Peru Gets $11 Billion IMF Flexible Credit Line for Pandemic
The International Monetary Fund approved an $11 billion credit line for Peru as the South American nation’s economy endures a slump that may be the deepest in more than a century.
Latest From Bloomberg
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Oil Explorers Revert to Pre-Shale Drilling Levels Across U.S.
Oil explorers are drilling at the slowest pace in more than a decade as the pandemic-driven collapse in energy demand wipes out cash flow, jobs and even entire companies.
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Roger Stone Gets Fresh Prison Delay Over Pandemic Concerns
President Donald Trump’s longtime ally Roger Stone, convicted of lying to Congress and tampering with a witness during the Russia investigation, is getting another month of freedom due to the pandemic.
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Argentina Would Ease FX Controls If Debt Talks Are Successful
Argentina’s central bank intends to ease currency restrictions as soon as June 30 if the government reaches an agreement with creditors that’s well received by markets, central bank President Miguel Pesce said.
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First Patient Didn’t Start Washington Outbreak, Simulation Finds
For months, researchers have believed that the very first known U.S. case of Covid-19 in mid-January may have seeded an initial large outbreak in the Seattle area, spreading undetected for almost six weeks.
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1:57Lyft sued for violating Washington sick-day law during pandemic
Lyft Inc. was sued by a former driver for not providing the paid sick days required by Washington, D.C., law, the latest challenge to the stance by ride-hail platforms that their drivers aren’t employees.
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Two-Thirds of Public Restaurants Are Seen at Risk of Bankruptcy
Nearly two-thirds of publicly traded restaurants are at risk of bankruptcy as the Covid-19 pandemic batters the industry, according to a new study.
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9:10Trudeau says Canada will stand up for itself with China
Prime Minister Justin Trudeau said Canada will continue speak its mind with China on contentious issues, including Hong Kong’s autonomy and the fate of two detainees.
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Cornell University Endowment Chief Was Paid $1.9 Million in ‘18
Cornell University’s chief investment officer was paid almost $1.9 million in 2018 as he spearheaded efforts to turn around the underperforming endowment.
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6:27Citi breaks with rivals on whether work from home is permanent
Citigroup Inc. plans to bring its workers back to the office when the COVID-19 pandemic ends, breaking with a raft of competitors planning to make remote operations permanent for many staff.
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Mexico’s President to Make 20-Hour Road Trip to Cancun as Virus Cases Rise
Mexican President Andres Manuel Lopez Obrador will resume his tours around the country, making a 1,000-mile drive to the beach town of Cancun over the weekend, in a bid to reopen the economy even if virus cases continue to grow.
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China’s Oil Thirst Draws an Armada of Tankers
As Chinese oil demand rises to near pre-coronavirus levels, more and more tankers are hauling crude to the Asian nation from almost everywhere.
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Powell says Fed crossed red lines when virus demanded action
Federal Reserve Chairman Jerome Powell defended aggressive action to shield the economy as the coronavirus pandemic took hold and said the central bank was “days” away from launching its Main Street Lending Program.
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Europe Issues Gloomier Projections of Its Trade Slump With World
The European Union said its trade with the rest of the world would slump this year by as much as 868 billion euros ($963 billion), or more than 10%, in a gloomier updated forecast that offers fresh evidence of the global economic damage caused by the coronavirus.
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Biden Cancels Fundraiser with Mueller Deputy: Campaign Update
Joe Biden’s campaign has canceled a fundraiser that was to feature Robert Mueller’s top deputy in the Russia investigation, a person familiar with the move said.
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Wells Fargo CEO Says Crisis Makes Staying Under Asset Cap Harder
It “hasn’t been easy” for Wells Fargo & Co. to operate under an asset cap as the bank faces a flurry of deposits and credit-line draws tied to the coronavirus pandemic, Chief Executive Officer Charlie Scharf said.
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Five Drugmakers Asked to Recall Carcinogen-Tainted Diabetes Drug
U.S. regulators have asked five drugmakers whose diabetes treatments contain high levels of a chemical that can cause cancer to recall their products.
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Twitter Shield Needs Fresh Look, Not Trump Spite
A new executive order targets enemies instead of taking thoughtful aim at a dated immunity law that’s been challenged by Democrats and Republicans.
