World Bank Approves $12B to Finance Virus Vaccines, Care | Business News

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help

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Dollar Holds Gains on Safety Bid as Uncertainty Grows on Several Fronts | Investing News

TOKYO (Reuters) – The U.S. dollar held onto gains against most currencies on Wednesday as renewed questions about a coronavirus vaccine and lack of an agreement on additional U.S. fiscal stimulus prompted a shift to safer assets.

During the Asian session, the yuan will be in focus as traders watch to see whether Chinese officials’ efforts to slow the currency’s rise continue to have an impact.

The euro and British pound are likely to extend declines, analysts said, as a return of restrictions on economic activity in Europe and Britain to battle a second wave of coronavirus infections unnerves investors.

Moves are likely to be subdued as the U.S. presidential election looms on Nov. 3, but analysts said sentiment is leaning against riskier bets, which should support the dollar in the coming days.

“Many factors are pointing to more upside for the dollar,” said Masafumi Yamamoto, chief currency strategist at

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SPAC News: 13 Things to Know About a Finance of America IPO

InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).

Source: Shutterstock

Here’s what potential investors need to know about the SPAC news.

  • Finance of America will become a publicly-traded company by merging with Replay Acquisition.
  • This plan values the lending company at $1.9 billion.
  • The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
  • Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
  • This should allow the company to begin public operations with a minimum of $250 million in cash and cash equivalents.
  • One thing worth noting about this SPAC news is the support from Blackstone Tactical Opportunities.
  • This is a
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Nissan’s U.S. Lending Arm to Pay $4 Million Fine Over Improper Repossessions | Investing News

WASHINGTON (Reuters) – Nissan Motor Co’s U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine to settle a government agency’s allegation that it improperly repossessed hundreds of consumers’ vehicles.

The Consumer Financial Protection Bureau (CFPB) said that between 2013 and 2019, Nissan Motor Acceptance Corp (NMAC), a subsidiary of the Japanese automaker’s North American unit, “wrongfully repossessed hundreds of consumers’ vehicles despite the consumer having made payments” or taken other actions. Nissan must pay up to $1 million to consumers subject to a wrongful repossession.

NMAC said it denied wrongdoing but agreed to settle and takes the agency’s “assertions seriously and share their commitment to fair practices for all our customers.”

NMAC repossessed vehicles from consumers who made payments that decreased delinquency to less than 60 days past due or took other steps that should have prevented repossessions, the bureau said, adding NMAC told consumers it

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German Prosecutors Drop Money-Laundering Probe Against Deutsche Bank Managers | Investing News

BERLIN (Reuters) – German prosecutors said on Tuesday they were dropping a money-laundering investigation against managers at Deutsche Bank

, over its relations with Danske Bank’s

Estonian subsidiary, citing a lack of evidence.

The economic crimes unit at the Frankfurt Prosecutor’s Office also fined Deutsche Bank 13.5 million euros ($15.9 million) for being slow to report suspected money laundering in more than 600 cases.

The case related to a whistleblower’s claims that Danske had handled 200 billion euros in suspicious payments from Russia and other ex-Soviet republics between 2007 and 2015 – the bulk of which were processed by Deutsche Bank.

Deutsche Bank, which broke off its relationship with Danske in 2015, has consistently denied wrongdoing.

“With the end to proceedings, it is clear that there were no criminal lapses on the part of Deutsche Bank or its staff,” board member Stefan Simon said in a statement.

The fine relates

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Bored With Your Flat Pack Furniture? – IKEA Will Buy It Back | Investing News

LONDON (Reuters) – People tired of their flat pack IKEA dressers, drawers, cabinets and tables will now be able to sell them back to the furniture retailer for resale in its stores as secondhand.

The world’s biggest furniture group, said on Tuesday the “Buy Back” initiative was part of its aim to become “a fully circular and climate positive business by 2030.”

