International News

Bloomberg Hong Kong could take six months to reverse the economic effects of the novel coronavirus pandemic, financial secretary Paul Chan said, adding that the government will offer “comprehensive” aid to protect businesses and jobs across all industries as the outbreak’s impact spreads through the economy. The retail and tourism sectors were initially among the hardest hit by the pandemic ...

Bloomberg Germany is mulling an additional aid program for small- and medium-sized companies worth 300 billion euros ($324 billion) as the government seeks to limit the economic fallout from the coronavirus pandemic. The new loan guarantees would come on top of a barrage of measures to counter what Chancellor Angela Merkel has called the biggest challenge to the country since ...

Bloomberg The euro area economy is in a slump of unprecedented scale, and the contraction may deepen even further as lockdowns to contain the coronavirus are extended. IHS Markit said its monthly measure of services and manufacturing points to an annualised economic contraction of about 10%. With new business, confidence and employment all down, there is “worse inevitably to come ...

Bloomberg Italy will broaden defenses against hostile takeovers as the fallout from the coronavirus pandemic lowers valuations and leaves key industries vulnerable. The government is planning to strengthen the so-called Golden Power protections to protect “a heritage that must not be sold off,” Economic Development Minister Stefano Patuanelli said in a message on his Facebook page. “It will be extended ...

Bloomberg Tesla Inc. reported early-year deliveries fell less than expected from record levels reached late last year, sending shares climbing as much as 13%. Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total beat analysts’ average estimate for about 78,100. “I’m shocked they did so well,” Gene ...

Bloomberg Bankruptcies among Swedish restaurants and hotels jumped by 123% in March as measures to contain coronavirus pandemic stopped people from making trips and socialising. The transport sector was also hit hard with bankruptcies rising by 105% in March compared to same month a year ago, according to business and credit reference agency UC. The overall number of companies going ...

Bloomberg The European Union (EU) announced a plan to discourage businesses in the countries’ worst hit by the coronavirus from firing workers as they struggle to make ends meet. Amid criticism that the EU has done too little to mitigate the economic impact of the pandemic, the European Commission signaled that it will use central funds to pay companies to ...

Bloomberg Carmakers gave an early glimpse of the damage a global pandemic is doing to the US auto market, with General Motors Co. and Fiat Chrysler Automobiles NV falling short of estimates and the industry selling vehicles at the slowest pace in a decade. Sales fell 7.1% for GM and more than 10% for Fiat Chrysler in the first three ...

Bloomberg Mizuho Financial Group Inc will book a 32.9 billion yen ($306 million) charge on its securities holdings in the just-completed quarter due to the coronavirus-fueled stock market rout. The writedown stems from a “significant decline” in the fair value of some securities held by the group’s lending, trust banking and securities units, Tokyo-based Mizuho said in a statement. It ...

Bloomberg The economic fallout from the coronavirus epidemic will prevent almost 24 million people from escaping poverty in East Asia and the Pacific (EAP) this year, according to the World Bank. In a report, the Washington-based lender also warned of “substantially higher risk” among households that depend on industries particularly vulnerable to the impact of Covid-19. These include tourism in ...