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The Volvo XC90 Is the Most Stylish SUV You Can Buy Today
In the post-pandemic period of safety consciousness, it may be the most sought-after, too.
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Moderna Vaccine Unlikely to Revive U.S. Economy, Survey Says
Investors think Moderna Inc.’s experimental Covid-19 inoculation wouldn’t be enough to unlock the economy, an Evercore ISI survey showed.
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Russian Jets Intercept Two U.S. Bombers Over Black, Baltic Seas
Russian jets intercepted two U.S. strategic bombers over international waters of the Black and Baltic Seas Friday, the Defense Ministry said in an emailed statement.
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7:39U.K., allies plan alternatives to Huawei as China tensions grow
The U.K. is in talks with the U.S. and other allies about developing mobile network systems to reduce their reliance on Huawei Technologies Co. as tensions with China intensify.
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U.K. Joins U.S. Seeking Hong Kong Discussion at United Nations
The U.S. and the U.K. plan to informally discuss Hong Kong at the United Nations Security Council on Friday after China and Russia blocked an American effort earlier this week to convene the council virtually to discuss Beijing’s efforts to ramp up pressure on the city, diplomats said.
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Zimbabwe Stocks Double in May as Investors Flee 766% Inflation
Zimbabwe stocks more than doubled in May as investors took shelter in equities in an attempt to protect their money from rampant inflation and a rout of the local currency.
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Italian Mask Maker GVS Plans Milan Stock-Market Listing in June
GVS SpA, which makes masks and filter components used in ventilators and other applications, plans an initial public offering in Milan next month amid a jump in demand for its products during the coronavirus pandemic.
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What an Olympic Boxer Selling Pizzas Says About Brazil’s Economy
When Brazilian Olympic medal winner Esquiva Falcao rang in the new year, he was focused on his goal of preparing for an international boxing championship.
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FCC Chair Challenges Twitter After It Warns On Trump Tweet
The chairman of the U.S. Federal Communications Commission challenged Twitter Inc. over a bellicose posting from Iran’s top leader hours after the company put a warning about glorifying violence on a tweet from President Donald Trump.
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Philippine Covid-19 Cases Rise by Record, Data Reporting Tweaked
The Philippines has changed how it’s reporting coronavirus infections as daily cases hit a new record high.
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Biden Slams Trump for ‘Calling for Violence’ on Americans
Joe Biden assailed President Donald Trump Friday for his response to the protests in Minneapolis, saying the president is “calling for violence against American citizens during a moment of pain for so many.”
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Societe Generale Starts Strategy Review After Equities Losses
Societe Generale SA’s top governance body has pushed for a strategic review of the bank’s businesses after it sustained heavy losses in its once-vaunted equities trading unit.
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Traders Sift Through Virtual Cancer Meeting’s Winners and Losers
Biotechnology stocks saw broad swings Friday morning as investors worked their way through a deluge of data from cancer drug developers presenting at the American Society of Clinical Oncology’s virtual annual meeting.
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Uber-Grubhub deal hinges on breakup fee after narrowing price gap
Uber Technologies Inc. and Grubhub Inc. are haggling over a breakup fee after nearing an agreement on a merger price, according to people familiar with the matter.
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Ken Fisher-Dominated Stock ETNs See $3.5 Billion in Withdrawals
The investment firm owned by the money manager Ken Fisher appeared this week to pull a record amount of cash out of three ETNs in which it’s the largest holder.
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Devos Sued Over Seizure of Borrowers’ Tax Refunds Amid Pandemic
The Trump administration was accused in a lawsuit of illegally seizing millions of dollars in tax refunds from thousands of defaulted student borrowers despite a congressional ban on such collection activities by the federal government during the coronavirus pandemic.
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De Blasio Expects NYC Will Begin Reopening in Next Two Weeks
New York Mayor Bill de Blasio said he is confident his city will begin reopening within the next two weeks.
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Tough Day for Europe’s Auto Jobs Signals More Pain to Come
The extent of the devastation wrought on the European car industry by the coronavirus pandemic came into sharp focus on Friday when a sampling of major vehicle and parts manufacturers from France to Sweden revealed plans for at least 35,000 job cuts.
