Bloomberg Federal Reserve Bank of St. Louis President James Bullard predicted the US unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual ...

Bloomberg Germany signed off on taking on billions in new debt as part of an unprecedented package totaling more than 750 billion euros ($800 billion) to cushion the fallout from the coronavirus pandemic. Under a supplementary budget, the government will borrow 156 billion euros to fund additional social spending and direct company aid. Germany has also agreed to set up ...

Bloomberg Europe’s tech companies announced nearly $500 million in deals on Monday as venture-capital backed firms defied the gloomy markets. Lilium, an Uber-like service for private jets, closed a funding round of more than $240 million to continue development of its electric air taxis and to build manufacturing facilities, the Munich-based company said. The round was raised by existing investors, ...

Bloomberg The UK government stepped in to shore up the country’s rail operators after Prime Minister Boris Johnson warned Britons they face “tougher measures” to fight the coronavirus outbreak, including a potential full lockdown if they continue to ignore calls to stop social gatherings. The Department for Transport said on Monday that it will take on the revenue and cost ...

Bloomberg Italy is being dragged deeper into a recession after the coronavirus outbreak that’s crippling its northern regions forced the government to ban movement inside the country and shutter almost all industrial production. The impact of virus on the economy will be strong even as measures by the European Central Bank and European governments help limit the intensity and length ...

Bloomberg Royal Philips NV is ramping up production of ventilators to double output within the next eight weeks and is targeting a four-fold increase by the third quarter to meet demand from hospitals overwhelmed by patients suffering from severe forms of Covid-19. The most-needed products are vital sign monitors, portable ventilators and medical equipment to treat a range of respiratory ...

Bloomberg The Russian military ended war games near its western borders as the country ramps up preventative measures to slow the spread of coronavirus (Covid-19). “It’s obvious that all of this is connected with preventive measures,” Kremlin spokesman Dmitry Peskov told reporters on a conference call on Monday. “It’s linked to the situation around the general fight against coronavirus.” The ...

Bloomberg Secretary of State Michael Pompeo ventured abroad for the first time since the coronavirus pandemic hit the US in full force, making a surprise visit to Afghanistan’s capital on Monday as part of a bid to inject new momentum into an already faltering peace process with the Taliban. Pompeo was expected to meet with Afghan President Ashraf Ghani in ...

Bloomberg China’s ambassador to the US reaffirmed his opposition to promoting theories that the virus that causes Covid-19 originated in an American military lab, in an unusual break with the country’s foreign ministry. Chinese Ambassador Cui Tiankai said in an interview with “Axios on HBO” that he stood by his Febraury 9 statement that it would be “crazy” to spread ...

Bloomberg Joe Biden pushed back on suggestions that the November election could be postponed amid the coronavirus pandemic, saying on March 22 it’s important that voting continues as it has during other crises in American history. “We have to let the electoral process run. We ought to be able to preserve our health and our democracy at the same time,” ...