By , , BEIRUT/LONDON (Reuters) - Foreign lenders including HSBC and Wells Fargo are cutting ties with Lebanon’s central bank, sources familiar with the matter told Reuters, underlining the country’s international isolation as it reels from economic crisis.In a letter to Lebanon’s public prosecutor last week, Governor Riad Salameh warned that foreign correspondent banks were starting to curtail their business relationships with the local financial system, while Wells Fargo had closed a central bank account in dollars, and HSBC had shut its British sterling account, according to three sources...…By , , BEIRUT/LONDON (Reuters) - Foreign lenders including HSBC and Wells Fargo are cutting ties with Lebanon’s central bank, sources familiar with the matter told Reuters, underlining the country’s international isolation as it reels from economic crisis.In a letter to Lebanon’s public prosecutor last week, Governor Riad Salameh warned that foreign correspondent banks were starting to curtail their business relationships with the local financial system, while Wells Fargo had closed a central bank account in dollars, and HSBC had shut its British sterling account, according to three sources...WW…

By , LONDON (Reuters) - A swathe of top investment banks and funds are piling into emerging market assets on a double-lift in confidence after U.S. President Donald Trump’s election defeat and this week’s coronavirus vaccine breakthrough.With poorer economies that rely on natural resources, cheap manufacturing or tourism set to benefit from a recovery in global trade and travel, as well as a more predictable White House, Morgan Stanley’s message on Wednesday was simply “Gotta Buy EM All!”.Its big bets are on the currencies of China, Mexico, Brazil, South Africa, Colombia and Russia and a...…By , LONDON (Reuters) - A swathe of top investment banks and funds are piling into emerging market assets on a double-lift in confidence after U.S. President Donald Trump’s election defeat and this week’s coronavirus vaccine breakthrough.With poorer economies that rely on natural resources, cheap manufacturing or tourism set to benefit from a recovery in global trade and travel, as well as a more predictable White House, Morgan Stanley’s message on Wednesday was simply “Gotta Buy EM All!”.Its big bets are on the currencies of China, Mexico, Brazil, South Africa, Colombia and Russia and a...WW…

By LONDON (Reuters) - Hyperinflation has blighted Zimbabwe, Venezuela and the former Yugoslavia among others over the years.Now, Lebanon has been gripped by the phenomenon, becoming the first country in the Middle East and North Africa to suffer from rapid, runaway price rises for goods and services.It joins Venezuela, which has been locked in hyperinflation since April, its second bout in recent years, according to Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and an expert on the topic.The occurrence happens when a country’s inflation rate exceeds 50% per...…By LONDON (Reuters) - Hyperinflation has blighted Zimbabwe, Venezuela and the former Yugoslavia among others over the years.Now, Lebanon has been gripped by the phenomenon, becoming the first country in the Middle East and North Africa to suffer from rapid, runaway price rises for goods and services.It joins Venezuela, which has been locked in hyperinflation since April, its second bout in recent years, according to Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and an expert on the topic.The occurrence happens when a country’s inflation rate exceeds 50% per...WW…

By , NEW YORK/LONDON (Reuters) - Global stock markets meandered on Thursday as a continued rise in coronavirus cases dashed hopes of a swift recovery from the pandemic-induced economic slump and drove demand for safe-haven currencies such as the dollar and Japanese yen.Around 400 workers tested positive for the virus at a slaughterhouse in northern Germany, fueling contagion concerns, yet gold prices eased a bit after a Chinese medical expert said Beijing has brought a recent outbreak under control.Stocks on Wall Street seesawed either side of breakeven as investors struggled to interpret...…By , NEW YORK/LONDON (Reuters) - Global stock markets meandered on Thursday as a continued rise in coronavirus cases dashed hopes of a swift recovery from the pandemic-induced economic slump and drove demand for safe-haven currencies such as the dollar and Japanese yen.Around 400 workers tested positive for the virus at a slaughterhouse in northern Germany, fueling contagion concerns, yet gold prices eased a bit after a Chinese medical expert said Beijing has brought a recent outbreak under control.Stocks on Wall Street seesawed either side of breakeven as investors struggled to interpret...WW…