The One Bottle for Your Home Bar That Makes All the Difference
You don’t need dozens of esoteric liquors to take your at-home cocktailing to the next level. You just need vermouth.
Latest From Bloomberg
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Now’s the Time to Branch Out Into More Interesting Indoor Plants
We asked eight gardening experts which flowers, herbs, and fruits they’re digging during these strange days.
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Deadly Virus Fails to Trigger World Bank’s Pandemic Bonds
The outbreak of coronavirus failed to trigger payouts from bonds that the World Bank issued to provide emergency pandemic resources, even after almost 100,000 global deaths from Covid-19.
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Italy Will Struggle to Sell the Euro-Zone Rescue Deal at Home
There are two problems with the EU finance ministers’ plan: it creates political difficulties for Rome and it doesn’t answer the long-term debt question.
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Japanese Auto Groups to Create Fund to Survive Virus Pandemic
Toyota Motor Corp. President Akio Toyoda said Japan’s auto industry is banding together to avoid “fatal injury” as the coronavirus pandemic slams demand for cars and stymies production.
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Yelp Cuts Mark ‘First Wave’ of Tech Jobs Seen Lost to Pandemic
A flurry of job cuts announced this week by Yelp Inc., Eventbrite Inc. and Toast Inc. serves as a stark reminder of the deepening toll that the global coronavirus pandemic is taking on parts of the technology industry dependent on the people-to-people interaction that’s now come to a standstill.San Francisco-based Yelp, which relies on users to pen restaurant and small business reviews, said it’s laying off 1,000 people this week and furloughing another 1,100—in all, about a third of its workfor
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China’s Credit Surges on Policy Support, Improving Economy
China’s bank lending and credit provision hit records in March, indicating that government efforts to boost support for the economy may be having an effect.
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Gabon Secures $147 million from IMF to Tackle Coronavirus
The International Monetary Fund approved a $147 million payment to Gabon under its Rapid Financing Instrument to address the impact of the Covid-19 pandemic.
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Sneeze Guards and Temperature Checks Are the New Normal for U.S. Retail
One-way aisles, advanced cleaning tech and employee temperature-taking have transformed the retail landscape—perhaps permanently.
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Quarantine Bakers Are Making Flour a Hot Commodity
An ongoing global pandemic has turned many into avid home bakers, forcing suppliers to ramp up production.
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Medical Supplies Free-for-All Has States Lashing Out at FEMA
The fierce competition for crucial medical supplies is fueling confusion and suspicions between the states and federal government over conflicting priorities and drawing allegations of political favoritism by the Trump administration.
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Defense Contractors Keep Most Plants Running Despite Outbreak
The Pentagon’s contractors have largely avoided widespread closings or “major impacts” so far from the coronavirus pandemic, according to a running tally compiled by its contracts management office.
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Let Debt Loose and Get ‘Hanged’ in Market, Orban Warns
Hungary must keep its indebtedness firmly under control while providing stimulus during the virus crisis as otherwise it risks exposing itself to speculative attacks in the market, Prime Minister Viktor Orban said.
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EU Finance Chiefs Dodge Coronabonds in $590 Billion Rescue Deal
European Union finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the coronavirus pandemic, papering over differences that have thrown into question the EU’s future integrity.
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Renault Seeks Billions in State-Backed Loans in Face of Pandemic
Renault SA Chairman Jean-Dominique Senard said the French carmaker is seeking as much as 5 billion euros ($5.5 billion) in government-backed loans to weather the coronavirus pandemic, while dismissing the possibility of nationalization.
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Asian Development Bank Offers India $2.2 Billion For Virus Fight
The Asian Development Bank will give India $2.2 billion to help the nation contain rising coronavirus infections and offset the economic impact of the pandemic.
