September, 2020

• 1 September

  Macron in Lebanon with a call to sweep away old era

  

  Bloomberg French President Emmanuel Macron returned to Lebanon for the second time since a blast devastated the capital Beirut, calling for sweeping changes to help the former French colony overcome a financial and political crisis decades in the making. “The objective of this visit is clearly to mark an end to a political chapter,” Macron said in televised comments after ...

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• 1 September

  Spirit of big government returns to Italy

  

  Bloomberg Almost three decades after Italy started privatising many of its biggest industrial assets, Prime Minister Giuseppe Conte is strong-arming companies across the country. The premier is seeking to restart an economy mangled by the coronavirus pandemic and in the process is pushing to toughen vetoes on foreign investments and even in some cases nationalise business with a war chest ...

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• 1 September

  Rusesabagina detained in Rwanda for probe

  

  Bloomberg Rwandan authorities detained exiled Paul Rusesabagina, a former hotel manager who sheltered hundreds of people during the 1994 genocide and whose story was later adopted by Hollywood, on terrorism allegations. Rusesabagina, portrayed as a hero in the Oscar-nominated 2004 movie ‘Hotel Rwanda’, was shown to the media in handcuffs at the headquarters of the Rwanda Investigations Bureau. It wasn’t ...

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• 1 September

  Germany expects contraction in 2020 won’t be as deep as feared

  

  Bloomberg The German government expects the economic fallout from the coronavirus to be smaller than feared this year, according to a person familiar with forecasts to be published Tuesday. Chancellor Angela Merkel’s ruling coalition predicted in April that the economy would contract by 6.3% in 2020, its worst recession since the nation began a recovery after World War II, before ...

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• 1 September

  99% of sovereign debt restructured in swap: Argentina

  

  Bloomberg Argentina received widespread bondholder support to restructure its overseas debt, paving the way for the nation to emerge from the ninth default in its history. Investors holding 99% of the country’s $65 billion in international bonds will swap their securities for new notes, Economy Minister Martin Guzman announced in Buenos Aires. The “massive” support from bondholders will generate $38 ...

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• 1 September

  Telecom Italia taking first step in Conte’s single-network plan

  

  Bloomberg After months of wrangling with the government, Telecom Italia SpA kicked off a state-backed plan to create a single Italian broadband network through the separation of its landline grid, the former monopolist’s most valuable asset. Italy is racing to bridge the digital divide with European peers, and Prime Minister Giuseppe Conte has made telecommunications infrastructure one of the priorities ...

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• 1 September

  Maersk plans major restructuring

  Bloomberg A.P. Moller-Maersk is planning a major overhaul of its organisation that is set to affect thousands of jobs at the world’s biggest container shipping company. Maersk said its Safmarine and Damco units will cease to exist as separate entities and instead be incorporated into the group. Borsen reported that the changes will affect about 3,400 jobs, which the company ...

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• 1 September

  Chicago projects $2bn deficit through 2021 on pandemic

  

  Bloomberg Chicago faces a 2021 budget deficit of $1.2 billion as the coronavirus pandemic decimates the city’s revenue with businesses shut down due to social distancing while recent unrest hurt reopening efforts. Next year’s projected gap comes on top of a 2020 deficit of nearly $800 million for its corporate fund, which accounts for many of the services the city ...

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• 1 September

  Dollar drops to two-year low; European stocks pare advance

  

  Bloomberg The dollar dropped to a two-year low and US futures climbed after Chinese manufacturing data indicated that exports are underpinning a recovery. European stocks pared gains amid a retreat in travel shares. The euro led the charge against the greenback, hovering just below $1.20. Rolls-Royce Holdings Plc and Trainline Plc led losses in the Europe Stoxx 600 Index. The ...

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• 1 September

  S African stocks rally with help from China data, weaker dollar

  

  Bloomberg South Africa’s main stock index halts a two-day slump, rising 1.4% by 9:54 am in Johannesburg, as dollar weakness lifts the rand, driving locally focused stocks like insurers, financials and retailers Miners extend gains for a third day, rising as sustained demand from Chinese mills lifted iron ore prices, and as greenback weakness drives bullion back towards $2,000 an ...

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