March, 2020

• 29 March

  Namibia halts mining, quarrying operations

  Bloomberg Namibia halted mining and quarrying operations to curb the spread of the Covid-19 outbreak, according to Minister of Mines and Energy Tom Alweendo. The semi-arid southwest African nation is the world’s top producer of marine diamonds and the fifth-biggest of uranium. While minimal operations and critical maintenance work will be allowed, employers should ensure that “preventative measures such as ...

  Read More »
• 29 March

  Covid-19: France’s business confidence plunges by record

  

  Bloomberg French business confidence plunged at a record pace in March as shutdowns to contain the coronavirus have left the economy running at 65% of normal activity. The drop mirrors that seen in Germany in figures earlier this week, where the Ifo Institute said sentiment dropped at the fastest pace since reunification. The French index fell to 95 from 105 ...

  Read More »
• 29 March

  Carnival seeks $7b to shore up its finances

  

  Bloomberg Carnival Corp. is in talks to raise as much as $7 billion as the cruise ship operator seeks to shore up its finances amid a halt on global travel, according to people with knowledge of the matter. The company, looking to raise cash to improve liquidity as the Covid-19 pandemic upends its business, is being advised by lenders including ...

  Read More »
• 29 March

  IMF seeks G-20 backing to boost reserves to fight crisis

  

  Bloomberg The International Monetary Fund (IMF) asked the leaders of world’s biggest economies for more support to keep the international monetary system from seizing up due to the pandemic. The IMF sought backing to create a sizable quantity of reserve assets called SDRs, or special drawing rights, as it did in the 2009 global financial crisis, Managing Director Kristalina Georgieva ...

  Read More »
• 29 March

  Hertz in talks with banks for new financing amid travel bans

  

  Bloomberg Hertz Global Holdings Inc. is discussing options with banks to raise cash as the rental-car company seeks to weather a worldwide slowdown in travel, according to people with knowledge of the matter. Among the options being discussed by the company and banks led by Barclays Plc are a first-lien loan, second-lien financing or collateralising the company’s vehicle fleet. Hertz ...

  Read More »
• 29 March

  GM to pay $120mn to settle faulty ignition suits

  

  Bloomberg General Motors Co. (GM) agreed to a $120 million settlement over faulty ignition switches that allegedly caused cars to stall and air bags to deploy, in some cases triggering fatal accidents. The deal, which must be approved by a judge, would resolve hundreds of lawsuits filed before the automaker sought bankruptcy protection in 2009. Under the settlement, which was ...

  Read More »
• 29 March

  Irish unemployment set to reach 30-year high

  Bloomberg Irish unemployment may surge to the highest level since the 1980s, as the coronavirus takes an unprecedented toll on the economy. The jobless rate could rise 18% in the second quarter, the government-backed ESRI think-tank said, should current restrictions remain in place for 12 weeks as planned. About 350,000 people would lose their jobs, the think tank said, with ...

  Read More »
• 29 March

  France to block financial aid for firms paying dividends

  

  Bloomberg The French government said it will cut or withhold financial support from companies paying dividends and urged boards to preserve liquidity to support staff and operations amid the economic fallout from the coronavirus. All companies that have delayed tax payments will have to reimburse the state and pay penalties if they proceed with dividends, Finance Minister Bruno Le Maire ...

  Read More »
• 29 March

  Italy’s death toll tops 10,000 in a Europe divided by virus

  

  Bloomberg Italy’s coronavirus death toll topped 10,000 and Spain posted record fatalities, signalling that lockdowns in Europe won’t be lifted anytime soon while its leaders split along economic fault lines. Deaths in Italy slowed to 889 from a record 969 on March 27 and the 5,974 new infections were similar to the previous day’s level. Spain suffered another 832 deaths. ...

  Read More »
• 29 March

  Trump stops short of quarantine threat against New York

  

  Bloomberg President Donald Trump backed away from imposing a quarantine for New York and parts of New Jersey and Connecticut to stop the spread of Covid-19, after floating the idea on isolating those hard-hit areas earlier in the day. In an announcement on Twitter, Trump followed up on a suggestion he first raised on March 28 at the White House, ...

  Read More »