Under the scheme, which runs in 27 countries from Nov. 24 to Dec. 3, customers will get vouchers to spend at IKEA stores, the value of which depends on the condition of the furniture they are selling back.

Customers with “as new” items, with no scratches, will get 50% of the original price, “very good” items, with minor scratches, will get 40% and “well used”, with several scratches, will get 30%.

One possible catch for customers from the scheme is that products must be returned “fully assembled.”

IKEA

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Trump dismisses ‘Fake News’ reports that his campaign is low on money

President TrumpDonald John TrumpTwo ethics groups call on House to begin impeachment inquiry against Barr Trump relishes return to large rallies following COVID-19 diagnosis McGrath: McConnell ‘can’t get it done’ on COVID-19 relief MORE dismissed reports that his campaign is “running low on money” early Tuesday morning, vowing to spend personal funds on his reelection bid if necessary.

“I keep reading Fake News stories that my campaign is running low on money. Not true, & if it were so, I would put up money myself. The fact is that we have much more money than we had 4 years ago, where we spent much less money than Crooked Hillary, and still easily won,” Trump tweeted, referring to former Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonWhen do problems with mail-in ballots become a problem for the media? Trump campaign official blames Biden lead on ‘skewed’ polls Trump’s Hail

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U.S. Small Business Confidence at Highest Since February | Investing News

Reuters

FILE PHOTO: A “We’re Hiring” sign advertising jobs is seen at the entrance of a restaurant, as Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease (COVID-19) outbreak, in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco BelloReuters

(Reuters) – U.S. small business confidence rose last month to its highest since the onset of the coronavirus pandemic earlier this year with more firms experiencing an uptick in foot traffic and sales, according to a monthly survey released on Tuesday.

The National Federation of Independent Business Optimism Index rose 3.8 points to a reading of 104 in September, the highest level since February. After crashing to a seven-year low in April, the index has rebounded sharply as restrictions imposed on businesses and consumers to contain the spread of COVID-19 have continued easing.

Nine of the index’s 10 components showed improvement, led by a 13 point

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Maersk to Lay off 2,000 in Business Shake-Up, Lifts Outlook on Improving Demand | Investing News

COPENHAGEN (Reuters) – The world’s biggest container shipping line, Maersk

, said on Tuesday demand was recovering faster than expected and lifted its earnings outlook, while also announcing plans to cut 2,000 jobs as it streamlines to cut costs.

Maersk, which handles about one in five containers shipped worldwide, said that though cargo volumes were still down on last year they had picked up more than forecast after falling sharply at the height of the coronavirus pandemic a few months ago.

“A.P. Moller – Maersk is on track to deliver a strong Q3 with solid earnings growth across all our businesses, in particular in Ocean and Logistics & Services,” Chief Executive Soren Skou said in a statement.

“Volumes have rebounded faster than expected, our costs have remained well under control, freight rates have increased due to strong demand,” Skou said.

Volumes in Maersk’s Ocean-division declined by around 3% in the

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China Auto Sales Jump 13% in ‘Golden September’ as Shoppers Return to Showrooms | Investing News

By Yilei Sun and Brenda Goh

BEIJING (Reuters) – Automobile sales in China rose 12.8% in September from the same month a year earlier, marking the sixth consecutive month of gain, as the world’s biggest vehicle market comes off lows hit during the coronavirus lockdown.

Sales reached 2.57 million vehicles last month, showed data from the China Association of Automobile Manufacturers (CAAM).

Sales are still down 6.9% for the first nine months of the year at 17.12 million vehicles, CAAM said.

Auto insiders refer to “Golden September, Silver October” as they regard the months as the high season for China sales, with drivers venturing out to make purchases having stayed away during the stifling summer months.

Reflecting that trend, sales of passenger vehicles rose 8% in September. Geely Automobile Holdings Ltd <0175.HK>, Great Wall Motor Co Ltd <601633.SS> and Toyota Motor Corp <7203.T> booked double-digit growth.

The Beijing auto show,

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