July, 2020

• 21 July

  Indonesia to start vaccine trial from next month

  

  Bloomberg An Indonesian state-owned drugmaker plans to start human trials of Sinovac Biotech Ltd’s coronavirus vaccine next month and aims to begin commercial production early next year. PT Bio Farma will administer the vaccine supplied by Beijing-based Sinovac on 1,620 people in the age group of 18 to 59 years, company’s President Director Honesti Basyir said in a statement. The ...

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• 21 July

  Trump reverses course on masks, calling them ‘patriotic’

  

  Bloomberg The mask may have reached a tipping point. President Donald Trump’s administration pushed to encourage mask-wearing, explicitly endorsing a measure widely seen as crucial to stemming the coronavirus pandemic, and potentially quelling a bitter debate that experts say costs lives. The president, who for months resisted covering his face in public, tweeted that “it is Patriotic to wear a ...

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• 21 July

  US, UK discuss plans for coalition to resist China

  Bloomberg US Secretary of State Michael Pompeo praised Britain’s tougher stance on China as the transatlantic allies signalled they are planning more coordinated action against Beijing. Pompeo said he wants to build a “coalition” that understands the “threat” posed by China, after talks with UK Foreign Secretary Dominic Raab in London on Tuesday. At a press conference following their meeting, ...

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• 21 July

  UK budget deficit swells to record on Covid-19 stimulus

  

  Bloomberg The UK government borrowed over twice as much last quarter than it did in the whole of the previous fiscal year, amid the towering cost of supporting the economy through the coronavirus crisis. The budget deficit stood at 35.5 billion pounds ($45 billion) in June, taking borrowing in the first three months of the fiscal year to a record ...

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• 21 July

  EBay sells classified business to Norway’s Adevinta for $9.2bn

  

  Bloomberg EBay Inc. agreed to sell its online classifieds business to Norway’s Adevinta ASA for $9.2 billion, ending one of the largest auctions of the year. Under the deal, EBay will get $2.5 billion of cash and 540 million shares in the Norwegian firm, the companies said in a statement on Tuesday. Shares in Adevinta rose as much as 39%. ...

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• 21 July

  Novartis trims 2020 sales forecast on virus disruption

  Bloomberg Novartis AG trimmed its sales forecast for the year as pandemic hit demand for eye drug Lucentis and other medicines. Sales are expected to grow by a mid-single-digit percentage, the Swiss drugmaker said Tuesday, narrowing an April forecast that ranged up to the high-single digits. Earnings excluding some items will likely increase by a low-double-digit percentage, according to a ...

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• 21 July

  Renault’s electric Zoe defies virus with a jump in sales

  

  Bloomberg Sales of Renault SA’s all-electric Zoe car jumped 38% in the first half, a rare bright spot amid the grim fallout of the coronavirus pandemic Most of the deliveries were made in Europe, where the Zoe became the best-selling electric car thanks in part to generous government incentives, the French automaker said in a statement. Renault’s overall sales in ...

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• 21 July

  Swiss watch exports to slide 30% in 2020

  

  Bloomberg The Swiss watch industry faces a 30 percent drop in exports this year as the coronavirus pandemic slashes international travel and key markets outside China still grapple with the outbreak. The Federation of the Swiss Watch Industry gave the forecast after shipments declined 36% to $7.4 billion in the first half. A full-year decline that big would be the ...

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• 21 July

  Argentina’s creditors join forces to demand better terms

  

  Bloomberg Argentina’s three largest creditor groups joined forces to submit a new bond restructuring proposal that would provide the country more than $35 billion in debt relief over the next nine years. The Ad Hoc group, the Exchange Bondholder group and the Argentina Creditor Committee, which represent investors including BlackRock Inc. and Ashmore Group PLC, said that they had agreed ...

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• 21 July

  European stocks rally after EU reaches deal on recovery fund

  

  Bloomberg European stocks climbed to a four-month high and German equities erased losses for the year after leaders agreed on a landmark recovery plan. Markets across the region are giving a vote of confidence to the 750 billion euros ($860 billion) stimulus package. Italy’s stock benchmark added 2%, leading gains among local exchanges. A gauge of risk in Europe’s investment-grade ...

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