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Germans Are Booking Mallorca Vacations Before Spain Even Opens
The severity of Spain’s coronavirus outbreak and uncertainty about travel options hasn’t deterred many German tourists from booking a trip to enjoy the Mediterranean sun in one of the nation’s most popular destinations.
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Twitter Targets for Rule Violation Shift From Virus to Violence
U.S. President Donald Trump isn’t the only politician to earn a Twitter Inc. rule-violation notice. Several other politicians and officials have had tweets blacklisted for violating the platform’s terms of service on grounds such as spreading misinformation or, as in Trump’s case, the “glorification of violence.”
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4:45U.S. housing market has been surprisingly active during lockdown
Stuck day and night in their homes, a surprising number of Americans are deciding the pandemic is a great time to upgrade.
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ISS, Glass Lewis Support Bow Street’s Mack-Cali Nominees
A push to revamp the board of Mack-Cali Reality Corp. from one of its largest investors received a boost Friday with two prominent shareholder advisory firms urging investors to support some its director nominees.
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Spain to Pay Living Wage That May Cost $3.3 Billion a Year
Spain approved what it calls a living minimum wage for low-income households in a bid to help its working poor, a problem aggravated by the coronavirus crisis.
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Why Is Uruguay Beating Latin America’s Coronavirus Curse?
Its demographics and location make it prime pandemic territory. But it has assets its neighbors lack.
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U.S. consumer sentiment faltered in late May, outlook dimmed
U.S. consumer sentiment faltered in late May as Americans became increasingly pessimistic on the economic outlook even as business reopenings and benefit payments lifted spirits about the current situation.
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Trump Action Aside, China Crop-Buying Goal Is Becoming Untenable
President Donald Trump is preparing to announce actions on China. Whether or not that affects his phase-one trade deal, one thing is already clear: the target for agricultural purchases is becoming untenable.
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Chile Jobless Rate Hits Highest in a Decade, Retail Sales Slump
Chile’s unemployment rate rose to the highest in a decade and retail sales slumped by almost a third as the coronavirus pandemic forced much of the country into lockdown.
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Saudi Oil Flood to China Persists Despite Historic Output Cuts
An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.
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Why Is Facebook for Remote Work? It Wants Pay Cuts
The company seems intent on reining in tech wages by hiring all over the country at lower salaries.
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Fed’s Effective Jawboning Leads to Paltry Purchases of Debt ETFs
The relaxed pace of the Federal Reserve’s exchange-traded fund buying highlights just how effective the program’s announcement alone was in soothing bond markets.
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Sunniest Spring On Record Raises U.K. Drought Risk
The U.K. had its driest May in 124 years and sunniest spring on record, increasing the threat of a summer drought and compounding conditions that have been made worse by climate change.
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Africa’s Biggest Fund Manager Extends Suspension of CFO
The Public Investment Corp. has extended the suspension of Chief Financial Officer Matshepo More until Africa’s largest money manager has implemented recommendations made by a judicial inquiry into its processes and procedures.
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7:30Canada cuts costs for wage subsidy as workers opt for direct aid
Canada cut the projected cost of its wage subsidy program while boosting the price tag for direct support to individuals, suggesting a slow return to work in the wake of COVID-19.
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Hidden Cost of Mass Layoffs: Why Job Cuts Won’t Solve States’ Budget Crisis
States and cities are slashing jobs in the face of huge deficits. But making the budget math work isn’t quite so simple.
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City Betting on Red Sox Boon Sees Stadium Plan Stall on Lockdown
The ambitious downtown project promises to herald Worcester, Massachusetts’s transformation from a once-dilapidated mill town and give it a piece of the Boston Red Sox, the beloved baseball team from 50 miles away.
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Denmark, Norway Ease Border Restrictions, Leave Sweden Out
Denmark and Norway have agreed to allow leisure travel between the two countries again after overseeing relatively successful efforts to contain the Covid-19 pandemic.
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U.S. merchandise trade fell in April to lowest level in a decade
U.S. merchandise trade in April slumped to the lowest level in a decade as the coronavirus pandemic curtailed demand and disrupted supply lines.
