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Bloomberg A monthlong lockdown in the Philippine capital to contain the spread of coronavirus is set to curb economic growth and make an interest-rate cut next week more likely. Growth could weaken to below 6% in the first quarter of the year, according to Nicholas Mapa, an economist at ING Bank in Manila. With more than 12 million people, the ...

Bloomberg Prime Minister Justin Trudeau said Canada will introduce a “significant” fiscal stimulus package, as part of a coordinated effort with other Group of Seven countries to counter the virus-driven global economic slowdown and calm markets. Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz were due to hold a press conference in Ottawa, along with Jeremy Rudin, ...

Bloomberg Hundreds of high-risk companies in Europe need to repay or refinance nearly $100 billion in the coming months, a prospect that becomes more daunting by the day amid the relentless collapse in credit markets. From Germany’s Thyssenkrupp AG to Telecom Italia, around 600 European high-yield and non-rated bond borrowers have $92.5 billion bonds maturing by the end of 2021, ...

Bloomberg Co-working startup the Wing will close all locations, taking precautions following the global spread of the coronavirus. The company, whose offerings focus on women, has 11 branches in the US and London. Offices will remain closed through at least March 31, the startup said. The announcement follows moves at many other companies asking employees to stay home. Amazon.com Inc., ...

Bloomberg Instagram plans to sell advertisements in IGTV, its home for longer videos, a bid to compete with YouTube for a larger share of the booming market for online video. Instagram started reaching out to its top video creators, asking them to partner on ad tests. Those in the program will receive a 55% share of all advertising in IGTV, ...

Bloomberg Tesla Inc. will probably sell about 10% fewer cars this year than previously expected as the coronavirus outbreak weighs on demand for vehicles, Morgan Stanley said. The bank slashed its 2020 sales target for Tesla to deliver 452,000 cars from the previous estimate of 500,000, according to a note to clients. Morgan Stanley reduced its price target on the ...

Bloomberg Detroit’s three automakers are asking office employees to work remotely while pushing production staff to keep running many of their factories — including one where a worker tested positive for the coronavirus. Fiat Chrysler Automobiles NV’s salaried personnel, including 14,000 at its US headquarters north of Detroit, were told to work from home, a spokesman said. A transmission factory ...

ABU DHABI / WAM UAE Minister of State and Abu Dhabi National Oil Company (Adnoc) Group CEO, Dr Sultan Ahmed Al Jaber commented on market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April this year. In a statement, Dr Al Jaber said, “Today, as ...

Bloomberg The World Health Organisation (WHO) declared the coronavirus outbreak a pandemic, saying cases outside China have risen 13-fold. The US’s top infectious-disease specialist told lawmakers the pathogen is 10 times more deadly than the seasonal flu. Britain announced a $39 billion stimulus package, hours after the Bank of England cut interest rates. German Chancellor Angela Merkel pledged to do “whatever ...

DUBAI / WAM Emirates Islamic announced that its net profit increased by 15%, reaching AED1.061 billion in 2019, the highest ever in the bank’s history. A review of the year ended December 31, 2019 was presented at the General Assembly Meeting of the bank, where it was announced that total income increased by eight percent to AED2.7 billion, and financing ...