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Britain’s banks brace for $22 billion loan losses as outlook darkens By Reuters

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© Reuters. FILE PHOTO: HSBC and Barclay’s buildings are lit up at dusk in the Canary Wharf financial district of London

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By Iain Withers and Lawrence White

LONDON (Reuters) – Britain’s banks took a gloomier view than almost all their European peers in their second quarter earnings, as coronavirus fears, Brexit and low interest rates caused them to bake tougher “worst-case” scenarios into their risk models.   

Investors had expected a torrid set of half-year results, but Barclays (L:), Standard Chartered (L:), Lloyds (L:), NatWest Group (L:) and HSBC (L:) fell short of these low expectations.

Provisions for potential loan losses across the five banks topped $22 billion, blowing past analyst forecasts and increasing selling pressure on shares already hammered by the pandemic this year.

By contrast, France’s BNP Paribas (PA:) and Credit Suisse (S:) beat analyst forecasts, benefiting from bumper trading volumes as well as relatively modest provisions.

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Sell U.S. equities, buy gold

Richardson GMP portfolio manager Chris Kerlow speaks with Financial Post’s Larysa Harapyn about the company’s outlook on gold, equities, and other sectors, as the market starts its recovery.

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Congress still ‘a long ways away’ from deal on bill that would include more stimulus checks

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An overwhelming majority of Americans want Congress to put political divides aside and send out a second round of stimulus checks.

A Fortune-SurveyMonkey poll* of 2,802 U.S. adults between July 17 and 21 finds 80% of U.S. adults support the federal government issuing a second round of stimulus checks. That’s up from 54% of U.S. adults who supported a second of stimulus checks back when Fortune-SurveyMonkey polled U.S. adults between May 20 and 26.

Both Democratic and Republican leaders support sending another round of $1,200 stimulus checks to Americans, however, any such proposal would be passed as part of a more expansion stimulus package. And the other items of such a bill, like state funding and expired enhanced unemployment benefits, are what the … Read More

BP Cuts Dividend for First Time Since the 2010 Macondo Oil Spill By Bloomberg

© Bloomberg. A BP Plc logo sits at the top of a totem sign at a filling station in London, U.K., on Monday, June 8, 2020. BP Plc plans to cut 10,000 jobs as the coronavirus pandemic accelerates the company’s move to slim down for the energy transition.

(Bloomberg) — BP (NYSE:) Plc cut its dividend for the first time in a decade, removing a cornerstone of its investment case after the coronavirus pandemic upended almost every aspect of its business.

The move was largely expected after European peer Royal Dutch Shell (LON:) Plc slashed its own dividend in April. While Big Oil’s generous payouts have long been its main attraction to investors, the unprecedented market turmoil wrought by the virus has forced companies to take decisions unthinkable before this year.

BP also announced a new strategy to deliver its “net-zero” ambition, targeting a 10-fold increase in low-carbon investment by

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Moving target: As Ontario eyes U.S. fund disclosure model, SEC considers looser standard

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The task force is trying to strike a balance between granting more transparency for companies and more freedom for investors, according to Walied Soliman, the chair of the task force and the Canadian chair of law firm Norton Rose Fulbright.

“We think that that balance is quite fair, and we’re looking forward to comments from both the issuer and fund community on these recommendations,” Soliman said in an interview with the Financial Post.

The lack of transparency hinders shareholder engagement and the ability for issuers to respond to shareholder concerns

Ontario task force report

John Wilson, managing partner and co-CEO at Ninepoint Partners, said that if Ontario introduces its own form of 13F disclosures, there would have to be stark differences.

For one, the floor likely can’t be set at a number that compares to the SEC’s US$3.5 billion, given the disparity between AUM for Canadian and

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Hand sanitizer recall: List of products to avoid released by FDA amid coronavirus pandemic, COVID-19 outbreaks

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