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3:00Trump's China fight shows COVID-19 hasn't changed oil's world
The pandemic has merely highlighted the market’s pre-existing conditions.
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India’s Economic Growth Holds Up With Deep Slump Likely to Come
India’s economy grew at a faster pace than economists expected last quarter with a deeper slump likely to come after the nation of 1.3 billion people went into lockdown to contain the coronavirus outbreak.
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Canadian Output Plunges 8.2% with Further Damage Expected
Canada’s economy shrank the most since the 2008-09 financial crisis in the first three months of the year, marking the beginning of what’s expected to be the deepest contraction of the post-war era.
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Laurentian Cuts Dividend, First by Big Canadian Bank Since ’92
Laurentian Bank of Canada slashed its quarterly dividend, the first payout cut by a large Canadian lender in almost three decades.
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U.S. Consumer Spending Plunges, Jobless Benefits Boost Incomes
U.S. consumer spending, which accounts for about two-thirds of the world’s largest economy, plunged in April by the most on record after the coronavirus pandemic halted purchases of all but the most essential goods and services.
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Turkish Airlines Rides Tailwinds for Peer-Beating Stock Recovery
The aviation industry’s recovery from the devastating coronavirus pandemic is certain to be long and slow. But you wouldn’t think so if you based your view on the shares of Turkey’s flag carrier.
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Virus Has Sparked Round-the-Clock Rush to Fill U.S. Gold Vaults
The scramble to jump on one of the hottest gold trades in years -- by shipping bullion to New York -- has sparked what may be one of the largest ever physical transfers of the metal.
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Manulife Makes Dash for Cash to Guard Against Second Quarter Rut
Manulife Financial Corp., the Canadian insurance company operating in 22 markets, has raised more cash by selling bonds in May than in the past three years combined.
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India’s Growth Slows to 3.1% as Virus Roils Economy
India’s economic growth slowed last quarter, just as the government began locking down a country of 1.3 billion people to contain the coronavirus pandemic.
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Dam Catastrophes Can Be Prevented
Crumbling infrastructure puts communities at risk. A disaster in Michigan shows what’s at stake.
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Goldman’s Eccentric Couch-Surfing Partner Plans Own Credit Fund
Not many Goldman Sachs partners seek out citizenship in a tiny Caribbean island to speed through airports. Ali Meli wasn’t your typical Goldman partner.
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Deutsche Bank Really Doesn’t Like Pound on Lockdown, Brexit Woes
The pound is due to be hit by a combination of Brexit, negative rates and the U.K. government’s management of coronavirus measures, according to Deutsche Bank AG.
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Distressed retailer Party City seeks to cut debt with bond deal
Party City Holdco Inc., the retailer that has been working with restructuring advisers to cut its approximately US$2 billion debt load as social distancing scraps celebrations, is seeking approvals from creditors on a proposed deal that would trim its borrowings and inject fresh cash into the company.
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Amazon in talks for new Dublin office even as virus hits
Amazon.com Inc. is in talks to rent an office block in Dublin with space for about 750 workers, according to a person familiar with the matter.
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Ghana Bans Import of Cars Older than 10 Years to Draw Automakers
Ghana banned the importation of cars older than 10 years to encourage international companies including Volkswagen AG and Nissan Motor Co. to set up local plants in the West African country.
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EU Is Set to Air ‘Grave Concern’ Over China’s Move in Hong Kong
The European Union is poised to express “grave concern” over sweeping new Chinese national-security legislation in Hong Kong and to question China’s respect for its international commitments.
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CNN reporter arrested, released covering Minneapolis protests
A CNN reporter and his crew were arrested and released by police in Minneapolis early Friday, after a night of continued protests over the death of George Floyd, an unarmed black man who was handcuffed on the ground while police knelt on his back and neck.
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BMW Looks to Add Incentives to Workers to Help Cut 5,000 Jobs
BMW AG is negotiating with unions about giving more incentives to workers to persuade them to leave, helping the carmaker reach a target of eliminating about 5,000 positions.
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Oil-Bust Refugees Are Being Courted By Clean Energy in Texas
Renewable developers push to snag talented workers while they’re available
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Relief Aid Stalls With Small Businesses Returning Loans Unused
Peter Menzies got two coronavirus relief loans last month: one for a bookstore and the other for a restaurant. Now he’s returning the latter, the biggest by far at $125,000.
