Bloomberg India stocks advanced on Tuesday as some investors found value in riskier assets with the benchmark equity index capping its worst quarter ever. The S&P BSE Sensex Index rose 3.6% at the close in Mumbai. The quarterly drop of 29%, as the nation saw an acceleration of virus cases and imposed a three-week lockdown, surpasses the previous record of …

Bloomberg South Africa’s stock market is set for its worst quarter on record as the coronavirus ravages global equities, but gold miners are at least shining amid the gloom. The FTSE/JSE Africa Gold Mining Index is the sole Johannesburg industry sector to post gains in 2020, rising 11% as bullion prices advance for the sixth consecutive quarter. The broader South …

Bloomberg Three days after President Trump signed a $2 trillion stimulus into law, Kohl’s Corp, Macy’s Inc and Gap Inc joined the growing number of retailers to halt pay for much of their workforce on March 30, while preserving some benefits. With these furloughs, that brings the total number of employees who are out a paycheck at major US chains …

Bloomberg Virgin Australia Holdings Ltd asked the government for a A$1.4 billion ($863 million) loan to get through the coronavirus crisis. The airline, which is mostly owned by other foreign carriers, sought the aid as part of a A$5 billion support package it’s seeking for the Australian aviation industry, a spokesman for Virgin Australia said. The loss-making airline has furloughed …

Bloomberg Air Canada will cut capacity by as much as 90% next quarter and temporarily reduce its workforce by about 16,500 to reduce costs during the coronavirus crisis. The decision, effective on or around April 3, puts 15,200 unionised employees on “off-duty status” while 1,300 managers will also be furloughed, the airline said. The company said the cuts were required …

Bloomberg Southwest Airlines Co is “in intensive care,” its chief executive officer said, urging employees to keep cutting expenses wherever possible as the new coronavirus continues to erode travel. The US discounter is evaluating the $50 billion federal programme that will provide loans and cash payments to help carriers meet payroll and other employee costs. It’s premature to know “how …

Bloomberg Spirit Airlines Inc is temporarily suspending service at five airports in the US Northeast because of heightened government travel advisories aimed at curbing the spread of coronavirus. The pause begin this week at New York’s LaGuardia and New Jersey’s Newark Liberty International, Spirit said in an email. The discounter is also halting service to Hartford, Connecticut, and two destinations …

Bloomberg Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude. Futures in London fell as much as 7.6% to lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, …

Bloomberg Saudi Arabia’s central bank is ordering lenders to provide concessional loans to businesses grappling with the fallout of the coronavirus so companies won’t have to cut jobs. The Saudi Arabian Monetary Authority (Sama) wants banks to immediately put in place a lending program for at least six months to “assist in maintaining employment levels,” according to a document sent …

HANNOVER / WAM The Global Manufacturing and Industrialisation Summit (GMIS) – a joint initiative by the UAE Ministry of Energy and Industry and the United Nations Industrial Development Organisation (UNIDO) on Monday announced that the third edition of its Summit (GMIS 2020) will be converted into a series of digital sessions. The summit invited thought-leaders from the global manufacturing community …