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Bloomberg The European Union’s (EU) executive arm said this year’s recession may be much worse than previously anticipated, proposing a suspension of the bloc’s draconian fiscal rules to cushion the fallout from a deadly viral outbreak that has brought its economy to a halt. “Assuming an extension of the health crisis up to the beginning of June or beyond, the ...

Bloomberg The US risks losing $4 trillion in corporate revenue on the back of the novel coronavirus without “meaningful fiscal or monetary intervention,” according to the world’s biggest hedge fund. The loss would shrink the economy by more than 6%, executives at Bridgewater Associates wrote in a report. “We see the most extreme decline occurring in the second quarter, where ...

Bloomberg The cries of London’s iconic newspaper vendors are being silenced because the coronavirus is forcing millions of commuters to stay home and advertisers are snapping shut their wallets. The Evening Standard newspaper, which distributes about 800,000 free copies a day in the capital, said it will pivot to home delivery to reach workers who would normally pick up the ...

Bloomberg Financial-technology firms including PayPal Holdings Inc. are lining up to help speed lending to small businesses during the coronavirus crisis — and are pushing for a slice of emergency US government funding. Industry group Financial Innovation Now urged Congress to provide capital to online lenders including PayPal and Square Inc., and to permit firms to disperse Small Businesses Administration ...

Bloomberg Franco Fubini, who founded fruit and vegetables seller Natoora Ltd., is used to charging celebrity chefs a premium price for carefully tended produce, like white peaches from Italy, Sicilian pomegranate and Essex heirloom tomatoes. But in the past week, sales have evaporated. As shoppers empty supermarket shelves of pasta and dried beans, wholesalers like Natoora, which buys from more ...

Bloomberg BMW AG’s South Carolina SUV factory, one of the last US auto assembly plants still operating, will be idled early next month. The factory, which makes the brand’s lucrative X3, X5 and X7 sport utility vehicles, will shut down starting April 3 for more than two weeks, the German company said in a statement, confirming an earlier Bloomberg News ...

ABU DHABI / WAM The people of the UAE are very grateful to the leadership’s wise vision in dealing with the global pandemic coronavirus (Covid-19) said Saqr Ghobash, Speaker of Federal National Council (FNC). In a statement on Saturday, Ghobash said, “The UAE has become a global model in successful crisis management, thanks to the directives and continuous support of ...

Bloomberg Oil demand is plummeting — some traders say by 10 to 20 million barrels a day, or a fifth of global consumption — as millions find themselves in lock-down or self-isolating, causing travel to grind to a halt. “Demand has been decimated in short term,” said Andy Hall, one of the most successful oil traders of his generation until ...

Bloomberg Australia plans an additional A$66 billion ($38.2 billion) in stimulus for the coronavirus-stricken economy, including cash payments of as much as A$100,000 to small businesses, in a second package aimed at averting recession and savings jobs. The plan, to be announced by Prime Minister Scott Morrison on Sunday, will provide A$25.2 billion in support to businesses and not-for-profit charities. ...

Bloomberg Boeing Co. is edging closer to winning a government bailout as the once-mighty company races to secure a lifeline amid the aviation industry’s worst crisis in decades. Backstop financing would start to slide into place next week if the US Congress approves a Senate Republican proposal to provide as much as $208 billion in collateralised loans and loan guarantees ...