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From Tokyo Pubs to Gyms, Here’s What’s Affected By the Emergency
Tokyo Governor Yuriko Koike unveiled a list of businesses that will be asked to close in the Japanese capital from Saturday in a bid to control the spread of the coronavirus. A month-long state of emergency was declared Monday in the capital along with six other prefectures, as infections in Tokyo tripled to top 1,500 in just over a week.
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Singapore Isolates Fifth Foreign Worker Dorm as Virus Cases Jump
Singapore’s government placed a fifth foreign worker dormitory under isolation in a bid to curb the spread of the coronavirus in the city-state that has recorded its highest daily increase in cases this week.
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Hedge Fund Oasis Buying Through Pandemic, Says Crisis Will Pass
Oasis Management Co. sees an opportunity to buy Japanese shares at “historically great prices,” thanks to the pandemic-fueled market selloff.
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Ethiopia to Press Ahead With Africa’s Biggest Hydropower Dam
Ethiopia’s government vowed to continue work on a massive dam that’s stoked tensions with Egypt, even as the Horn of Africa nation contends with the growing spread of the coronavirus.
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Taiwan Accuses Chinese Trolls of Fomenting Racism Spat With WHO
Taiwan accused Chinese internet users of spreading fabricated expressions of remorse in a coordinated effort to paint Taipei as the source of a campaign of racist abuse against the head of the World Health Organization.
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Pakistan Reopens Factories During Virus Lockdown as Exports Drop
Pakistan is reopening some factories amid a national lockdown to counter the deadly coronavirus pandemic as the south Asian nation expects its exports will decline by 50% in the next two months.
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The Philippines Bars Doctors From Going Abroad to Boost Health Force
The Philippines has barred doctors, nurses and other health workers from leaving for overseas work as the nation seeks to stem the coronavirus outbreak, according to its immigration bureau.
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Why African Airlines Are Really Vulnerable to Virus Impact
The coronavirus pandemic has brought the global aviation industry to its knees, and African carriers are particularly vulnerable as they seek assistance from governments already facing constrained finances.
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Air Zimbabwe to Place Some Employees on Leave Due to Virus
Zimbabwe’s troubled national airline will place some if its employees on indefinite unpaid leave from April 23 as the coronavirus pandemic has grounded its operations.
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SoftBank’s Son Criticizes Abe Administration Over Virus Response
Masayoshi Son, founder of SoftBank Group Corp., took to Twitter to blast the Japanese government’s response to the coronavirus outbreak, adding to criticism as the country tries to deal with a recent surge in infections.
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Greece Shows How to Handle the Crisis
The government imposed severe social distancing measures much earlier than others.
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Tesla Prices Longer-Range Model 3 to Attract More China Buyers
Tesla Inc. set a price for its longer-range variant of its locally-built Model 3 sedans in China just 13% higher than its entry-level model, a sign that the carmaker is setting competitive prices in order to attract even more consumers in the world’s largest electric vehicle market.
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Thailand Considers Local, Foreign Borrowing for $30.6 Billion Debt
Thailand said it will explore domestic and foreign funding options for planned borrowing of 1 trillion baht ($30.6 billion) to finance a major economic stimulus program.
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Australia’s Rugby League Competition Targets End of May Restart
The Australian Rugby League Commission has backed a proposal for the sport’s top competition to resume next month, just nine weeks after it was suspended due to the coronavirus pandemic.
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Coronavirus Scares Easter Bunny Away as Chocolate Sales Wilt
Swiss chocolate makers are offering unprecedented price cuts in an attempt to stem weak demand during the key Easter season, as shoppers scoop up toilet paper and canned soup rather than tinfoil bunnies.
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Singapore Stops Zoom for Home-Schooling After Hacking Report
Singapore halted the use of Zoom Video Communications Inc.’s video-conferencing application for home-based school education following a report of hackers breaching some of the sessions.
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Wuhan Rent Protest Shows Unrest Brewing in China After Lockdown
Dozens of small shop owners protested outside one of Wuhan’s biggest shopping malls to demand a cut in rent, in one of the first signs of unrest since authorities lifted a lockdown at the epicenter of the coronavirus outbreak.
