July 1 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

Hedge Funds, Banks Picked Up the Phone While Pandemic Raged by bloomberg.com

Major banks and broker-dealers also relied more on telephones, with 19% saying they increased such trading and 17% saying they shut off auto-pricing technology as the pandemic roiled markets.

Four Charts That Show Copper’s Comeback Has Room to Roll On

The spread of coronavirus in Chile has an outsized impact on the copper market because the nation’s mines churn out a large chunk of global supply.

“The disruptions to copper concentrate mining due to Covid-19 will be felt by Chinese smelters until at least the third quarter, and refined copper output will remain subdued,” said Zhu Yi, an analyst at Bloomberg Intelligence.

Video – Why Asia’s online lenders are in trouble

The boom in Asian financial technology is facing its first serious setback as businesses focused on providing services to the vast number of people in the region without bank accounts struggle to cope with the fallout from coronavirus.

GCC NEWS BRIEF

Dubai World Ends Historic Restructuring With Final Payment by ft.com

State-backed Dubai World said it had made the payment using funds and dividends from portfolio companies, asset sales and a new $3bn loan from Dubai Islamic Bank.

The restructuring, which has seen Dubai World repay almost $19bn to creditors since 2011, allowed the Gulf state to bounce back.

Dubai’s GDP declines by 3.5% in Q1 2020; real estate, finance retain growth

The decline was expected given the movement restrictions in place during the height of the lockdown as well as the prohibition of foreign and domestic tourism and the temporary closure of hospitality establishments.

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