Month: March 2020

Global stock markets tumbled on Friday as disruptions to business from the spreading coronavirus epidemic worsened, stoking fears of a prolonged economic slowdown.

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WeDoctor will push ahead with a Hong Kong listing and invite pitches from investments banks next week to lead an IPO valuing the Chinese healthcare platform at up to $10 billion, two sources with direct knowledge of the matter said.

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OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying a big move was needed to deal with the impact of coronavirus.

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Peugeot boss Carlos Tavares said on Friday PSA and Fiat Chrysler (FCA) will need to review their strategy in China after the closing of the merger between the two groups.

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The coronavirus likely halved China’s economic growth in the current quarter compared with the previous three months, more severe than thought just three weeks ago and triggering expectations for earlier interest rate cuts, a Reuters poll found.

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Shares in India’s Yes Bank Ltd plunged 60% on Friday as panicky depositors rushed to withdraw funds after the central bank took control in a dramatic late-night move and limited withdrawals from the troubled lender.

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EssilorLuxottica expects continued profit growth this year after stronger 2019 results, saying on Friday the outbreak of coronavirus had not hit output at its Italian factories and its production in China was getting back to normal.

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Uncertainty over the economic impact of the coronavirus outbreak has prompted at least some winners of the U.S. Lipper Fund Awards to look for companies that can withstand a prolonged pullback.

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Oil slid 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices.

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Shares in India’s Yes Bank dropped nearly 35% on Friday to their lowest in more than a decade, after the central bank took control and set a limit on withdrawals because of a serious deterioration in its financial position.

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India’s central bank took control of the country’s fifth-largest private sector lender Yes Bank on Thursday and imposed limits on withdrawals, spreading confusion and fear among account holders.

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The coronavirus outbreak in China is pushing many small businesses to the brink, as efforts to stem its spread left usually bustling streets deserted and malls shut or empty.

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