Headlines

The governor of the Central Bank of Ireland has warned that many Irish firms will not survive the pandemic, and will no longer be viable once State supports are removed, the Irish Times reported. “The viability and survival prospects of many affected firms remains highly uncertain, and is likely to depend on a range of future policy choices,” Gabriel Makhlouf told a webinar event hosted by the University of Limerick.

The aggressive rebound in global economic growth still isn’t enough for most of the world’s central banks to pull back on their emergency stimulus, Bloomberg News reported. In Bloomberg’s quarterly review of monetary policy covering 90% of the world economy, the Federal Reserve, European Central Bank and Bank of Japan are among the 16 institutions set to hold interest rates this year. The outlook suggests officials still want to guarantee the recovery from last year’s coronavirus recession by maintaining ultra-low borrowing costs and asset-buying programs.

Since the global financial crisis in 2018, Japan’s financial sector has become increasingly linked to global market moves as foreign investment funds pile into the country and domestic banks invest more in overseas securities, the BOJ said, Reuters reported. That has increased overlaps in portfolios between domestic and foreign financial institutions, the central bank said in a semi-annual report analysing Japan’s banking system.

Spartan Bioscience, which filed for bankruptcy protection on April 5, plans to start accepting letters of intent from prospective buyers or investors interested in restructuring the insolvent firm until May 17, The Logic reported. It will select two bids—one winning bid and one backup—from a short list of qualified bidders, with plans to have a transaction complete by the end of June. The Ontario Superior Court first has to approve the process. The Ottawa-based company is seeking protection from creditors, after spending heavily on developing a COVID-19 rapid test.

Britain on Tuesday eased controls designed to prevent a backlog of trucks in southern England caused by new post-Brexit paperwork, saying vehicles taking goods to the European Union would no longer need a special permit to enter the port region, Reuters reported. The government said the relaxation showed goods transport companies had adapted to the new requirements, and were arriving at the border fully prepared.

A major index provider and some investors are distancing themselves from the marine-ports operator controlled by Indian conglomerate Adani Group over past business transactions with a company linked to the military regime in Myanmar, the Wall Street Journal reported. Financial data firm S&P Global Inc. last week said it would remove Adani Ports & Special Economic Zone Ltd. from its Dow Jones Sustainability Indices, which consists of various different regional indexes holding companies that rank highly on environmental and social affairs.

British authorities are exploring the possibility of creating a new digital currency dubbed “Britcoin,” The Hill reported. The Bank of England and the Treasury on Monday said they were weighing the potential benefits of a central bank digital currency, The Associated Press reports. If the new currency is created, it would be a form meant to be used by households and businesses and would exist alongside cash and bank deposits instead of replacing them, the Bank of England said.

Canadian National Railway on Tuesday offered to buy Kansas City Southern for $33.7 billion, topping a $29 billion bid put forward last month by a rival railroad operator, Canadian Pacific, the New York Times reported. The competing offers underline the riches expected to come from trade flows after the United States-Mexico-Canada Agreement was passed into law last year. A merger with either suitor would create a railroad line that stretches from Canada to Mexico.

The number of people heading out to shops across Britain jumped 87.8% in the week to April 17 versus the previous week as non-essential stores in England reopened after three months of COVID-19 lockdown, market researcher Springboard said on Monday, Reuters reported. The number of people heading to shops across Britain jumped 87.8% last week as non-essential stores reopened after three months of COVID-19 lockdown, researcher Springboard said on Monday.

The Ontario government moved to grant independence to a medical school and a francophone university in Northern Ontario on Thursday, just days after more than 100 faculty positions and nearly 70 programs were eliminated at Laurentian University, the Globe and Mail reported. One of the universities currently involved with the medical school seemed taken by surprise, and said it was not consulted. The Progressive Conservative government introduced legislation to make the Northern Ontario School of Medicine and Hearst University independent, stand-alone, degree-granting universities.