Fiat Chrysler is temporarily halting operations at some plants in Italy and will reduce production rates in response to the coronavirus outbreak in the country, the largest in Europe, a spokesman for the automaker said on Wednesday.
European stocks rose on Wednesday after the Bank of England joined other central banks in cutting interest rates, raising hopes for more co-ordinated monetary and fiscal stimulus to counter the economic shock from the coronavirus outbreak.
(Bloomberg) — Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s output capacity by 1 million barrels a day, the latest escalation in a battle for control of the global petroleum market.While delivering the extra capacity may take years and many billions of dollars in investment, the decision shows that Crown Prince Mohammed bin Salman has little intention of pulling back from his aggressive response to the breakdown of OPEC’s alliance with Russia and other oil producers.The country’s energy ministry, headed by Prince Mohammed’s half-brother, ordered Saudi Aramco to boost its output capacity for the first time in …read more […]
Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week.
German sportswear makers Adidas and Puma warned on Wednesday of a major decline in sales in China due to the coronavirus and said while there were early signs of improvement there the impact had spread to other markets.
Fiat Chrysler said on Wednesday it might temporarily close some plants in Italy, where necessary, in response to a coronavirus outbreak in the country, the largest in Europe.
(Bloomberg) — Christine Lagarde said Europe risks a major economic shock similar to the financial crisis unless leaders act urgently on the coronavirus, and indicated the European Central Bank will take steps as soon as this week.The ECB president told European Union leaders on a conference call late on Tuesday that without coordinated action Europe “will see a scenario that will remind many of us of the 2008 Great Financial Crisis,” according to a person familiar with her comments. With the right response, the shock will likely prove temporary, she added.German bunds fell, with the yield on 30-year debt rising …read more […]
The Bank of England told banks on Wednesday they can tap one of their capital buffers to maintain lending during the coronavirus epidemic, but warned they must not use the cash for bumping up bonuses or dividends.
The Bank of England cut interest rates by half a percentage point to 0.25% and announced measures to support bank lending ahead of a budget that is set to open the taps on spending to bolster Britain’s economy against the coronavirus outbreak.
The Bank of England cut its key interest rate to 0.25 percent on Wednesday and announced a raft of other measures to bolster Britain’s economy against disruption caused by the coronavirus outbreak.
Oil prices fell on Wednesday, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day.
Uber Technologies Inc notified riders and drivers that it may temporarily suspend the accounts of anyone who has tested positive for the coronavirus or have been exposed to it, the ride-hailing company said on Wednesday.
Stock futures in London and across Europe jumped on Wednesday after the Bank of England joined other major central banks in cutting interest rates to offset economic damage caused by the coronavirus outbreak.
A worker at Equinor’s Martin Linge offshore oil and gas development has been diagnosed with the coronavirus and is being held in isolation, the Norwegian energy firm said on Wednesday.
(Bloomberg) — Oil’s historic price crash is prompting the Chinese government to consider buying more crude for state reserves, according to people with knowledge of the matter.Top planning officials are consulting with Chinese government agencies and state-owned energy companies about the possibility of bolstering the nation’s strategic stockpiles with cheap oil, the people said, asking not to be identified because the matter is confidential. Beijing is yet to decide whether to proceed, they said.A bout of opportunistic buying by China could help ease the deluge of crude that’s about to hit the global market as the world’s biggest producers embark …read more […]
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