May, 2020

• 21 May

  Pompeo defends state watchdog firing

  

  Bloomberg Michael Pompeo is defending the firing of the State Department’s inspector general but refuses to give any details, fuelling questions about probes the watchdog was conducting and demonstrating anew the secretary of state’s distaste for explaining controversial decisions publicly. A defiant Pompeo said at a news conference that he wished he’d asked President Donald Trump to dismiss Inspector General ...

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• 21 May

  China vaccine maker inks deal with Canada

  

  Bloomberg Leading Chinese vaccine developer CanSino Biologics Inc has inked a deal to test and sell a separate Canadian vaccine candidate as the race for immunisation intensifies globally. In addition to developing its own vaccine together with the Chinese military, CanSino will partner with Vancouver-based Precision NanoSystems Inc to co-develop another potential vaccine, according to a joint press release. The ...

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• 21 May

  Whitbread to raise $1.2bn to shore up finances

  Bloomberg Whitbread Plc, the UK’s largest hospitality company, plans to tap investors for 1 billion pounds ($1.2 billion) via a share sale to help see it through the coronavirus pandemic that’s shut restaurants and hotels. The owner of the Premier Inn chain will launch the rights offer on Thursday as it takes “decisive action” to reduce cash outflows and enhance ...

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• 21 May

  Euro-area economy reaches trough in coronavirus slump

  

  Bloomberg The euro-area economy started to claw its way out of its deepest downturn ever as the relaxing of coronavirus lockdowns allows thousands of businesses to reopen. The big question is how long it stumbles along at the bottom before a meaningful recovery starts to take shape. While a report from IHS Markit on Thursday offered some hope, it also ...

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• 21 May

  Canada’s housing prices may fall by 18% in 2020

  

  Bloomberg Canada’s federal housing agency is considering scaling back mortgage underwriting practices to limit excessive borrowing due to the threat of significant declines in real estate prices and rising debt levels. The combination of higher mortgage debt, declining property prices and increased unemployment is “cause for concern for Canada’s longer-term financial stability,” Evan Siddall, chief executive officer at Canada Mortgage ...

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• 21 May

  Global auto industry firms raise $155b to weather pandemic

  

  Bloomberg Automotive industry borrowers have raised $155 billion amid the coronavirus outbreak as the pandemic shutters showrooms and factories. Companies worldwide have been drawing down on existing credit lines and seeking new credit deals to weather the health crisis as it hits demand for vehicles. The $155 billion gathered in less than three months since mid-March is equivalent to the ...

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• 21 May

  Covid-19: UK property could slump 12%

  Bloomberg One of the UK’s biggest real-estate managers is predicting gloomy times ahead for bricks and mortar. Insurance giant Aviva Plc expects residential property prices to drop 12% and commercial real estate to decline by 15% because of the impact of the pandemic, it said in an earnings update on Thursday. On a slightly brighter note, it sees long-term growth ...

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• 21 May

  100-year drought hits poor EU region reeling from virus

  

  Bloomberg First the virus lockdown shuttered the two dairies where farmer Gavrila Tuchilus sells the milk from his 1,500 cows. Then his fields dried up, forcing him to abandon his barley crop for the first time in 39 years. “A double war is taking place,” said Tuchilus, from Matca, a village in southeast Romania. “It’s a war against invisible Covid-19 ...

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• 21 May

  US stocks, futures decline on worsening China tension

  

  Bloomberg Stocks declined alongside US equity futures on Thursday as deteriorating Sino-American ties cast a cloud over the recent rally in risk assets. Treasuries advanced with the dollar. The Stoxx Europe 600 Index erased Wednesday’s gain, with all 19 sector groups in the red. Contracts on the three main American equities gauges signalled a drop at the Wall Street open, ...

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• 21 May

  Indian stocks gain on optimism about virus curbs easing

  

  Bloomberg Indian stocks climbed, putting the main indexes on track for the third day of gains, amid optimism of economic revival as the nation gradually exits from the world’s strictest lockdown. The S&P BSE Sensex climbed 0.5% to 30,983.04 as of 10:11 am in Mumbai, while NSE Nifty 50 Index rose by a similar magnitude. Both the measures posted their ...

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