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Do Pandemic Bonds Work?
In a February interview, former World Bank economist Olga Jonas explained her reservations.
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Dealmakers Are Turning to Drones to Help Complete Transactions
Dealmakers are turning to drones to help complete transactions in the era of social distancing.
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Economists Expect U.S. Unemployment to Hit a Post-Depression Record
Economists expect the U.S. to suffer its largest-ever contraction this quarter and the unemployment rate to soar to a post-Depression record, followed by a recovery that will be moderate and drawn out.
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After Bout With Coronavirus, Czech Billionaire Finds New Targets
Locked at home in self-isolation after testing positive with coronavirus in the middle of March, Czech billionaire Daniel Kretinsky spent 12 hours a day on the phone running his businesses. He still found time to scour around for new investments as markets around the world tumbled.
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Spain’s Car Industry Risks Isolation in Post-Virus Reshuffle
The disruption caused by the fallout from coronavirus outbreak is the last thing Spain’s car industry needs.
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A Day After Jeff Bezos Toured Warehouse, Amazon Says a Worker There Has Covid-19
An Amazon.com Inc. warehouse visited this week by Chief Executive Officer Jeff Bezos confirmed its first employee coronavirus case, according to a message sent to workers on Thursday.
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Hong Kong’s Edge Over Singapore Shows Early Social Distancing Works
In the early stages of the coronavirus pandemic, Singapore and Hong Kong saw similar success with dramatically different approaches. Now, Singapore may be paying the price for a strategy that sought to minimize disruption.
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Ghana Virus Battle ‘Modestly Successful’ on Testing
Ghanaian President Nana Akufo-Addo said the country is making progress to contain the spread of the coronavirus after an increase in testing showed limited contagion.
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China’s Inflation Slowed in March as Coronavirus Hurt Demand
China’s consumer inflation slowed to the weakest pace since October last month as the shutdowns imposed to beat the coronavirus hurt demand.
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Pence, CDC Head Lay Out Virus Criteria to Reopen U.S. Economy
Vice President Mike Pence and one of the top U.S. health officials said reopening the country’s economy hinges on the government seeing major communities at the end of their coronavirus outbreaks and developing treatments for the disease, among other hurdles.
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Hong Kong's the Canary in the Coronavirus Economy
The city was the first to adopt direct cash handouts. Its long-term wage subsidies may be another harbinger.
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Virus Gives Embattled Thai Premier Chance to Consolidate Power
Thailand’s coup chief-turned-premier Prayuth Chan-Ocha has regained sweeping emergency powers to fight the coronavirus outbreak, pinning his political fate to the response he crafts as discontent grows.
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CDC Extends ‘No Sail Order’ for All Cruise Ships by At Least 100 Days
The Centers for Disease Control and Prevention extended its “No Sail Order” for all cruise ships by at least 100 days -- or until Covid-19 is no longer considered a public health emergency.
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U.S. Junk Bonds Rally Most in Two Decades With Fed Now a Buyer
U.S. junk bonds rallied the most since 1998 after the Federal Reserve’s historic move to begin buying some of the speculative-grade corporate debt.
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Nuveen Improperly Tried to Destroy Rival, Judge Concludes
U.S. bond-market powerhouse Nuveen LLC wrongfully interfered with the business of Preston Hollow Capital LLC by organizing an intimidation campaign to coerce broker-dealers from doing business with its smaller rival, a judge ruled.Delaware Chancery Court Judge Sam Glasscock III found that Nuveen misused its market power as one of the biggest buyers of state and local government bonds to freeze out the smaller firm from doing business with Wall Street banks and brokers.“Nuveen was not simply atte
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China Reports 42 New Cases; U.S. Airlines Bailout: Virus Update
China reports 42 additional confirmed coronavirus cases on April 9, with 38 of them from abroad. Italy and Spain are preparing for several more weeks of lockdowns, while India further tightened measures.
