March, 2020

• 14 March

  Apple makes WWDC event online-only amid outbreak

  

  Bloomberg Apple Inc said its annual WWDC conference will be online-only this year, scrapping a gathering that usually attracts thousands of software developers. “WWDC 2020 will take on an entirely new online format,” Apple said in a statement, citing the “current health situation.” The event will still have a full agenda, including an online keynote address and classes for developers …

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• 14 March

  For Tag Heuer, smartwatch is ‘extra business’ beyond core

  

  Bloomberg As major events were getting cancelled across the US, and New York was banning gatherings of 500 or more on March 12, the Swiss luxury watchmaker Tag Heuer hosted a final shindig in honour of its new Connected Watch. At the Caldwell Factory in New York’s trendy West Chelsea district, guests played with the new smart timepiece, which comes …

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• 14 March

  Lagarde launches surgical aid for economy with new ECB stimulus

  

  Bloomberg European Central Bank (ECB) President Christine Lagarde unveiled a calibrated package of monetary policies aimed at “surgically” supporting key parts of the euro area economy hurt by the coronavirus outbreak. The Frenchwoman, warning of a “major shock” to global growth prospects, crafted what she described as a “comprehensive package” of measures intended to grease the wheels of the region’s …

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• 14 March

  Santander offering $23 billion loans to SMEs over virus risk

  

  Bloomberg Banco Santander SA created a special 20 billion euro ($23 billion) line of credit for small- and medium-sized enterprises and self-employed people who may be affected by Spain’s measures to control coronavirus. The lender’s Spanish unit will be offering one-year, pre-approved loans to “help to mitigate the impact” that the containment measures may have on business operations, Santander said …

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• 14 March

  BOE cuts rates in emergency move since financial crisis

  

  Bloomberg The Bank of England (BOE) cut interest rates in its first emergency move since the financial crisis and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity. Governor Mark Carney and fellow policy makers voted unanimously to cut their main interest rate by 50 basis points to 0.25%, returning it …

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• 14 March

  Covid-19: DBS expects 2% hit in revenue as loans sour

  

  Bloomberg DBS Group Holdings Ltd. signalled that its expected 2% revenue hit from the coronavirus may be revised as the pandemic causes loans to sour. “This is a moving target,” the bank’s head of institutional banking Tan Su Shan said when asked about the projection in a Bloomberg Television interview in Singapore. “We are living day by day, week by …

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• 14 March

  Norway’s DNB closes Oslo trading floor

  

  Bloomberg DNB ASA, Norway’s biggest bank, has closed the trading floor of its Oslo headquarters after registering a coronavirus case among its employees. The bank was made aware of the infection of an employee working in DNB Markets. The person is in a “good condition under the circumstances,” spokesman Even Westerveld said. DNB has resorted to “extensive use” of home …

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• 14 March

  Wells Fargo’s Scharf says bank has ‘sense of urgency’

  

  Bloomberg Wells Fargo & Co.’s new chief executive officer told lawmakers that the bank hasn’t done enough to turn itself around following a series of scandals and is now more focused than ever on fixing its problems. “The sense of urgency within the company is very different today than it was four months ago,” Charlie Scharf, who took over as …

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• 14 March

  US officials discuss allowing airlines to keep ticket tax

  

  Bloomberg White House officials are discussing temporarily allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help as travel plummets due to the spread of coronavirus. The option is being discussed for the 7.5% tax on airline tickets, which provides a substantial part of the $16 billion a year collected for a …

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• 14 March

  FAA probes Southwest Air 737 fuselage crack

  

  Bloomberg Federal aviation officials are investigating the cause of a 12-inch-long crack that developed in the top of a Southwest Airlines Co jet during flight, leading to a gradual loss of cabin pressure. Pilots on Southwest Flight 1685 from Las Vegas to Boise, Idaho, descended to 22,000 feet last week after receiving a pressure-drop alert for the cabin, the Dallas-based …

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