May, 2020

• 5 May

  India budget gap breaches estimate on ‘tax collection’

  

  Bloomberg India’s budget gap for the year ended on March 31 has touched 4.4% of gross domestic product — a six-year peak — breaching the target set in February as an economic slowdown reduced tax collections, people with knowledge of the matter said. A revenue shortfall of 1.7 trillion rupees ($22 billion) led to the higher deficit number, the people ...

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• 5 May

  Indonesia’s economic growth slows sharply in first quarter

  

  Bloomberg Indonesia’s economic growth slowed sharply in the first quarter of the year, amid expectations the coronavirus pandemic will take an even heavier toll on Southeast Asia’s biggest economy in months ahead. Gross domestic product rose 2.97% in the first quarter from a year ago, the statistics office said on Tuesday. That was worse than the median estimate of 4% ...

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• 5 May

  S’pore sees shortage of virus testing kits

  

  Bloomberg Singapore, which is looking to increase virus testing fivefold among its population, faces a global shortage of some test kits and materials, according to its health minister. The city-state has to be “mindful” there’s a worldwide shortage, and therefore “we have to ensure that we have a continued supply and stock of these materials to allow us to continue ...

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• 5 May

  Thailand reports just one new virus case

  Bloomberg Thailand reported one additional novel coronavirus case and no new deaths, in a further indication that its outbreak is ebbing. The country has conducted more than 200,000 tests for the pathogen, Taweesilp Witsanuyotin, a spokesman for the Covid-19 centre, said. The overall number of detected infections stands at 2,988. Fatalities have remained at 54 for about a week. Thailand ...

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• 5 May

  Ninja Van’s $279m funding signals startup deal resilience

  

  Bloomberg Singapore’s Ninja Van has raised $279 million from backers including France’s GeoPost SA and ride-hailing giant Grab Holdings Inc, scoring one of Southeast Asia’s largest startup investments since Covid-19 was declared a pandemic. Facebook co-founder Eduardo Saverin’s B Capital Group and Monk’s Hill Ventures were among those that took part in the parcel delivery firm’s Series D round, completed ...

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• 5 May

  Total targets carbon neutrality

  

  Bloomberg Total SA set out bolder commitments to eliminate most of its carbon emissions by 2050, while curbing spending on oil and gas projects due to the crude-price slump. The French company’s commitment to invest more in clean energy, despite a sharp drop in profit as the coronavirus hammers fuel demand, illustrates the enduring pressure on oil giants from investors ...

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• 5 May

  India stores cheap oil at sea as onshore tanks are 100% full

  

  Bloomberg Indian refiners are taking advantage of cheap oil to bulk up its supplies even as every corner of the nation’s onshore storage tanks fills to the brim, according to oil minister Dharmendra Pradhan. State-run and private processors are now holding seven million tons — equivalent of more than 50 million barrels — on-board tankers out at sea, the minister ...

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• 5 May

  Repsol Q1 profit drops 28% as oil prices begin their decline

  

  Bloomberg Repsol SA’s first-quarter profit fell 28% as oil prices began their unprecedented decline, but it beat analysts’ estimates and shares rose. Earnings from the Spanish energy producer, like those of its peers, reflect what’s proving to be a historic moment for the industry. Crude’s collapse has forced companies to make drastic cuts in spending and, in some cases, slash ...

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• 5 May

  Mnuchin set to issue $3tn in debt as virus hobbles US economy

  

  Bloomberg Treasury Secretary Steven Mnuchin plans to boost US borrowing from April through June by an unprecedented $3 trillion to support an economy entering a recession caused by the coronavirus. The Treasury said the increase is driven by new stimulus spending legislation and tax receipt deferrals, steps taken to help the economy overcome social distancing measures that shuttered businesses. Privately ...

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• 5 May

  Green stimulus finds support from G-20, central bankers

  

  Bloomberg The world appears to have reached the limit of its tolerance for economic disruption. Even as the novel virus continues to put lives at risk, governments around the world are beginning the process of reopening. More than $7 trillion has been committed to relief efforts just in the past three months, and many more trillions will need to be ...

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