrow 205 billion pesos from the domestic market in July, a fifth higher than the previous two months, the Bureau of the Treasury said. In an advisory posted on Thursday, the Treasury said it will borrow 145 billion pesos in Treasury bills and 60 billion pesos in Treasury bonds next month. The July borrowing plan …

Olympus Quits Camera Business

Olympus, once one of the world’s biggest camera brands, is selling off that part of its business after 84 years. The firm said the digital camera market was no longer profitable. It recorded losses for the last three years. The arrival of smartphones, which shrunk the market for separate cameras, was one major factor. The Japanese company made its first …

COVID-19 Takes Heavy Toll On Younger Workers

British group the Young Women’s Trust said 36 percent of young women worked in sectors hardest hit by coronavirus lockdown measures, such as catering, retail, entertainment, and leisure. For men, the figure is 25 percent. The sectors are also major providers of part-time jobs favored by students. In hard-hit Spain, unemployment has soared for young people aged 25 and under, …

Pandemic Forces Layoffs, Changes in Aboitiz Group

The Aboitiz Group, one of the country’s largest conglomerates, is laying off employees as COVID-19 hurt its businesses and forced a change in strategy. The company announced a “rationalization of its workforce” by July 31. It said, “This was not an easy decision for the Aboitiz Group to make but one that had to be done as it has not …