International News

Bloomberg The International Monetary Fund (IMF) approved an $11 billion credit line for Peru as the South American nation’s economy endures a slump that may be the deepest in more than a century. The two-year flexible credit line is a precautionary measure that should boost market confidence and provide insurance against downside risks, the fund said. Peru becomes the third ...

Bloomberg UK Chancellor of the Exchequer Rishi Sunak kept the spending taps firmly on as he announced plans to taper his job support program, unveiling an incremental withdrawal in a bid to avert a mass wave of unemployment this summer. Self-employed workers will be offered a further grant of as much as 6,570 pounds ($8,082) in August to cover another ...

Bloomberg Reliance Industries Ltd is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month. The conglomerate backed by Mukesh Ambani, Asia’s richest man, is preparing Jio Platforms Ltd for an initial public offering ...

Bloomberg JSW Steel Ltd, India’s most valuable steelmaker by market capitalisation, will focus on exports, cut costs and delay expansions as the coronavirus pandemic slashes demand at home. Once a bright spot for global demand, steel consumption in India plunged 91% last month while crude steel output tumbled 70% as a nationwide lockdown to combat the pandemic halted activity across ...

Bloomberg China’s race to restore normality has opened up a rare opportunity to profit from shipping aluminum into the country, which is typically burdened by excess supply of the metal. The theoretical margin from importing aluminum into China jumped to the highest level since 2016, according to Bloomberg calculations based on local spot prices and the cost of the metal ...

Bloomberg Prime Minister Shinzo Abe is doubling down on his stimulus measures with more than $1 trillion of extra help to keep businesses and households afloat amid the coronavirus recession. The 117 trillion yen ($1.1 trillion) package includes financing help for struggling companies, subsidies to help firms pay rent and several trillion yen for health care assistance and support for ...

Bloomberg Singapore’s economy is facing its worst contraction since independence more than a half-century ago as the coronavirus outbreak and measures to contain it pummel the trade-reliant city-state. The government expects gross domestic product to shrink 4% to 7% this year, down from a previous forecast of a 1%-4% contraction, as the outlook for external demand deteriorates, the Ministry of ...

Bloomberg KKR & Co. said it will put $1 billion into a new data center venture in Europe, as private equity firms chase returns in the growing market for digital infrastructure assets. The investment firm is teaming up with industry veteran Franek Sodzawiczny to launch Global Technical Realty, which will develop and build data centers for large technology companies in ...

Bloomberg The euro-area economy is facing a contraction this year in line with the European Central Bank’s (ECB) more pessimistic forecasts, according to Christine Lagarde. Output in the region is likely to shrink between 8% to 12%, the ECB president said in an online question-and-answer session targeted at European youth. Estimates for a mild scenario are “out of date.” “We’ll ...

Bloomberg Britain could create 850,000 new green energy jobs this decade if it uses recovery stimulus to fast-track decarbonisation, a report has found. Financial stimulus being used to kick-start the economic recovery from coronavirus should accelerate the UK’s path towards net-zero emissions and limit the worst effects of climate change, according to a report by a the cross-party IPPR environmental ...