Bloomberg Prime minister Justin Trudeau is ready to announce financial support for Canadian municipalities whose revenues have plunged amid the Covid-19 lockdowns. Trudeau was expected to announce C$2.2 billion ($1.6 billion) in funding on Monday, according to a government official familiar with the plans. The money — potentially only a first move to help cities — will come in the ...

Bloomberg President Donald Trump has seized on destructive nationwide protests against police brutality to portray himself as an icon of law and order, eschewing the soothing role past presidents have adopted in similar moments as he seeks to turn the election-year conversation from his widely panned handling of the coronavirus outbreak. The president blamed the protests on Antifa, a loosely ...

Bloomberg US government is selling its Hong Kong consulate staff quarters, estimated to be worth more than $400 million, amid rising tension over the city’s future. The compound is located in Shouson Hill, on the southern side of Hong Kong Island, where some of the city’s richest tycoons, including Li Ka-Shing, own houses. Comprising several apartment buildings spread over almost ...

Bloomberg The European Union (EU) could charge 70,000 companies for access to the EU market to help pay for its coronavirus recovery program, Budget Commissioner Johannes Hahn was quoted as saying in a Financial Times interview. Hahn said there’s no alternative to giving the European Commission new sources of revenue to service the debt it would take on under the ...

Bloomberg Facing the worst recession in more than a decade, Vladimir Putin plans to roll out a spending plan to rival stimulus packages in other major economies. The Russian president’s government says the plan envisions support equivalent to a 10th of annual economic output. But analysts from Bloomberg Economics and some of Wall Street’s biggest banks say the level is ...

Bloomberg Europe’s car industry showed tentative signs of a recovery in May with some French and Spanish buyers braving visits to reopened showrooms. New car registrations fell 50% in France year-on-year, CCFA, the nation’s automotive-industry group, said on Monday. The drop was an improvement over April’s 89% plunge. Spain also showed a slight comeback. Renault SA and Peugeot owner PSA ...

Bloomberg The UK government is preparing to unveil an economic stimulus package in July as it steps up attempts to lessen the depth of the recession caused by the coronavirus pandemic, the Financial Times reported, citing unidentified government officials. Chancellor of the Exchequer Rishi Sunak is working on proposals to invest in training programs, infrastructure and help for technology firms, ...

Bloomberg The US labour market is showing the earliest signs of recovery, according to Goldman Sachs Group Inc. A drop in continued jobless claims, especially in states that reopened earlier than others, suggests rehiring by businesses may be starting to turn the tide, analysts led by New York-based economist Jan Hatzius wrote in a report to clients. The economists cautioned ...

Bloomberg Three buyout funds offered to acquire Spanish phone company Masmovil Ibercom SA for 3 billion euros ($3.3 billion), in one of the largest private equity deals to emerge during the coronavirus. Its shares surged the most on record. KKR & Co., Cinven Ltd. and Providence Equity Partners LLC offered 22.5 euros a share for the company. The bid, which ...

Bloomberg US stock futures turned lower while European shares held onto modest gains after Chinese officials told agriculture companies to pause imports of some farm goods. Treasuries erased their earlier declines. State-owned traders Cofco and Sinograin were ordered to suspend purchases, according to a person familiar with the matter. The move raises the risk of heightening tensions between the two ...