People Can’t Believe Donald Trump’s Tiny Desk For His Thanksgiving Rant Isn’t A Joke

China Keeps Loan Prime Rates Unchanged

China kept its benchmark loan prime rates unchanged for the seventh consecutive month, as widely expected, on Friday.

The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.

The one-year and five-year loan prime rates were last reduced in April. The one-year loan prime rate was lowered by 20 basis points and five-year rate by 10 basis points in April.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

As the PBoC had not adjusted the rate on its medium-term lending facility early this month, commercial banks were widely expected to retain the LPR today.

Given that the economy is now back on track and fiscal policy is set to remain supportive until at least the start of next year, the PBoC is shifting its focus away from supporting growth back towards addressing financial risks and moral hazard, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

And while the PBoC will probably want to start increasing the LPR at some point, recent comments by the vice governor suggest that it is no rush to do so, economists noted.

The economists expect PBoC policy rates to rise by 30 basis points in 2021.

Thanksgiving meals at Civic Center Park

Thanksgiving meals were distributed to those in need in Civic Center Park in downtown Denver on Thursday. Mean Street Ministry worked in conjunction with chefs at Junction Food and Drink to prepare hundreds of meals.

India’s Write-Off of Ailing Bank’s Debt to Sting Small Lenders

India’s smaller banks will likely face higher funding costs and reduced investor appetite for their bonds just as non-performing loans spread, after the central bank moved to write off debt of an ailing lender.

The Reserve Bank of India on late Thursday said 3.18 billion rupees ($43 million) of Tier 2 bonds of Lakshmi Vilas Bank Ltd. will befully written down as DBS Group Holdings Ltd. acquires the lender. The announcement comes as a surprise after the RBI-appointed administrator said last week DBS would take over all obligations, including bonds.

“Financing costs may inch up and the appetite shall be lower especially for the lower-rated private and small finance banks,” said Ajay Manglunia, managing director and head at JM Financial Products Ltd. “Such lenders will have to rely more on equity raise as investors shall be a bit more skeptical to take risk now.”

Weakening demand for bank bonds will add to pressure on lenders already saddled with one of the world’s worst bad debt piles. Banks also need to boost their capital in anticipation of more soured loans as the fallout of the pandemic batters businesses.

Scotland's Sturgeon wants independence referendum as soon as 2021

LONDON (REUTERS) – Scottish First Minister Nicola Sturgeon has said she wants to hold a second independence referendum as soon as next year, The Times newspaper reported.

The Scottish National Party leader said she anticipates that a vote will take place “in the earlier part” of the next Scottish parliament, which begins next year, The Times said.

“Scotland should have the opportunity to choose whether to become independent in the earlier, rather than the later, part of the next parliament,” Ms Sturgeon told ITV Border, according to the Times.

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Spain's BBVA and Sabadell call off merger talks

  • The two banks had on Nov. 16 announced merger talks aimed at creating Spain's second-biggest domestic bank with almost 600 billion euros in assets.
  • But two days later, BBVA Chief Executive Onur Genc had said he was in no rush, and that the bank would analyze everything carefully and also had other options.

Spanish lenders BBVA and Banco Sabadell on Friday called off merger talks after failing to reach an agreement on the financial terms of the potential transaction.

"Banco Sabadell informs that the Board of Directors has decided to terminate the above mentioned discussions, because the parties have not achieved an agreement on the exchange ratio of both entities," Sabadell said in a statement.

The derailing of negotiations is expected to put more pressure on Sabadell, which had been seen as the weaker link in the potential transaction.

The two banks had on Nov. 16 announced merger talks aimed at creating Spain's second-biggest domestic bank with almost 600 billion euros in assets.

But two days later, BBVA Chief Executive Onur Genc had said he was in no rush, and that the bank would analyze everything carefully and also had other options.

Spain's Sabadell calls off merger talks with BBVA

MADRID, Nov 27 (Reuters) – Spain’s Banco Sabadell on Friday said it had called off merger talks with its bigger rival BBVA after failing to agree on the terms of a potential exchange ratio.

People Can’t Believe Donald Trump’s Tiny Desk For His Thanksgiving Rant Isn’t A Joke

President Donald Trump sat at a small desk to baselessly rant about election fraud on Thanksgiving and Twitter users had a field day with the furniture.

Trump flipped out at a reporter, whined about the media and refused to say if he’ll attend President-elect Joe Biden’s inauguration while taking questions from the press after a video chat with service members on Thursday.

Photographs from Trump’s presser soon became a meme as Twitter users joked the president had been moved to the kids’ table for Thanksgiving.

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