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Boris Johnson Kept Working, But the Virus Took Over
There are growing concerns that a trail of errors exposed the British prime minister to critical risk when the country needed him most.
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Bristol-Myers Patent Win Over Gilead Balloons to $1.2 Billion
Bristol-Myers Squibb Co. persuaded a judge to boost damages to $1.2 billion in its patent-infringement case against Gilead Sciences Inc.’s Kite unit over revolutionary treatments that use a body’s own immune system to fight cancer.
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Your Evening Briefing
Get caught up.
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Intel CEO Says First-Quarter Demand Picked Up on Laptop Orders
Intel Corp., the world’s largest chipmaker, saw demand pick up in the first quarter, buoyed by orders for personal computers needed to help people work from home during the coronavirus outbreak.
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Wall Street Looks to Jumpstart Junk-Debt Deals After Fed Shock
Bankers who arrange debt sales for companies with less than stellar credit ratings are preparing to ramp up new offerings after the Federal Reserve threw an unprecedented lifeline to the market for risky borrowers.
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Trump May Offer Bailout Proposal for Airline Industry by Weekend
The president said Thursday at a White House briefing that he met with Treasury Secretary Steven Mnuchin and Transportation Secretary Elaine Chao to work on details of the proposal.
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Trump Administration Aims to Unveil Plan for Farm Aid Next Week
The Trump administration is aiming to announce a plan next week for how billions of dollars in aid to American farmers will get distributed, according to people familiar with discussions.
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Trump Says Tentative Russia-Saudi Oil Pact ‘Very Acceptable’
President Donald Trump said a tentative agreement between Saudi Arabia and Russia to cut global oil production is a “very acceptable agreement.”
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Texas Covid-19 Abortion Ban Narrowed by Judge at Clinics’ Urging
Some abortions in Texas will be allowed to resume under an Austin judge’s ruling narrowing the scope of a temporary ban enacted by the state to conserve medical resources during the coronavirus epidemic.
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Banks Freeze Credit to Singapore Oil Trader After Price Crash
At least two lenders to one of Singapore’s biggest independent oil traders are freezing short-term credit lines to the firm amid concerns over its ability to repay the debts, according to people with knowledge of the matter.
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Harvard University Taps Credit Markets for Up to $1.1 Billion
Harvard University, the richest U.S. university, is tapping the credit markets for as much as $1.1 billion at a time when it can lock in lower interest rates.
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Asia Stocks Set for Mixed Session on Fed, Holiday: Markets Wrap
Asian stocks looked set for a muted session in holiday-hit trading as investors mulled new measures from the Federal Reserve to cushion the fallout from the coronavirus. U.S. shares closed higher.
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More Europe Lockdowns; Pentagon Sends Body Bags: Virus Update
Italy and Spain are preparing for several more weeks of lockdowns, while India further tightened measures. Leaders from Germany to New York urged residents to abide by restrictions as a weekend of Easter celebrations loom.
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Trump Holds Call With Putin, King Salman to Discuss Oil Deal
President Donald Trump is holding a conference call with Russian President Vladimir Putin and Saudi Arabia’s King Salman to discuss the resolution of their oil price war, his social media director Dan Scavino said in a tweet.
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Justice Department Tracks Virus Disinformation by Russia, China
The Justice Department is tracking disinformation campaigns worldwide by Russia and China aimed at sowing divisions over the coronavirus crisis, according to John Demers, head of the department’s national security division.
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UN Chief Urges Divided Security Council to Act on Coronavirus
United Nations Secretary-General Antonio Guterres urged members of the Security Council to come together to fight the global coronavirus outbreak, marking the first time the divided 15-nation body discussed the pandemic.
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Fed Has Firepower to Do More Even After $2.3 Trillion Aid Blitz
The Federal Reserve may not be done with its all-out blitz to help the U.S. economy survive a coronavirus-induced shutdown, even after launching an unprecedented $2.3 trillion in lending programs.
