March, 2020

• 11 March

  Indonesia copies financial crisis playbook to quell market rout

  

  Bloomberg Indonesia is reintroducing a raft of market measures deployed during the global financial crisis as authorities warn the impact of the novel coronavirus outbreak on the markets and the economy will be more damaging. The nation’s only stock exchange tightened trading-halt rules on March 10, with the first suspension kicking in with a 5% slump instead of 10% earlier. ...

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• 11 March

  IHH offers on-demand Covid-19 test

  Bloomberg Asia’s biggest hospital group is offering on-demand tests for new coronavirus in Malaysia, while helping Singapore’s authorities diagnose cases, even as other countries struggle with a shortage of kits. IHH Healthcare Bhd’s Gleneagles and Pantai hospitals around Kuala Lumpur and Melaka are endorsed to perform the tests by Malaysia’s health authority, which has sought to “Uber-ise” the service by ...

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• 11 March

  Los Angeles aims to be first to power US city with renewable hydrogen

  

  Bloomberg Los Angeles is aiming to become the first city in the nation to use renewable hydrogen to produce electricity, with the goal of ending the use of carbon-based natural gas entirely. The city has a two-step plan to replace 1,900 megawatts of coal-fired generation produced at a Utah power plant owned by the Intermountain Power Agency. The first step: ...

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• 11 March

  Eskom wins court decision against regulator on tariffs

  

  Bloomberg Eskom Holdings SOC Ltd, South Africa’s indebted power utility, won a High Court ruling against the nation’s energy regulator, which had blocked the company from recovering some costs it says it incurred during the 2019 financial year. Eskom had asked the National Energy Regulator of South Africa for an 18.9% tariff increase to allow it to generate 219.5 billion ...

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• 11 March

  PG&E strikes deal with US agency over $3.9bn in fire claims

  

  Bloomberg PG&E Corp reached a deal with the US Federal Emergency Management Agency over $3.9 billion in relief Washington provided after the utility’s power lines sparked devastating wildfires. The settlement, which requires court approval, calls for FEMA to reduce its claim to $1 billion and allow victims of wildfires blamed on PG&E equipment to be paid in full first, lawyers ...

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• 11 March

  ‘Mexico’s oil income is covered by hedges’

  Bloomberg Mexico’s finance minister said the country’s oil income is completely covered by its sovereign oil hedge. The timing couldn’t be better for the Latin American producer amid the biggest plunge in oil prices in almost three decades as Saudi Arabia and Russia vowed to pump more oil in a battle for market share. Mexico’s oil income is 100% covered ...

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• 11 March

  Tesla to build Cybertruck plant in central US: Musk

  

  Bloomberg Tesla Inc. will build its in-development Cybertruck at a new plant in the US, Chief Executive Officer Elon Musk tweeted, likely triggering a state-by-state competition similar to one he set off six years ago. The factory will build both the electric pickup and the Model Y crossover for customers on the East Coast, the chief executive officer wrote. He ...

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• 11 March

  Italy announces $28bn plan to cushion virus-hit economy

  

  Bloomberg Italian Prime Minister Giuseppe Conte’s government is ready to spend as much as 25 billion euros ($28.3 billion) on stimulus measures to shield the economy from Europe’s worst outbreak of the coronavirus. Finance Minister Roberto Gualtieri said the cabinet is likely to approve a first package worth about 12.5 billion euros by Friday. The rest will be a reserve ...

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• 11 March

  H2O funds hammered by record losses in virus rout

  Bloomberg H2O Asset Management suffered heavy losses of as much as 30% across its funds during market rout, adding to severe declines that have pummeled its strategies over the past month. The Natixis SA-backed firm saw record daily drops in at least three of its money pools as coronavirus fears and an oil-price plunge rocked markets. H2O’s Multiequities fund lost ...

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• 11 March

  UK economy stalls as election boost fades

  

  Bloomberg The UK economy failed to grow in January, adding to the case for the Bank of England’s emergency rate cut on Wednesday. The figures suggest the pickup seen after Boris Johnson’s election win proved short-lived, with momentum waning even before fears about the coronavirus took hold in February. Gross domestic product was unchanged from December, when it grew 0.3%, ...

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