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The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help

G20 Finance Ministers and Central Bank Governors Meeting and Virtual Press Conference to be held October 14

October 12, 2020

RIYADH, Saudi Arabia, Oct. 12, 2020 /PRNewswire/ — The fourth G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting will be held virtually on October 14 under the Saudi G20 Presidency to discuss the global economic development and support a swift and sustained global economic recovery. FMCBGs will also discuss updates to the G20 Action Plan – Supporting the Global Economy through the COVID-19 Pandemic (the G20 Action Plan) – in addition to the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021.

After the conclusion of the meeting, a virtual press conference will be conducted at 6:15 PM Riyadh time (UTC+3) by the Saudi Finance Minister Mr. Mohammed Al Jadaan, and the Saudi Arabian Monetary Authority Governor Dr. Ahmed Al Kholifey.

The media is invited to submit questions for the virtual press conference online via the official form at https://bit.ly/3lAkiOJ

Emirates Development Bank launches national supply chain finance platform

October 11, 2020

Digitalisation of financial services has become a core focus of UAE government

Initial phase offering payables finance solution now live

Abu Dhabi: Emirates Development Bank (EDB) today announces the launch of UAE’s National Supply Chain Finance (SCF) platform, giving UAE businesses improved access to working capital by enabling suppliers to gain quicker access to money owed, while buyers get more time to pay off their invoices.

The project is supported by the UAE Federal Government and was developed through the close collaboration between Emirates Development Bank, the International Finance Corporation (IFC), a member of the World Bank Group and HPD LendScape.

The initial phase of the project, offering a payables finance solution, has now gone live. The next phase is set to provide a comprehensive suite of buyer and supplier centric SFC variations, including Islamic Finance products.

Faisal Aqil Al Bastaki, Chief Executive Officer of EDB, said:“With SME’s

Deutsche Bank, Goldman and JP Morgan top commercial real estate finance, despite COVID-19 cracks

October 10, 2020

Spencer Platt/Getty Images

Several Wall Street banks have come to dominate a corner of U.S. commercial real estate finance over the past seven months, even as the coronavirus pandemic has cast a long shadow over the market.

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Deutsche Bank (DB) Goldman Sachs (GS) and JP Morgan Chase (JPM) each significantly grew their share of the roughly $550 billion commercial mortgage-backed securities (CMBS) market during the pandemic, according to a new report by Deutsche’s research arm.

The CMBS market is a type of property finance where Wall Street banks make loans on hotels, skyscrapers, and other types of commercial buildings to package into bond deals that investors buy.

This chart shows which Wall Street banks won — and lost — market share since the pandemic took hold in the U.S.

Deutsche Bank Research, Index data

Researchers categorized loans as pre-COVID from January to March, but as post-COVID as

Analysis: U.S. Bank Stocks Are Fine, if You Are Rich in Patience | Investing News

October 10, 2020

(Reuters) – The U.S. bank sector has been pummeled this year but investors hunting for bargains there may need deep reserves of patience as banks are particularly sensitive to low interest rates, the uneven economic recovery and the muddy stimulus outlook.

The S&P 500 Bank subsector , which kicks off its third-quarter earnings season on Oct. 13, was last down 33.7% for the year-to-date compared with a 5.8% gain for the S&P 500 index.

Banks have been such a drag on the broader S&P financial index that its 19% year-to-date decline is second only to energy’s 49.9% drop among the S&P 11 major sectors.

To be sure, if lawmakers in Washington manage to reach an agreement, a new fiscal stimulus package could help banks if it boosts U.S. loan growth, interest rates and economic activity.

And the bank index is up 12% from its intraday trough on Sept. 2 to

HSBC Bank Aims For Zero Carbon On Investments By 2050

October 9, 2020

Asia-focused bank HSBC announced Friday that it aims to achieve net-zero carbon emissions across its investments by 2050, but campaigners accused it of falling short on tackling climate change.

“HSBC has both the scale and global reach to play a leading role in guiding its customers through this transition and helping them to achieve this ambitious goal,” the lender said in a statement.

Its target is to “align its financed emissions — the carbon emissions of its portfolio of customers — to the Paris Agreement goal to achieve net zero by 2050 or sooner”.

“The bank also aims to be net zero in its operations and supply chain by 2030.”

Europe’s biggest bank added that it has earmarked between $750 billion and $1.0 trillion of finance and investment to assist the transition.

CEO Noel Quinn called the 2020s a “pivotal decade of change” towards “a healthier, more resilient and more

U.S. bank stocks are fine, if you are rich in patience

October 9, 2020

By Sinéad Carew

The S&P 500 Bank subsector , which kicks off its third-quarter earnings season on Oct. 13, was last down 33.7% for the year-to-date compared with a 5.8% gain for the S&P 500 index.

Banks have been such a drag on the broader S&P financial index that its 19% year-to-date decline is second only to energy’s 49.9% drop among the S&P 11 major sectors.

To be sure, if lawmakers in Washington manage to reach an agreement, a new fiscal stimulus package could help banks if it boosts U.S. loan growth, interest rates and economic activity.

And the bank index is up 12% from its intraday trough on

Bank of Japan to Start Digital Currency Experiments Next Year

October 9, 2020

(Bloomberg) — The Bank of Japan said it aims to start early phase experiments next year on issuing a digital currency in order to be ready should demand for one rise quickly.

a group of people walking on a city street: Pedestrians walk past the Bank of Japan (BOJ) headquarters at dusk in Tokyo, Japan, on Monday, Sept. 14, 2020. The Bank of Japan left its bond-purchase amount unchanged at a regular operation on Monday.

© Bloomberg
Pedestrians walk past the Bank of Japan (BOJ) headquarters at dusk in Tokyo, Japan, on Monday, Sept. 14, 2020. The Bank of Japan left its bond-purchase amount unchanged at a regular operation on Monday.

“From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the bank considers it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner,” the BOJ said in a report released Friday.

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While the BOJ reiterated it has no immediate plans to issue a digital currency, today’s report suggests it is trying to keep up with peers including the People’s Bank of China, which has been studying the topic for

UBS Weber Rejects Deal Talks Saying Bank Isn’t Seeking a Partner

October 9, 2020