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G20 leaning towards extending debt-payment freeze – France finance ministry source

October 9, 2020

PARIS, Oct 9 (Reuters) – A consensus is emerging among G20 nations to extend a debt-payment freeze next week for poor countries for an additional six months, a French finance ministry source said on Friday.

Members of the Group of 20 economic powers and the Paris Club of creditor nations agreed in April to suspend until the end of the year debt payments owed to them by poor countries to free up resources for tackling the coronavirus outbreak.

G20 finance ministers are due to take a decision on what to do after the end of the year when they hold an online meeting next Wednesday, the source said.

“The number we think we will land on is six months, which seems reasonable as that will give time to evaluate the impact of the crisis on debt sustainability,” the source said.

After six months, the debt servicing freeze could be extended

Late freeze shortens fall apple season for Indiana orchards

October 5, 2020

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INDIANAPOLIS (AP) — During what would normally be primetime for Midwest apple-picking, orchards around Indiana are running out of apples early this season following a late spring freeze that obliterated much of the state’s crop.

Statewide temperature drops in late April and early May wreaked havoc on the budding, flowering apple trees unable to withstand the cold. The sub-freezing snaps — which led to severe fruit damage and significant crop loss — impacted roughly 70% of the apple crop, said Peter Hirst, a tree fruit specialist at Purdue University.

“It’s the worst we’ve seen in quite some in decades in Indiana,” Hirst said. “This is really rare for us to have damage as severe as what we’ve seen this year.”

Damage was widespread across Indiana’s orchards, but growers say cold-related damage in neighboring Michigan — the country’s third-largest apple-producing state — was likely limited to crops in the southwest, with

Goldman Sachs will cut 1% of global jobs after COVID-19 freeze

October 1, 2020

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Goldman Sachs is looking to cut 400 jobs, roughly 1% of its workforce, sources told Bloomberg on Wednesday.
The company was among a number of US banks such as Citigroup and Wells Fargo that in March pledged to remain from cutting jobs during the COVID-19 pandemic.
Goldman never specified how long the moratorium would last.
The job cuts come despite the bank’s strong Q2 performance boosted by market volatility.
A source told Bloomberg the cuts could pave the way for deeper cuts to take place over the next few months to help the bank save $1 billion
Visit Business Insider’s homepage for more stories.

Goldman Sachs is resuming job cuts after briefly pausing them during the pandemic and is looking to slash roughly 1% of its workforce, Bloomberg reported Wednesday.

Bloomberg reported citing confidential sources who spoke on the basis of anonymity, the bank will roughly eliminate 400 positions, equivalent

BlackRock unlocks $4 bln British property fund from COVID freeze

September 30, 2020

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By Carolyn Cohn

LONDON, Sept 30 (Reuters) – BlackRock BLK.N said on Wednesday it had lifted the suspension of its 3.1 billion pound ($4 billion) British property fund, one of several to resume dealings after a six-month freeze due to uncertainty about valuations.

Much of Britain’s 70-billion-pound ($90 billion) property fund sector was frozen in March as a result of the COVID-19 pandemic, but surveyors lifted an uncertainty warning earlier this month.

Dealing in the BlackRock fund, which was suspended on March 20, will start again on Oct. 30, the U.S. asset manager said in a statement emailed to Reuters, as the fund’s assets were no longer subject to “material uncertainty”.

“The fund has sufficient liquidity to meet the current level of redemption requests,” the statement said.

Legal & General LGEN.L, Royal London ROLGPI.UL, St James’s Place SJP.L and Columbia Threadneedle have also lifted the suspension of

G7 ministers back extension of debt freeze for poorest nations, urge reforms

September 27, 2020

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By Andrea Shalal, Tetsushi Kajimoto and Leigh Thomas

WASHINGTON/TOKYO/PARIS (Reuters) – G7 finance ministers on Friday backed an extension of a G20 temporary freeze in debt payments and recognized the need for broad debt relief in the future, while taking aim at G20 member China over a lack of transparency in its lending.

The G20 Debt Service Suspension Initiative (DSSI), approved in April, is aimed at helping developing countries get through the fallout from the coronavirus pandemic. So far, it has helped 43 countries defer $5 billion in official debt service payments.

However, in a joint statement, the G7 ministers said they “strongly regret” moves by some countries to skip full participation in the DSSI by classifying their state-owned institutions as commercial lenders.

While the statement did not mention China specifically, G7 officials said the message was clearly aimed at Beijing, which has failed to include loans by state-owned China

G7 finance heads seen backing extension of debt freeze for poorest nations – sources

September 26, 2020

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By Andrea Shalal and Leika Kihara

WASHINGTON/TOKYO, Sept 25 (Reuters) – G7 finance ministers are expected on Friday to signal their support for extending a debt relief programme aimed at helping the poorest countries weather the coronavirus pandemic, three sources briefed on the issue said.

The ministers of the Group of Seven advanced economies are set to meet by video conference on Friday to discuss global economic developments and the continued impact of coronavirus, which has infected nearly 32 million people worldwide.

Although the International Monetary Fund has argued in favour of extending the debt relief programme’s year-end deadline by a year through 2021, the G7 ministers are likely to back an initial extension of six months, the sources said.

“There is backing for a six-month extension, and there will be discussion of the broader issue of debt restructuring,” one of the sources said.

The G7 will debate the

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