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The Bank of England’s pressure on HSBC to cancel its dividend for the first time in 74 years has reignited a debate at the top of the bank over whether it should redomicile to Hong Kong.

Several people familiar with the matter said the BoE’s intervention had prompted anger among some board members and executives, with calls to reopen the question of whether the group’s legal base should move from London.

HSBC was one of five UK-based lenders that agreed on Tuesday night to withhold 2019 dividends, bowing to pressure from the BoE’s Prudential Regulation Authority, the UK’s top financial supervisor.

restored.

If a declared dividend can be suspendid, a suspended dividend can also be rstored sooner if the coronavirus gets sorted earlier than expected imo.

Citigroup analysts called the decision a "disappointment", arguing that British banks were in a strong position to maintain dividends as well as support the economy. Ian Gordon, a banks analyst at Investec, said the move was "pretty shameful".

UK coronavirus cases could number 1.8MILLION as leading scientists predict one in every 37 Brits has caught the killer illness already

Report by Imperial College London predicted true numbers of cases in 11 nations
Spain is worst hit, they said, with 15% of the population infected already
In the UK this was thought to be 2.7% - around 1.775m - by March 28

https://www.dailymail.co.uk/news/article-8175263/UK-coronavirus-cases-number-1-8MILLION-scientists-say.html

The Folly of Free Trade

by John M. Culbertson

From the September 1986 Issue

https://hbr.org/1986/09/the-folly-of-free-trade

The Folly of Free Trade.

Today the evidence should be clear to anyone who wants to look at it: our blind allegiance to free trade threatens our national standard of living and our economic future. By sacrificing our home market on the altar of free trade, we are condemning ourselves and our children to a future of fewer competitive businesses, fewer good jobs, less opportunity, and a lower standard of living. These unacceptable outcomes threaten us in ways that are all related to our practice of free trade.

https://hbr.org/1986/09/the-folly-of-free-trade

Lloyds Bank plc Commences a Cash Tender Offer for Any and All of Its 12.00% Fixed-to-floating Rate Perpetual Capital Securities.

https://finance.yahoo.com/news/lloyds-bank-plc-commences-cash-130700489.html

thescottishsun.co.uk

DAILY life in Sweden is carrying on as normal despite the rest of Europe being in lockdown due to the coronavirus pandemic.

Despite a rising death toll, the government says offices, bars, restaurants, cinemas and gyms should stay open to prevent an economic disaster.

And although the Scandinavian country's relaxed "wait and see" approach flies in the face of all medical guidance it has no immediate plans to change its liberal ways.

PM Stefan Lofven has tightened restrictions in recent days - limiting gatherings to 50 - but insists there is still no need to follow the herd.

Its closest neighbours – Denmark, Finland, and Norway – have all introduced a no-nonsense lockdown strategy, closing schools, workplaces and borders weeks ago.

Norway has around a quarter of the deaths (34) than the figure recorded in Sweden (146) and insists its tough stance is already saving lives.

As of today, Denmark has recorded 77 coronavirus fatalities and Finland just 13.

But Lofven has said: "We all, as individuals, have to take responsibility. We can't legislate and ban everything. It is also a question of common sense.

DAILY life in Sweden is carrying on as normal despite the rest of Europe being in lockdown due to the coronavirus pandemic.

Despite a rising death toll, the government says offices, bars, restaurants, cinemas and gyms should stay open to prevent an economic disaster.

https://www.thescottishsun.co.uk/news/5444874/sweden-is-the-last-country-in-europe-not-on-coronavirus-lockdown-as-pm-says-lets-behave-like-adults/

ft.com

US crude oil prices fell below $20 a barrel shortly after trading reopened on Sunday, close to their lowest level in 18 years, as traders bet production would have to shut to cope with the collapse in demand from the coronavirus pandemic.

The US benchmark, known as West Texas Intermediate or WTI, hit a low of $19.92 a barrel, losing more than 6 per cent.

Brent, the international benchmark, lost 6 per cent to hit a low of $23.03 a barrel, the lowest since 2002.

The coronavirus outbreak has dented global oil demand by 15 million to 20 million barrels per day.

https://af.reuters.com/article/energyOilNews/idAFR4N2A4007

Brent trading at below $25 now.

Could GKP be making an offer, or DNO, or perhaps Sinopec. They all operate in the Iraqi Kurdistan region.

An old comment.

https://www.ft.com/content/54b20da2-c58f-3b92-913e-5577fc945206

GKP is likely to rise too imo.

Coronavirus: No extra help for airlines, chancellor says.

https://www.bbc.co.uk/news/business-52027342

A severely undervalued gold miner imo.

Going back to $1700??

When the government bails out a company, it's done on their own terms and is always painful for the shareholders.