Bloomberg The European Union (EU) could charge 70,000 companies for access to the EU market to help pay for its coronavirus recovery program, Budget Commissioner Johannes Hahn was quoted as saying in a Financial Times interview. Hahn said there’s no alternative to giving the European Commission new sources of revenue to service the debt it would take on under the ...

Bloomberg Facing the worst recession in more than a decade, Vladimir Putin plans to roll out a spending plan to rival stimulus packages in other major economies. The Russian president’s government says the plan envisions support equivalent to a 10th of annual economic output. But analysts from Bloomberg Economics and some of Wall Street’s biggest banks say the level is ...

Bloomberg Europe’s car industry showed tentative signs of a recovery in May with some French and Spanish buyers braving visits to reopened showrooms. New car registrations fell 50% in France year-on-year, CCFA, the nation’s automotive-industry group, said on Monday. The drop was an improvement over April’s 89% plunge. Spain also showed a slight comeback. Renault SA and Peugeot owner PSA ...

Bloomberg The UK government is preparing to unveil an economic stimulus package in July as it steps up attempts to lessen the depth of the recession caused by the coronavirus pandemic, the Financial Times reported, citing unidentified government officials. Chancellor of the Exchequer Rishi Sunak is working on proposals to invest in training programs, infrastructure and help for technology firms, ...

Bloomberg The US labour market is showing the earliest signs of recovery, according to Goldman Sachs Group Inc. A drop in continued jobless claims, especially in states that reopened earlier than others, suggests rehiring by businesses may be starting to turn the tide, analysts led by New York-based economist Jan Hatzius wrote in a report to clients. The economists cautioned ...

Bloomberg Three buyout funds offered to acquire Spanish phone company Masmovil Ibercom SA for 3 billion euros ($3.3 billion), in one of the largest private equity deals to emerge during the coronavirus. Its shares surged the most on record. KKR & Co., Cinven Ltd. and Providence Equity Partners LLC offered 22.5 euros a share for the company. The bid, which ...

Bloomberg US stock futures turned lower while European shares held onto modest gains after Chinese officials told agriculture companies to pause imports of some farm goods. Treasuries erased their earlier declines. State-owned traders Cofco and Sinograin were ordered to suspend purchases, according to a person familiar with the matter. The move raises the risk of heightening tensions between the two ...

Bloomberg Hong Kong stocks rose, with the benchmark index capping its best day in more than two months, on speculation the US administration won’t take extreme steps in response to China’s crackdown on the city. The Hang Seng Index closed 3.4% higher, led by real estate firms, after falling almost 7% last month. Shares on the mainland also climbed, with ...

Bloomberg Four Singaporean blue-chip stocks lost a combined market capitalisation of $613 million amid record volumes after MSCI Inc. deleted them from its benchmark for the city-state’s largest stocks. Two of the four shares excluded from the MSCI Singapore Index — Singapore Press Holdings Ltd. and Sembcorp Industries Ltd. — became over-sold on a technical indicator, while ComfortDelGro Corp. and ...

ABU DHABI / WAM The total number of business licences issued in the UAE in May amounted to 648,684, an increase of 1,035 licences from those recorded at the end of April, as per statistics from the National Economic Register. This increase highlights the continuity of economic activities in the country, despite the global slowdown of the sector. The monitoring ...