Bloomberg Iceland’s central bank made a second emergency cut to its benchmark interest rate inside a week as the number of confirmed cases of coronavirus rose to 247 in the tiny north Atlantic nation. The seven-day term deposits rate was reduced by 0.5 percentage points to 1.75%, its lowest level ever. Sedlabanki also reduced countercyclical capital buffer on financial institutions ...

Bloomberg Bank of America Corp. (BofA) pledged to donate $100 million to support populations hurt by the coronavirus. The funds will be distributed to various communities, as well as national and global organisations, the bank said. They’re intended to aid medical response, address food insecurity, assist educational efforts amid school closures and support vulnerable populations, according to the Charlotte, North ...

Bloomberg Germany’s financial watchdogs eliminated a key capital requirement for the country’s banks to keep credit flowing to an economy that’s approaching a standstill as the coronavirus spreads. The countercylical capital buffer, meant to strengthen banks in good times for a downturn, will be cut to 0% starting on April 1 and remain there until at least through December, the ...

Bloomberg The global airline industry needs government aid and bailout measures totalling between $150 billion and $200 billion if it’s to survive the coronavirus crisis, according to the International Air Transport Association (IATA). Even then, the pandemic is likely to reshape the industry, with many airlines failing, others consolidating and entirely new groupings emerging, IATA Chief Executive Officer Alexandre de ...

Bloomberg United Airlines Holdings Inc will slash international flights by 85% in April, the most among major US carriers, as the coronavirus outbreak kills demand for air travel. The carrier will also reduce flights across the US and Canada by 42%, and is monitoring changes in local rules and government restrictions before further adjusting its schedule, it said in a ...

Bloomberg Flights to Chicago’s Midway Airport resumed, ending a temporary halt that occurred after technicians who work in the air-traffic control tower tested positive for the Covid-19 virus. The Federal Aviation Administration (FAA) had blocked flights departing from other airports to Midway as it switched control to a nearby air-traffic facility, according to an agency flight-tracking website. The restriction was ...

Bloomberg FedEx Corp suspended its financial forecasts as the coronavirus pandemic blurred the demand outlook, upsetting a major overhaul at the courier to cut costs and handle a flood of e-commerce packages. While the uncertainty is shutting down daily life in much of the world, FedEx is beginning to see a cargo rebound in China, where the outbreak originated. About ...

Bloomberg A trade group representing shopping-centre owners is urging the Trump administration to provide relief to retailers, restaurants and landlords as the coronavirus pandemic shuts down commerce around the US. The government should guarantee or pay for business-interruption coverage, the International Council of Shopping Centers said in a letter to President Donald Trump. Store closures “are placing an insurmountable strain ...

Bloomberg Moody’s Investors Service is taking aim at airlines, placing multiple carriers on review for downgrades as the industry faces the sharpest downturn since at least the 9/11 terrorist attacks. Moody said in a statement that it’s considering cutting Delta Air Lines Inc to junk. The carrier currently has a Baa3 rating, the lowest investment-grade rank. The ratings company cited ...

ABU DHABI / WAM Latest figures released by the central bank of the UAE note total foreign assets were valued at AED405.94 billion in February 2020. This figure indicates an increase of approximately AED47 billion, or 13 percent, compared to the same month last year. This growth in the central bank’s foreign assets balances reflect overall positive markers for the ...