Bloomberg Global central banks have no room to fight the crisis caused by the coronavirus outbreak, according to Deutsche Bank AG. “Policy failure is here,” George Saravelos, bank’s global head of currency research, wrote in a note. “We disagree with central bank pronouncements that there is room to fight the crisis.” Market turmoil around the world deepened, as growing fears ...

Bloomberg Argentina’s latest debt dilemma is whether to pay or delay its local peso debt. While the country’s billions of dollars in foreign debt with private creditors and the International Monetary Fund (IMF) have been the primary focus for investors, the nation now faces a hurdle that’s just as large: the almost 1.8 trillion pesos ($29 billion) in local debt ...

Bloomberg Federal Reserve Bank of Dallas President Robert Kaplan said the pace of acceleration in the coronavirus across the US will be an important factor as he weighs the need for another interest rate cut when policy makers meet later this month. “I am going to be watching very, very carefully the path of diagnosed cases,” Kaplan said in a ...

Bloomberg Mastercard Inc. closed its office in Sao Paulo and an annex location near its headquarters in New York after an employee contracted coronavirus. The Brazil-based employee traveled to the annex office in Purchase, New York, earlier this week, the company said in a statement. The two locations are undergoing a “thorough sanitisation process,” it said. “While it is believed ...

Bloomberg UK airline Flybe collapsed into administration after failing to secure a last-ditch bailout from the government, leaving no other option than to ground the regional carrier serving far-flung parts of the UK. Britain’s largest domestic airline had been teetering for months. It avoided liquidation in January, when Boris Johnson’s government came out in support of state intervention and its ...

Bloomberg Norwegian Air Shuttle ASA withdrew its financial guidance for 2020 as the coronavirus outbreak wreaks havoc on the airline industry. The troubled Nordic carrier said it can no longer stand by the goals it gave investors less than a month ago, adding to the list of airlines warning of the impact of the epidemic that has led to lower ...

Bloomberg John Lewis Partnership Plc’s employees will get their lowest bonuses in 67 years in 2020, though they may be relieved to get anything following the UK retailer’s three straight annual profit declines in a highly competitive market. The parent company of John Lewis department stores and upmarket grocer Waitrose said it will pay a 2% bonus to its employee-owners ...

Bloomberg A bipartisan group of house lawmakers urged Amazon.com Inc and EBay Inc executives to take stronger actions against third-party vendors who sell fake, stolen or unsafe goods on their shopping websites. “Organised retail crime, selling counterfeits and stolen products, poses a threat to consumers who are unwittingly purchasing these items,” said Representative Jan Schakowsky, an Illinois Democrat, during a ...

Bloomberg While the novel coronavirus has killed thousands and roiled economies, there’s been an unlikely upside for air travel in the US. Passengers flying in America now have more cabin space as airlines are deploying wide-body aircraft domestically because demand for international routes has slumped, according to OAG Aviation Worldwide. “Such short-term fleet changes create great opportunities for the regular ...

ABU DHABI / Emirates Business The Department of Municipalities and Transport (DMT) in Abu Dhabi announced that the total value of real estate transactions in Abu Dhabi during 2019 reached AED58 billion as 19 thousand transactions were completed. The transactions included sales and mortgages of lands, buildings and real estate units. A report issued by DMT on the indicators of ...