International News

Bloomberg France will push on with tax-cut plans and broad economic overhauls to help the country rebound from a recession that will be deeper than previously anticipated, Finance Minister Bruno Le Maire said. The economy will shrink 11% this year, more than the 8% previously predicted. Le Maire said that means France must continue with emergency support and pro-business reforms, ...

Bloomberg Pandora A/S, which makes more pieces of jewellery than any other company in the world, will stop relying on newly mined gold and silver and instead use only recycled precious metals. The new policy, which takes effect in 2025, will help the Copenhagen-based company beef up its climate credentials and make it a more appealing target for investors eager ...

Bloomberg The number of Spaniards filing for jobless claims rose in May at a much slower pace than the previous two months, a sign that businesses are getting back to work as Spain gradually lifts its strict lockdown measures. Claims rose by 26,573, the Labour Ministry said on Tuesday. But some sectors saw an increase in hiring, including construction, and ...

Bloomberg The South Korean government unveiled a 76 trillion won ($62 billion) ‘New Deal’ spending plan to reshape the economy in the aftermath of the pandemic after slashing its growth forecast for the year. The plan, first outlined by President Moon Jae-in in April, aims to refocus the economy through 2025 by supporting job growth and new industries. It will ...

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 ...