Coronavirus

IOC Mulls Plan To Delay Tokyo Olympics

The coronavirus continues to effect industries worldwide

Here are the latest updates on the coronavirus from around the world.

The International Olympic Committee (IOC) and organizers of the 2020 Tokyo Olympics have begun talks to hold off on the popular sporting event, in spite of the Japanese government’s previous stance that postponement would not happen, Reuters reported. The organizers want to explore alternatives to holding the games as planned due to the widespread and continuing disruptions of the coronavirus on almost every facet of the world. Conversely, Prime Minister Shinzo Abe said the games would not be postponed and hoped the games would bolster Japan’s economy, providing an influx of new tourism and revenue streams. But sources, speaking anonymously, said they were asked to make a plan in the case postponement would happen.

Meanwhile, Wells Fargo, still reeling from its fake account scandal from several years ago, asked the federal government to release it from the $1.95 trillion asset cap imposed as a punishment on its profits and expansion, in order to help with the coronavirus pandemic, according to the Financial Times. The bank said it would use the removal of the cap to lend an olive branch of support to small businesses and customers affected by the economic turmoil that has gone along with the virus. Removing the cap has been a priority for new CEO Charles Scharf, who was brought in last October to fill the job. And the idea would go along with the Federal Reserve’s initiative to get banks to extend credit lines to help struggling customers who have faced job losses due to the virus.

On another note, Britain’s Financial Conduct Authority (FCA) has asked companies trading shares in London to wait before publishing the latest preliminary results in order to better assess how the virus has impacted those results, the Financial Times reported. The FCA wrote late Saturday that more time would make sure the pressure on staff is reduced. Also, the FCA said it wants a two-week moratorium on results so the most current information can be available.

In other news, U.S. airlines are staring down furloughs for their employees unless the government can offer bailout funds, companies said this week, according to CNBC. If the government doesn’t approve the $58 billion plan to aid the companies, airlines will have to furlough workers by the thousands to make up for their lack of funds in the wake of the virus’ devastation to the industry. A bill proposed by Senate Republicans would constitute financial aid for passenger and cargo carriers in the form of loans that the airline companies would later pay back. Executives said they won’t let employees go through Aug. 31 if the package is approved for at least $29 billion. However, Sara Nelson, president of the Association of Flight Attendants, has said a loans-only bailout would only pile on debt and end up hurting workers more.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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