Bloomberg Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices plumbed new depths. The Nordic country will cut production by 250,000 barrels a day in June and 134,000 barrels in the second half of the year, the Petroleum and Energy Ministry said. That’s based on a reference ...

Bloomberg The French and Spanish economies plunged into record contractions and German unemployment climbed more than expected amid virus shutdowns that are pushing Europe into its deepest recession of the post-war era. France shrank 5.8%, the most since 1949, with Spain suffering a 5.2% drop in GDP. The figures highlight the dramatic effect of government-ordered shutdowns as just two weeks ...

Bloomberg UK homebuilders are starting to pull out of deals to buy land as they brace for a hit to demand. Inland Homes Plc, a firm that specialises in getting urban sites ready for construction, said on Thursday that three deals with large publicly traded homebuilders had been aborted because of the coronavirus pandemic. The cancelled deals show how developers ...

Bloomberg A gauge of Russian manufacturing slumped to the lowest level since records began in 1997 as lockdowns across Europe choked demand. The Manufacturing Purchasing Managers’ Index (PMI) fell to 31.3 in April, down from 47.5 in March, IHS Markit said on Thursday. The median estimate of eight economists surveyed by Bloomberg was for 40.5. “Output and new orders contracted ...

Bloomberg Microsoft Corp. said quarterly sales and profit rose, buoyed by demand for internet-based software and cloud services needed to accommodate a shift to remote working during the coronavirus crisis. Profit in the period ended March 31 rose to $10.8 billion, or $1.40 a share, the company said in a statement. Sales rose 15% to $35 billion. The results from ...

Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint European fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. As ...

Bloomberg Tesla Inc. will cut the price of its standard-range Model 3 in China for the second time this year so it can continue to qualify for government rebates on electric vehicles that are being tightened. The move will drop the price of the sedan below the 300,000 yuan ($42,400) maximum threshold for electric cars in China to qualify for ...

Bloomberg President Donald Trump is facing a turning point in his bid for re-election, betting that a handful of Southern and Midwestern states can reopen their economies without triggering an even deeper public health crisis. If it works out, Trump can claim he was right all along about quickly lifting stay-at-home restrictions that are damaging the economy. If it doesn’t ...

Bloomberg Germany’s efforts to contain the coronavirus pandemic have upended the race to succeed Chancellor Angela Merkel. In the simmering contest to lead Europe’s largest economy, Bavarian Premier Markus Soeder has emerged as the uncrowned king of the crisis. His hard line to clamp down on the spread of the disease in the wealthy southern state has propelled him to ...

Bloomberg Prime Minister Boris Johnson was expected to return to lead the UK’s daily televised coronavirus briefing on Thursday, with his government weighing options for easing a nationwide lockdown that officials warned will not be lifted any time soon. Johnson, who returned to work this week after being incapacitated by the disease and treated with oxygen in the hospital, was ...