Author: LoveWorld UK

The Bank of England has allowed credit unions to set aside less capital to cover borrowers unable to repay loans during the coronavirus crisis. Where a loan is more than three months in arrears, a credit union can provision for 20% of the loan with immediate effect until January, compared with 35% under current rules. “We recognise that credit unions across the UK are facing a period of unprecedented operational and financial challenges,” the BoE’s Prudential Regulation Authority said in a letter to credit unions. Credit unions are member-owned, neighbourhood financial co-operatives providing loans and savings to typically less well…

BRUSSELS (Reuters) – European Union finance ministers failed to agree in all-night talks on more support for their coronavirus-hit economies and their chairman said on Wednesday morning he was suspending the discussions until Thursday. Diplomatic sources and officials said a feud between Italy and the Netherlands over what conditions should be attached to euro zone credit for governments fighting the pandemic was blocking progress on half a trillion euros worth of aid. “After 16 hours of discussions we came close to a deal but we are not there yet,” Eurogroup chairman Mario Centeno said. “I suspended the Eurogroup and (we…

Direct Line (DLGD.L) withdrew its final 2019 dividend on Wednesday and said it would make no changes to staffing until at least the autumn, as it weighs the damage that coronavirus shutdowns are having on the insurance industry. The company, the UK’s biggest motor insurer, said it had seen a falloff in claims for car accidents as motorists stayed in their homes, but that travel insurance claims were steadily rising, hitting 22 million pounds so far. (reut.rs/3bYTSl2) “COVID-19 presents an unprecedented global challenge… It is too early to assess the impact of changes in customer behaviour that will arise given…

“The matter at stake is serious,” Pastor Chris says, declaring another week of prayer and fasting concerning the current state of the world. At the Global Communion Service which was held on Sunday, April 5th, Pastor Chris, announced the commencement of another week of prayer and fasting which is phase 2 of the program. This month of April, we are in prayer, he declared to the global congregation. Reading from Matthew 8:28-30, Pastor Chris, emphasized the need for the church to continue in fervent prayers to put a stop to Satan’s agenda. He then announced that phase two of the…

President Donald Trump has threatened to cut US funding to the World Health Organisation, accusing it of bias towards China during the coronavirus pandemic. It comes as nearly 2,000 people infected with the new coronavirus died in the United States in the past 24 hours. The record daily figure of 1,939 brings the total number of deaths in the US to 12,722. Mr Trump told reporters on Thursday that he was “going to put a very powerful hold on” funding to WHO, the UN body whose biggest funding source is the United States. “We’re going to put a hold on money spent to the…

British Prime Minister Boris Johnson spent a second night in intensive care and was in a stable condition after receiving oxygen support for COVID-19 complications while his foreign minister directs the country’s battle against the outbreak. Johnson, who tested positive nearly two weeks ago, was taken to St Thomas’ hospital on Sunday evening as he had a persistent high temperature and cough but his condition deteriorated on Monday and he was rushed into an intensive care unit. The 55-year-old British leader received oxygen support but was not put on a ventilator and his designated deputy, Foreign Secretary Dominic Raab, said…

Nearly 140 campaign groups and charities urged the IMF and World Bank, G20 governments and private creditors on Tuesday to help the world’s poorest countries through the coronavirus crisis by cancelling debt payments. The call, spearheaded by the British-based Jubilee Debt Campaign, comes a day before a Group of 20 working group tasked with the coronavirus response for developing countries is due to meet. Separately, Ghana Finance Minister Ken Ofori-Atta, who chairs the Development Committee advising the World Bank and International Monetary Fund (IMF), singled out China – Africa’s largest bilateral creditor – to do more to relieve its debt…

British Prime Minister Boris Johnson was fighting worsening coronavirus symptoms in an intensive care unit on Tuesday, leaving his foreign minister to lead the government’s response to the accelerating outbreak. Johnson’s personal battle with the virus has shaken the British government just as the United Kingdom enters what scientists say is likely to be one of the most deadly weeks of the pandemic, which has killed 70,000 people worldwide. Johnson, 55, was admitted to St Thomas’ Hospital across the River Thames from the House of Commons late on Sunday after suffering persistent coronavirus symptoms, including a high temperature and a…

Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed. Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session. The world’s main oil producers including Saudi Arabia…

Britain’s shares gained on Tuesday, boosted again by a surge in travel stocks as investors were heartened by signs the COVID-19 crisis could be easing in the worst-hit regions of Europe. The blue-chip FTSE 100 index .FTSE rose 3.3% by 0822 GMT, extending gains for the second day as the outbreak showed signs of levelling off in New York, while hardest-hit Italy and Spain have started looking ahead to easing lockdowns after steady declines in their fatality rates. Still, doubts lingered as UK Prime Minister Boris Johnson fought worsening coronavirus symptoms in an intensive care unit on Tuesday, leaving his foreign minister…