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Calpers Forfeited a $1 Billion Payday by Scrapping Market Hedge
Three years ago, America’s largest pension fund made an unusual investment. It bought so-called tail-risk protection, a kind of insurance against financial catastrophe. In a market meltdown like the one sparked by the coronavirus, the strategy promised a massive payout -- more than $1 billion.
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Canada Banks Approve $2 Billion of Business Loans in Plan Debut
Canada’s five biggest banks approved about 69,000 in loans on the opening day of the federal government’s relief program for small businesses hurt by the coronavirus pandemic.
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Japan Short-Term Fund Rates Jump as Virus Hurts Corporate Mood
Credit market rates are showing that the global rush for cash is intensifying in Japan as well.
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Amazon Begins Making Coronavirus Tests to Protect Workforce
Amazon.com Inc. has started building a lab that can produce tests for the Covid-19 virus, the latest step among various initiatives the online retailer is taking to try to protect its warehouse workers and delivery drivers who are getting essential products to customers sheltering at home.
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Pentagon Sends First 37,000 Body Bags for Civilian Virus Victims
The Pentagon has delivered 37,000 body bags over the last week to the Federal Emergency Management Agency, which is seeking 100,000 to help address the coronavirus pandemic.
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Pimco Seeks at Least $3 Billion for New Distressed Assets Fund
Pacific Investment Management Co. is raising money for its largest-ever distressed-debt fund, according to people familiar with the plans, just as credit-market turmoil generates a flood of new targets.
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Jim Chanos Says He’s ‘Outraged’ Private Equity Giants Want Taxpayer Aid
Legendary short-seller Jim Chanos said he’s troubled that private equity is seeking financial aid from the federal government due to the economic impact of the coronavirus epidemic.
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Bank of America Defends Giving Priority to Customers in Rescue-Loan Program
Bank of America Corp. said a new law authorizing a coronavirus rescue-loan program doesn’t bar it from favoring its own customers in processing applications and disgruntled consumers have no right to challenge it.The bank, which came under fire for prioritizing applications from existing small-business customers, asked a federal judge Thursday to reject a request to temporarily bar it from using practice as part of a lawsuit.Bank of America’s decision to put existing customers at the head of the
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Jim Chanos Says Tesla Should Trade Like a Carmaker, Not Tech Company
Short seller Jim Chanos predicted Tesla Inc. will lose money again this year and believes investors will eventually trade the stock more like a carmaker than a tech company.
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Outbreak Pushes Japan’s Shoppers to Finally Buy Things Online
Now that Japan’s government is urging consumers and businesses to step up efforts to contain the coronavirus outbreak, shoppers may finally have no excuse but to embrace e-commerce and wean themselves from brick-and-mortar stores.
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China’s Hedge Funds Were Busy Building Cash War Chests in March
As the coronavirus began to take its economic toll on the U.S. and Europe last month, hedge funds in China were busy boosting their war chests.
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Virus Helps Bury Controversy in South Korea’s Pandemic Election
South Korea is the first major country to hold a general election in the throws of a coronavirus crisis. That may turn out to be a boost for the country’s president, Moon Jae-in.
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State Street Delays Shaking Up World’s Biggest ETF on Volatility
State Street Corp. is delaying rebalances of some of its biggest ETFs amid coronavirus-fueled market turmoil.
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Rush Into U.S. Government Money Funds Slows From Breakneck Pace
The pace of cash pouring into U.S. government money-market funds slowed from the records set in recent weeks, while prime funds saw their first inflow in two months, adding to signs that investors may be growing more confident about a recovery in short-term credit markets.
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Foreign Central Banks Sell $21.7 Billion Treasuries This Month
Foreign official holdings of Treasuries stashed at the Federal Reserve declined $21.7 billion during the first week of April, as the economic consequences of the coronavirus roiled governments and central banks around the world.
