Bloomberg South China Morning Post, a newspaper owned by Chinese e-commerce giant Alibaba Group Holding Ltd, is cutting executives’ salaries and asking some workers to take unpaid leave as the coronavirus crisis has hurt revenue. CEO Gary Liu and Editor-in-Chief Tammy Tam are among 27 senior executives who have agreed to pay reductions immediately, the company said on its newspaper ...

Bloomberg Indonesia banned an annual ritual of citizens travelling in large numbers to their hometowns and villages ahead of the Muslim festival of Eid al-Fitr to prevent the spread of coronavirus in the world’s largest Muslim-majority country. President Joko Widodo, who announced the ban at a cabinet meeting in Jakarta, said the prohibition was based on an assessment that about ...

Bloomberg A historic crash in crude prices is driving US shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil. For shale companies, the price of West Texas Intermediate crude went from hunker-down-and-ride-it-out mode to crisis mode in just a few days, ...

Bloomberg Chevron Corp will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as US President Donald Trump maneuvers for regime change in the Latin American nation. The US Treasury Department will no longer allow the company to drill wells, sell and buy crude oil or oil products or transport ...

Bloomberg The troubles facing Singaporean oil trading firm Hin Leong deepened as the city-state’s police have started investigating the company. The probe, which the Singapore Police Force confirmed by email, is the latest twist in the downfall of the company, which owes $3.85 billion to more than 20 banks and revealed in court filings that it hid about $800 million ...

Bloomberg European Union (EU) leaders head to a key virtual summit on Thursday without any concrete proposals from the bloc’s institutions on how to finance a controversial economic recovery fund, raising the chances of yet another inconclusive showdown. A “roadmap” distributed to national delegations from EU Council President Charles Michel, who will chair the video conference, contains no details on ...

Bloomberg The US Treasury has deployed more than half of the Coronavirus Relief Fund, which provides for payments to state, local, and tribal governments. The daily Treasury statement notes that, $81.9 billion had been used this month. The $150 billion fund was established to help lessen the economic impact of the Covid-19 outbreak. The coronavirus pandemic has crushed sources of ...

Bloomberg UK inflation slowed in March as the nation entered lockdown and oil prices continued to tumble. Consumer prices rose 1.5% from a year earlier, down from 1.7% in February, the Office for National Statistics said on Wednesday. Downward pressure came from fuel and clothing prices. Core inflation eased to 1.6%. The inflation outlook has been thrown into turmoil by ...

Bloomberg Scotland’s economy could shrink by 12% this year as a result of restrictions put in place to combat the spread of the coronavirus outbreak, while the government said the financial hit was no reason to ease the lockdown prematurely and risk greater harm. The overall picture for the year is based on output declining by a third during the ...

Bloomberg New York State has applied for a $4 billion federal loan to shore up its unemployment trust fund amid a record surge of claims by workers sidelined by the Covid-19 pandemic, a spokeswoman said. “All benefits, including enhanced benefits, are being paid, and to help ensure it remains that way the state has applied for an up to $4 ...