Bloomberg Lloyd’s of London, the world’s largest insurance exchange, estimates the industry will suffer around $203 billion in losses from the coronavirus pandemic this year. The projected losses include about $107 billion from underwriting claims, with the rest from insurers’ investment portfolios, Lloyd’s said in a statement. The claims costs are on a par with some of the most catastrophic ...

Bloomberg The British government’s call to restart the economy may have sounded good, but there’s little evidence the country is taking heed. In the week when Prime Minister Boris Johnson said it was time to get back to work, some parts of the economy are humming along. What’s less clear is whether his decision to ease lockdown restrictions made much ...

Bloomberg Italy is trying to prop up its battered economy with a second stimulus package worth 55 billion euros. It may not be enough. Prime Minister Giuseppe Conte’s government approved the much-delayed measures in a bid to reduce the economic impact of the coronavirus pandemic. The plan focuses on liquidity for businesses and aid to families hurt by over two ...

Bloomberg Not all of Elon Musk’s projects have been thwarted by the coronavirus pandemic. While the billionaire clashed this week with local officials over restarting production at a Tesla Inc. factory in California, his tunnel-drilling company hit a new milestone in Nevada. A giant drill called Godot Plus broke through a wall near the spot where it will connect to ...

Bloomberg US equity futures dropped ahead of the latest American jobless data and as President Donald Trump floated cutting ties between the world’s two biggest economies. Treasuries gained alongside the dollar. Contracts on the main US equity benchmarks extended declines after Trump said in a TV interview that he doesn’t want to talk to China’s President Xi Jinping “right now.” ...

Bloomberg India stocks fell, retreating from Wednesday’s biggest gain in almost two weeks, as investors mulled the detail of a government stimulus package aimed at spurring the economy. The S&P BSE Sensex dropped 1.3% to 31,593.08 as of 9:34 am in Mumbai, while the NSE Nifty 50 Index lost 1.2%. Almost half of the $265 billion rescue package — equivalent ...

Bloomberg Yale University’s publicly disclosed US stock portfolio surged in value last quarter as endowment added exchange-traded funds and technology shares during the coronavirus-fuelled market plunge. The endowment’s equities increased to $267.4 million as of the end of March from $62.8 million at the end of last year as Ivy League school greatly expanded its holding in the SPDR S&P ...

NEW YORK / WAM The UAE has emphasised that multilateralism and international cooperation remain essential to resolving global challenges at a meeting of the UN Security Council on the 75th anniversary of the end of the Second World War in Europe and lessons learned for preventing future atrocities. “While we commemorate the end of the Second World War on European ...

Bloomberg Oil traded near a five-week high as investors weighed the nascent recovery of demand against concerns about a resurgence in coronavirus cases if lockdowns are relaxed too early. The head of the International Energy Agency (IEA) said oil use will be below pre-coronavirus levels for at least a year, highlighting the depth of the collapse in consumption. The top ...

ABU DHABI / WAM The value of Abu Dhabi’s foreign trade in pharmaceutical and pharmacist products during the first quarter of this year was AED799,708,774, distributed to imports at the value of AED589,064,123, exports at AED85,604,268, and re-exports at the value of AED125,040,383. In a statement by the General Administration of Customs on Wednesday, the total weight of Abu Dhabi’s ...