Thursday, 4 Jun 2020

China Cuts Small Banks’ Reserve Requirement Ratio

MEDIA-Four Citadel portfolio managers leave during turbulent March – Bloomberg News

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— Note: Reuters has not verified this story and does not vouch for its accuracy

West Island’s Family Resource Centre ready to help families during COVID-19 crisis

The phone has been ringing quite a bit at the Family Resource Centre in Pierrefonds

Santa Claus delivers cheer to Alberta community amid COVID-19 pandemic

Vehicles in St. Albert were honking at an unusual sight in April — Santa Claus, standing on the pedestrian bridge over St. Albert Trail waving at passing commuters.

Santa said he decided to make the rare spring appearance due to his concern over people’s mental health during the COVID-19 pandemic.

Montreal mom who left desk job to pursue dream fears COVID-19 will destroy her business

In normal times, spring would mean the start of ice cream season at Sandrini Confections in Notre-Dame-de-Grace. The display cases there should be full of cupcakes and other sweets.

But with all non-essential businesses closed, the shop is empty.

Rolls-Royce to ditch targets and suspend dividend – FT

April 5 (Reuters) – UK aero-engine maker Rolls-Royce will abandon its targets on profits, cash and deliveries, and suspend its dividend, due to the coronavirus outbreak, the Financial Times reported late on Sunday.

Rolls-Royce is also aiming to announce new credit facilities in excess of 1 billion pounds ($1.22 billion) to bolster liquidity, the newspaper said ($1 = 0.8164 pounds) (Reporting by Bhargav Acharya in Bengaluru; Editing by Daniel Wallis)

Coronavirus: Sugar Shack owner left devastated by season’s early finish

Sucrerie de la Montagne owner Pierre Faucher never thought he would miss a season.

In the 42 years he’s run his sugar shack, he’s never had to close — not even during the ice storm.

Coronavirus: West Kelowna boy works on slapshot with former Kelowna Chiefs player

Staying at home isn’t going to get in the way of Sascha Richard’s slapshot.

Because of measures put in place to prevent the spread of COVID-19, Sascha has taken his practice off the ice and into his backyard, but this time with the help of FaceTime and former Kelowna Chiefs player, Myles Mattila.

Get to know Rebels’ play-by-play man Cam Moon

When Cam Moon’s Western Hockey League career wrapped up, the Edmonton-born athlete went to NAIT to take the Radio and Television program, with hopes of becoming a play-by-play broadcaster.

Forrest Compton Dies Of COVID-19: ‘The Edge Of Night’, ‘Gomer Pyle’ Actor Was 94

Forrest Compton, who is known for his role in the long-running soap opera The Edge of Night died on Sunday after complications with COVID-19. He was 94.

According to the Shelter Island Reporter, close friends of Compton confirmed his death.

Compton was born on September 15, 1925, in Reading, Pennsylvania. He served with the 103rd Infantry Division in France during World War II and then went on to enroll in Swarthmore College where he studied pre-law and Political Science before shifting gears to English. He then started to act in school theater productions before he graduated and made his way to study acting at the Yale Drama School alongside his classmate, actor Paul Newman.

In addition to portraying district attorney Mike Karr on The Edge of Night, Compton appeared on the CBS series Gomer Pyle: USMC alongside Jim Nabors and Frank Sutton as the no-nonsense Lieutenant Colonel Edward Gray.

He went on to appear in popular soap operas As the World Turns, One Lie to Live and All My Children. He recurred on the NBC series The Troubleshooters and was appeared alongside Christopher Walken in the 1991 film McBain.

His other TV credits include The Twilight Zone, That Girl, My Three Sons, 77 Sunset Strip, Mayberry RFD, Mannix, Hogan’s Heroes among others.


Porch photography by Lethbridge woman brings joy to Garry Station community

Sheri Becker discovered photography as a hobby about nine years ago, and has since started her own business: Orchid Avenue Portraits.

As a mother of four and full-time general manager at New West Theatre, her schedule is busy — but that hasn’t stopped her from taking photos.

South Korea reports fewer than 50 new coronavirus cases for first time since Feb 29 peak

SEOUL (REUTERS) – South Korea reported fewer than 50 new coronavirus cases on Monday (April 6) for the first time since its Feb 29 peak, the Korea Centres for Disease Control and Prevention (KCDC) said.

The KCDC reported 47 new infections, taking the national tally to 10,284. The death toll rose by three to 186.

This story is developing.

China reports increase in new coronavirus cases; one death

BEIJING (REUTERS) – Mainland China reported 39 new coronavirus cases on Sunday (April 5), all but one of them imported from abroad, up from the 30 reported a day earlier, as the number of asymptomatic cases also surged.

The National Health Commission said in a statement on Monday that 78 new asymptomatic cases had been identified as of the end of the day on Sunday, compared with 47 the day before. Only one new death was recorded on April 5, the new data showed.

This story is developing.

China Cuts Small Banks’ Reserve Requirement Ratio

China’s central bank decided to reduce the reserve requirement for small and medium-sized banks by 100 basis points to improve liquidity and shore up the economy hit by the outbreak of coronavirus.

The People’s Bank of China, said on Friday, that it will cut the reserve requirement ratio by 50 basis points each on April 15 and May 15.

The reduction will release CNY 400 billion liquidity into the financial system. The latest RRR cut was the third so far this year.

The reserve ratio will fall to 6 percent for about 4,000 medium and small-sized banks.

Further, the central bank lowered the interest rate paid on excess reserves that lenders maintain with the PBoC, to 0.35 percent from 0.72 percent, with effect from April 7.

Frequent targeted RRR cuts that release long term liquidity to the market mean that longer-term interest rates should fall, if global risks do not increase suddenly, Iris Pang, an economist at ING said.

Though this would not benefit SMEs, which are the most in need, it will ease the interest costs of other corporates that could contribute to the recovery of the economy, even if liquidity is already ample, the economist noted.

Pang said even though more targeted RRR cuts for smaller banks, and rate cuts on the 7-day, 1-year Medium Lending Facility and 1-Year Loan Prime Rate are expected, these policies would be more beneficial to solid companies, as their credit profiles are much better than smaller ones.

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