Bloomberg German industrial production took a record-hit in April, before a gradual easing of lockdown restrictions set off an ever-so-slow recovery. Output slumped 17.9% during the month that saw unprecedented closures of factories and shops, with manufacturers of investment goods particularly badly affected. Even though activity has started to pick up since then, Europe’s largest economy is still set to ...

Bloomberg Spain has earmarked 9 billion euros ($10.2 billion) to help fund regional governments’ healthcare response to the Covid-19 pandemic. The central government will transfer 6 billion euros in September and as much 3 billion in November, Prime Minister Pedro Sanchez said in a televised statement. The measure will be approved by the cabinet through a decree on June 16, ...

Bloomberg Mexico asked the World Bank for a $1 billion loan, according to El Economista newspaper, which cited a loan agreement it viewed. Mexico Deputy Finance Minister Gabriel Yorio said the financing was a development policy loan and would not be used for its Covid-19 response program. Yorio did not say in his tweets how large the loan was. The ...

Bloomberg Two drugmakers behind the industry’s most prominent responses to the Covid-19 pandemic are looking into the possibility of a combined future as economies emerge from lockdowns. AstraZeneca Plc, co-developer of one of the fastest-moving experimental coronavirus vaccines, has made a preliminary approach to Gilead Sciences Inc., maker of the only US-approved treatment, according to people familiar with the matter. ...

Bloomberg Finland is turning to former Prime Minister Matti Vanhanen to steer it out of the Covid-19 slump and help rebuild its public finances after a massive bout of stimulus spending. The Center Party unanimously chose the 64-year-old speaker of parliament as the country’s new finance minister after Katri Kulmuni stepped down over an expenses scandal. Vanhanen told a press ...

Bloomberg European stocks dropped, the dollar weakened and US equity futures fluctuated as investors mulled how much further to take the global rally in risk assets. Technology and health-care shares led the Stoxx Europe 600 Index lower. The greenback fell against a basket of its peers and headed for the longest losing streak since 2011. Brent crude oil rose to ...

Bloomberg Indian stocks rose for a second day as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown. The S&P BSE Sensex advanced 1.4% to 34,757 as of 10:57 am in Mumbai, with the NSE Nifty 50 Index also gaining by the ...

Bloomberg There’s a new king in the world of Japanese pharma after hopes for a coronavirus treatment helped to turbocharge its shares. Chugai Pharmaceutical Co., Japan’s leading oncology company, is the best performer on the Nikkei 225 this year, up almost 56% versus the 2% drop in the broader index. The surge has brought its market value almost neck-and-neck with ...

ABU DHABI / AGENCIES During a video conference, Opec+ alliance agreed to extend production cut to the end of July. The videoconference meeting was held in an atmosphere of cooperation and a collective determination to maintain a balance in the oil market, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, wrote on Twitter. “The UAE is ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) and Abu Dhabi Exports Office (Adex) – the UAE-wide export financing entity founded by Abu Dhabi Fund for Development – signed a Memorandum of Understanding (MoU) to develop exports climate in the UAE, solidifying their commitment to expanding nation’s exports reputation and ensuring local economic growth across the UAE. Through partnership, ...