Year: 2020

(Bloomberg) — U.S. stocks are unlikely to make fresh lows thanks to the “do whatever it takes” approach of policy makers, according to Goldman Sachs Group Inc.A combination of unprecedented policy support and a flattening viral curve has “dramatically” cut risks to both markets and the American economy, strategists including David Kostin wrote in a note Monday. If the U.S. doesn’t have a second surge in infections after the economy reopens, equity markets are unlikely to make new lows, they said.“The Fed and Congress have precluded the prospect of a complete economic collapse,” the strategists wrote. “These policy actions mean …read more […]

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U.S. drugmaker Pfizer Inc. (PFE) finalized a plan to develop a coronavirus vaccine in partnership with German drugmaker BioNTech SE (BNTX) with the target of jointly producing millions of vaccines by the end of 2020.Under the terms of the partnership, Pfizer will pay BioNTech $185 million upfront to develop the vaccine including an equity investment of about $113 million, with additional payments if certain milestones are achieved that could take its total investment to nearly $750 million, the two companies said in a joint statement.They plan to start clinical trials of the vaccine as early as the end of this …read more […]

(Bloomberg) — Seventy coronavirus vaccines are in development globally, with three already being tested in human trials, the World Health Organization said.The number of people infected worldwide reached 1.85 million, while death toll topped the 114,000-mark.The northeastern Chinese city of Harbin tightened rules to curb the spread of coronavirus by extending quarantine periods for certain visitors to 28 days. China reported 108 more cases April 12, mostly imported.Parts of the U.S. may be ready in May to ease emergency measures. U.K. Prime Minister Boris Johnson praised doctors for saving his life.Key Developments70 coronavirus vaccines in development globallyCoronavirus Tracker: Global cases …read more […]

(Bloomberg) — India’s most ambitious attempt to influence how foreigners trade its currency slipped through with little fanfare two weeks ago.On a day when the Reserve Bank of India executed an emergency rate cut and pledged $50 billion of liquidity, it also opened the way for local banks to trade non-deliverable forwards, a currency derivative often blamed as a tool for speculators.The policy shift opens a new front for the RBI to manage volatility in the rupee, which plumbed to a record low during the coronavirus outbreak. The central bank, with foreign reserves worth about $475 billion, is taking a …read more […]

Amazon said it would have to relegate all new online grocery customers to a wait list starting Monday while working on adding capacity each week. In recent weeks, it increased the number of Whole Foods stores offering grocery pickup ​to more than 150 locations, up from 80 previously. Amazon ​also plans to shorten some Whole Foods stores’ hours for the public so its employees can more quickly fulfill online grocery orders, the company said. …read more […]

Japanese Prime Minister Shinzo Abe’s “stay home” message has fueled anger and accusations that he was insensitive to people who cannot rest at home because the government’s social distancing measures are voluntary and don’t come with compensation. The one-minute video released Sunday shows Abe sitting at home, expressionless, cuddling his dog, reading a book, sipping from a cup and clicking on a remote control. Entertainer Gen Hoshino appeared in part of the video but later said the clip of him strumming on a guitar at home was used without his permission. …read more […]

Alibaba Pictures, the separately listed entertainment arm of Chinese e-commerce giant Alibaba, warned that its losses will be at least $155 million in the year to March recently completed. It blamed the coronavirus outbreak and “complicated difficulties” within the mainland Chinese entertainment industry in 2019. In a filing to the Hong Kong Stock Exchange issued […] …read more […]

Apr.12 — Chris Chen, chief executive officer of Wuxi Biologics (Cayman) Inc., a pharmaceutical company developing and manufacturing antibody drugs, discusses how the coronavirus outbreak has been affecting his business, and the company’s programs related to the Covid-19 virus. He speaks with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.” …read more […]