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The stakes couldn’t be higher for Europe. With the US Federal Reserve aggressively cutting interest rates to buoy the US economy in the face of the Covid-19 crisis — and the Bank of England following suit — a “too little, too late” policy on the part of the European Central Bank risks sending the euro soaring to uncompetitive levels and ...

Governments’ economic policy response to the coronavirus has been a mess of one-off rate cuts, a little bit of liquidity provision and a bunch of disparate spending promises. A coordinated fiscal and monetary effort is sorely needed — if not at the supranational level (which would be ideal), then at least at the individual country level. More important still will ...

Bloomberg Do automakers investing billions in the self-driving cars of tomorrow risk repeating the same mistake they made with electric cars a decade ago? Cutting-edge robotic people-movers from the likes of General Motors Co, Toyota Motor Corp and Jaguar Land Rover all share similarly rectangular dimensions with more of an eye towards engineering practicality. Even Waymo, the self-driving arm of ...

Bloomberg Apple Inc said its annual WWDC conference will be online-only this year, scrapping a gathering that usually attracts thousands of software developers. “WWDC 2020 will take on an entirely new online format,” Apple said in a statement, citing the “current health situation.” The event will still have a full agenda, including an online keynote address and classes for developers ...

Bloomberg As major events were getting cancelled across the US, and New York was banning gatherings of 500 or more on March 12, the Swiss luxury watchmaker Tag Heuer hosted a final shindig in honour of its new Connected Watch. At the Caldwell Factory in New York’s trendy West Chelsea district, guests played with the new smart timepiece, which comes ...

Bloomberg European Central Bank (ECB) President Christine Lagarde unveiled a calibrated package of monetary policies aimed at “surgically” supporting key parts of the euro area economy hurt by the coronavirus outbreak. The Frenchwoman, warning of a “major shock” to global growth prospects, crafted what she described as a “comprehensive package” of measures intended to grease the wheels of the region’s ...

Bloomberg Banco Santander SA created a special 20 billion euro ($23 billion) line of credit for small- and medium-sized enterprises and self-employed people who may be affected by Spain’s measures to control coronavirus. The lender’s Spanish unit will be offering one-year, pre-approved loans to “help to mitigate the impact” that the containment measures may have on business operations, Santander said ...

Bloomberg The Bank of England (BOE) cut interest rates in its first emergency move since the financial crisis and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity. Governor Mark Carney and fellow policy makers voted unanimously to cut their main interest rate by 50 basis points to 0.25%, returning it ...

Bloomberg DBS Group Holdings Ltd. signalled that its expected 2% revenue hit from the coronavirus may be revised as the pandemic causes loans to sour. “This is a moving target,” the bank’s head of institutional banking Tan Su Shan said when asked about the projection in a Bloomberg Television interview in Singapore. “We are living day by day, week by ...

Bloomberg DNB ASA, Norway’s biggest bank, has closed the trading floor of its Oslo headquarters after registering a coronavirus case among its employees. The bank was made aware of the infection of an employee working in DNB Markets. The person is in a “good condition under the circumstances,” spokesman Even Westerveld said. DNB has resorted to “extensive use” of home ...