Bloomberg Japanese Prime Minister Shinzo Abe said he plans to submit an extra budget in about 10 days to help fund an unprecedented economic stimulus package, while warning residents to prepare for a long battle against the coronavirus pandemic. Speaking at a press conference in Tokyo, Abe said there was no need to declare an emergency now, but urged the ...

Bloomberg Hong Kong’s government will introduce a second round of financial assistance for businesses affected by the novel coronavirus outbreak, according to Chief Secretary Matthew Cheung. The subsidies from the Epidemic Prevention Fund would aim to protect workers, Cheung wrote in a blog on Sunday that didn’t provide details of the plan or a timeline. The government announced its first ...

Bloomberg American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All American Pipeline LP, one of the biggest shippers of crude in the US, sent a letter last week asking its suppliers to scale back production. The notice came ...

Bloomberg BYD Co, the Chinese electric-vehicle maker backed by Warren Buffett, will start offering a full suite of EV components to rivals and aspiring auto manufacturers to diversify its revenue sources amid sputtering car demand. Among the parts that the Shenzhen-based company makes and now sells are electric-car batteries, powertrains and lights, founder Wang Chuanfu said in an online press ...

Bloomberg Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any US sanctions in an escalating fight between Caracas, Washington and Moscow. Rosneft is selling local production, service and trading assets to a state-owned company, it said in a statement. The move is to protect shareholders’ interests, ...

Bloomberg The carbon market’s automatic stabilisers are set to kick in, softening the blow of the economic slump in the European Union caused by the spread of the coronavirus. The system, known as the Market Stability Reserve and introduced last year, will absorb some of the supply of allowances that factories and utilities need to buy to cover their greenhouse ...

Bloomberg Namibia halted mining and quarrying operations to curb the spread of the Covid-19 outbreak, according to Minister of Mines and Energy Tom Alweendo. The semi-arid southwest African nation is the world’s top producer of marine diamonds and the fifth-biggest of uranium. While minimal operations and critical maintenance work will be allowed, employers should ensure that “preventative measures such as ...

Bloomberg French business confidence plunged at a record pace in March as shutdowns to contain the coronavirus have left the economy running at 65% of normal activity. The drop mirrors that seen in Germany in figures earlier this week, where the Ifo Institute said sentiment dropped at the fastest pace since reunification. The French index fell to 95 from 105 ...

Bloomberg Carnival Corp. is in talks to raise as much as $7 billion as the cruise ship operator seeks to shore up its finances amid a halt on global travel, according to people with knowledge of the matter. The company, looking to raise cash to improve liquidity as the Covid-19 pandemic upends its business, is being advised by lenders including ...

Bloomberg The International Monetary Fund (IMF) asked the leaders of world’s biggest economies for more support to keep the international monetary system from seizing up due to the pandemic. The IMF sought backing to create a sizable quantity of reserve assets called SDRs, or special drawing rights, as it did in the 2009 global financial crisis, Managing Director Kristalina Georgieva ...