Business

At a press conference in Ottawa, Canadian Finance Minister, Bill Morneau, announced Macklem’s appointment.

He said Macklem brings a deep knowledge of and expertise in financial markets and will serve the central bank well.

Macklem, who once worked as the senior deputy governor of the Bank of Canada, will take over the top position of the Canadian central bank in early June when current Governor, Stephen Poloz, ends his seven-year term.

Sources in the bank told Bloomberg that the reductions were expected to start from May unless business conditions improve.

The sources who said they were briefed on the matter during a conference call, said some management staff would get as much as a 40% decrease in their salaries.

A spokesman for Lagos-based Access Bank declined to comment.

Nigerian banks are facing the threat of rising …

Conte gave a detailed outline of plans to reopen the economy, in a newspaper interview published on Sunday, ahead of the government’s roadmap out of lockdown.

He promised that the plans would be released no later than early this week.

“We are working in these hours to allow the reopening of a good part of businesses from manufacturing to construction for May 4,’’ Conte told Italian daily La Repubblica.

“My …

Over 98 percent of major industrial firms in central China’s Hubei province have resumed work after months-long shutdown.

The production resumption rate of major industrial firms in central China’s Hubei Province, once hit hard by the COVID-19 epidemic, has reached 98.2 percent as of April 17, local authorities said.

According to the provincial COVID-19 epidemic prevention and control headquarters on Thursday, the rate of employees returning to their posts in the province’s major industrial firms hit 93 percent.

It is clear that whilst other countries and regions struggle with the COVID-19 pandemic, Hubei has since moved on.