Bloomberg The US economy will contract sharply in late March and April as consumers and businesses slash spending, with the short downturn likely be officially deemed as being a recession, according to Goldman Sachs Group Inc. The world’s largest economy will shrink 5% in the second quarter after zero gross domestic product growth in the first three months of the ...

Bloomberg There’s 1,000 miles and a body of water between Mark McGowan and the Italian epicenter of Europe’s coronavirus outbreak. He may as well be next door. His 16-room hotel, the Scholars Townhouse in Drogheda, north of Dublin, has seen a 60% drop in room revenue. The business market “just melted away overnight,” he said. “We have three people at ...

Bloomberg Ferrari NV has temporarily halted the production of its sports cars in Italy because of the spread of the coronavirus. The Italian supercar maker is experiencing its “first serious supply chain issues, which no longer allow for continued production,” it said in a statement on Monday. It will suspend production at the Maranello and Modena plants until March 27. ...