Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing on the region's banking sector, S&P Global Ratings said.
By Reuters Staff
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FILE PHOTO: The facade of a bank is covered with plastic, one day before a national strike in Bogota, Colombia November 20, 2019. REUTERS/Luisa Gonzalez
BOGOTA (Reuters) - Colombia banks are being asked to retain close to 68% of the profits they made in 2020 to boost assets in the face of an expected further deterioration in their loan portfolios this year, the country’s banking regulator said on Friday.
Bank earnings plummeted 55.3% last year to 6.1 trillion pesos ($1.7 billion) because of adjustments made to manage debt that was overdue by more than 30 days.
Overdue debt totaled 5.4% - equivalent to some 26.5 trillion pesos - of all debt on banks’ balance sheets in 2020, well above the average for the last decade. The trend is expected to continue this year.
Members of the Sackler family who own Purdue Pharma LP have offered roughly $4.3 billion to resolve sprawling opioid litigation, up from $3 billion initially proposed in settlement discussions underway in the OxyContin maker's bankruptcy proceedings, four people familiar.
Gold little changed, bitcoin dips Crude slips after two strong weekly gains (New throughout, updates prices, market activity and comments to after U.S. stock market close)
NEW YORK, March 12 (Reuters) - An index of stocks across the world dipped on Friday but still posted its strongest weekly gain in five, while benchmark U.S. Treasury yields climbed to 13-month highs, partly on optimism after a $1.9 trillion recovery package was signed into law.
On Wall Street, the S&P 500 drifted higher to end up 0.1% on the day and 2.6% for the week, its strongest weekly showing since early February. The Nasdaq underperformed as the rotation from growth to value continued. The Dow Industrials hit an intraday record high every day this week.