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Universal Orlando Extends Closure at Least Through May 31
The resort is extending its closure at least through May 31 in response to current conditions, from April 19 it previously announced, Universal Orlando said in a tweet of operations update.
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Brazil’s Worst-Hit State Turns to Big Data as Quarantine Wavers
Sao Paulo, the state at the epicenter of Brazil’s coronavirus cases, is using geo-referenced data provided by the nation’s main telecom firms to monitor the adherence to quarantine measures.
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Brisa Receives Binding Bids as Road Traffic Slumps
Several infrastructure investors have made binding bids for Portuguese toll road operator Brisa, even as the coronavirus lockdown triggers a slump in traffic, people with knowledge of the matter said.
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EU Finance Chiefs Agree on $590 Billion Virus Rescue Package
European Union finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the global pandemic, putting to rest concerns that the bloc would fail to unify behind a common strategy.
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BlackRock Boosts Larry Fink’s Pay 5% to $25.3 Million for Last Year
BlackRock Inc., the world’s biggest asset manager, awarded Chief Executive Officer Larry Fink $25.3 million in compensation for 2019, a 5% increase from the previous year.
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Economists See ‘Deep Flaws’ in Trump EPA Plan to Undercut Pollution Rule
Environmental policy experts see a pattern in administration initiatives that target public-health protections from bad air.
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For Taco Bell, It’s Unclear What the New Normal Will Look Like
Taco Bell is working its way through the coronavirus crisis, with more than 95% of its roughly 6,800 U.S. restaurants open for drive-thru, pick-up and delivery. But the leader of the Yum! Brands Inc.-owned chain isn’t sure what will happen when the worst is past.
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Wall Street Gets Its Bull Back in Four Dramatic, Dizzying Days
Whenever it gets wild on Wall Street, there’s a desire to explain the madness. Blame it on the algos, or a White House tweet, or maybe both. Surely the hedge funds had something to do with it.
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CLOs, Leveraged Loans Will Miss Most of Bounty From New Fed Plan
There’s a huge catch to the Federal Reserve’s purchasing program that has been widened to include collateralized loan obligations: The central bank will only buy AAA bonds of CLOs that hold newly-originated leveraged loans.
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Republican Fears of Voter Fraud Dismissed by New Hampshire Judge
A New Hampshire judge struck down a Republican-led law that he said made it “needlessly complex” for residents to register to vote on the day of an election without proof of their home address and threatened stiff fines and even jail time for violations.
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Governors Consider Supply Consortium to Skirt FEMA Dysfunction
The nation’s governors say they can’t count on Washington to supply the medical equipment needed to fight the coronavirus pandemic, so they are making plans to band together and procure supplies themselves.
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Georgia Postpones Primary Again: Campaign Update
Georgia has pushed back its primary for a second time, delaying the vote until June 9 just weeks after moving the initial March 24 date to May.
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Facebook Sues Software Maker for Deceptive Advertising Links
Facebook Inc. sued the founder of a software company for running deceptive advertisements on its social-media platforms, including links to investment scams and bogus information about the coronavirus pandemic.
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Kudlow Says U.S. Should Allow Firms ‘100% Immediate Expensing’
President Donald Trump’s top economic adviser said the U.S. should allow companies to deduct the entire cost of capital spending, including relocating from China, as the administration looks for ways to jump-start an economy hobbled by the coronavirus pandemic.
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Trump’s America-First Pledge Comes to the Oil Trading Markets
The Trump administration has a plan for helping drain U.S. storage tanks filling up with crude: Persuade other countries to buy those American barrels first.
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‘Where No Fed Has Gone’: Wall Street Reacts to Muni-Debt Program
The Federal Reserve on Thursday said it will lend as much as $500 billion to states and the biggest counties and cities, making its first move ever into the $3.9 trillion municipal-debt market to help limit the financial fallout of the coronavirus pandemic.
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Fed Puts Treasury on the Spot With Loan Initiative
The central bank is willing to lose money, while the department would like to get it back.
