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The battering to Wall Street banks from Archegos Capital Management topped $10 billion after UBS Group AG and Nomura Holdings Inc. reported fresh hits caused by the fund’s collapse, the Wall Street Journal reported. UBS, Switzerland’s biggest bank by assets, said it lost $774 million following Archegos’s implosion, a bigger hit than analysts expected, deepening the damage caused by the fund. Meantime, Japan’s Nomura, which flagged losses of around $2 billion last month, upped its total damage tally to $2.85 billion.
Interjet shareholders unanimously voted to approve a filing for bankruptcy protection, a move that would enable the Mexican airline to resume payments to employees that have been frozen for several months, Bloomberg reported. Alejandro del Valle, who took a 90% stake in the carrier late last year, led discussions over the filing with former majority owners and founders Miguel Aleman Magnani and his father, Miguel Aleman Velasco. Interjet is the second Mexican airline to file for bankruptcy protection since the start of the coronavirus pandemic last year.
Apartment building owners in major Canadian cities are quietly selling billions of dollars worth of properties at premium valuations, despite the pandemic, with pension funds, private equity firms and other investors desperate to swallow large portfolios that rarely hit the market, The Globe and Mail reported.
The Chinese government has said that it would raise the mandatory retirement age, which is currently 60 for men, the New York Times reported. China said last month that it would “gradually delay the legal retirement age” over the next five years, in an attempt to address one of the country’s most pressing issues. Its rapidly aging population means a shrinking labor force. State pension funds are at risk of running out. And China has some of the lowest retirement ages in the world: 50 for blue-collar female workers, 55 for white-collar female workers, and 60 for most men.
Liverpool reported a pre-tax loss of 46 million pounds ($64 million) for the last financial year, mainly because of the impact the coronavirus outbreak had on the English champion’s media revenue and matchday income, the Associated Press reported. The losses for the financial year ending May 2020, a period covering the first three months of the pandemic when the Premier League was suspended, equated to a negative swing of 88 million pounds ($122 million) from Liverpool’s position a year ago.
U.S. tourists vaccinated against COVID-19 will be able to visit the European Union in the coming months, European Commission chief Ursula von der Leyen said and France 24 reported. Signaling a major change in EU policy as vaccinations step up worldwide, von der Leyen gave no timetable, but the Times said that the new rules could be in place by this summer. "The Americans, as far as I can see, use European Medicines Agency-approved vaccines," she said. "This will enable free movement and travel to the European Union.
The U.K. has imposed sanctions on 22 people accused of serious corruption in Russia, South Africa and four other nations in the first use of a new tool to fight corrupt activities globally, Sky News reported.
Italian Premier Mario Draghi is presenting a 222.1 billion euro ($268.6 billion) coronavirus recovery plan to Parliament on Monday, aiming to not only bounce back from the pandemic but enact “epochal” reforms to address structural problems that long predated COVID-19, the Associated Press reported.