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In Boom-and-Bust San Francisco, Pandemic Brings Grim New Reality
Uber, Lyft and Airbnb have slashed thousands of jobs. Salesforce and Visa are letting employees work remotely for months; Twitter and Square are allowing them to do so for good.
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China Ends 95% Sugar Tariffs But Keeps Tight Grip on Imports
China has done away with massive import tariffs on additional sugar shipments, but is keeping a tight hold on how much it buys in an attempt to protect its domestic industry.
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Covid-19 Reinforced Our Coffee Addiction
JDE Peet's benefits from having the right timing and business mix to ride out the coronavirus pandemic.
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One of the World’s Great Sandwiches Is Making a Comeback
The tuna melt is getting a second look, thanks to grocery getters stocking up on canned fish.
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Amnesty Reports Killings in Ethiopia Despite Abiy’s Reforms Push
Extra-judicial killings, some allegedly by security forces, have continued in Nobel Laureate Abiy Ahmed’s Ethiopia even after the initial reforms, Amnesty International said.
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Small-Business Warning, Argentine Debt, EU Stimulus: Eco Day
Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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It’s No Longer Trump’s Economy, It’s Covid-19’s
Trump’s re-election chances depend on how, where and when the pandemic affects the economy.
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EU’s Vestager Hits Back at Lufthansa Bailout Criticism
The European Union’s antitrust chief hit back at claims she’s being too tough over Deutsche Lufthansa AG’s German bailout terms, insisting strict conditions are vital to preserve competition when the Covid-19 pandemic abates.
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South Africa Diesel Dearth to Lift in Weeks as Refining Restarts
A shortage of diesel fuel in South Africa will ease up in a few weeks when about 30% of its refining capacity, idled because of a drop in demand spurred by the Covid-19 lockdown, will return to service.
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The World’s Oldest Exchange Is Europe’s Hottest Listing Venue
For two years in a row, Europe’s largest stock-market listings have taken place in Amsterdam, which has beguiled companies with a deep pool of international investors and corporate governance norms that tilt in favor of management teams.
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SAT and ACT May Never Regain Their Role in College Admissions
A growing list of schools are dropping the requirement for test scores, even beyond the current chaos.
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Those Astronomical Returns Aren't What They Seem
Many of the big gains reported by so-called tail risk funds and others are being presented in a misleading way.
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A Big Bailout With Big Green Strings Attached
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Every Single Worker Has Covid at One U.S. Farm on Eve of Harvest
All of the roughly 200 employees on a produce farm in Tennessee tested positive for Covid-19 this month. In New Jersey, more than 50 workers had the virus at a farm in Gloucester County, adding to nearly 60 who fell ill in neighboring Salem County. Almost 170 were reported to get the disease at a tomato and strawberry greenhouse complex in Oneida, New York.
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6:24USO oil ETF faces U.S. probes into risk disclosures to investors
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
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6:49Study linking hydroxychloroquine to COVID-19 risks questioned
Scientists are raising questions about a study that linked antimalarial drugs to increased heart risks and death among COVID-19 patients.
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Banks Told by EU to Take Climate Change Into Acccount in Lending
European authorities have told banks for the first time to take account of environmental risks in lending decisions, ramping up pressure on the financial industry to respond to climate change.
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U.S. Can’t Beat Coronavirus, But Americans Can Cope With It
There’s no refuge from Covid-19, but masks, testing improvements and other protections should temper its ravages.
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China’s Fuel Thirst Nurses Asia’s Oil Market Back to Health
As China’s demand recovery outpaces the rest of Asia, falling fuel exports from the refining giant are providing a much-needed buffer for other processors in the region still grappling with lowered consumption and poor margins.
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Credit Suisse Sells Time Off to Managers in New Cost-Saving Maneuver
Credit Suisse Group AG is offering to sell extra time off to top executives and managers based in Switzerland to give them a personal stake in the bank’s cost saving efforts.
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Temasek Unit in Talks for At Least $400 Million Ship Deal
A unit of Temasek Holdings Pte. is in talks for a potential investment of at least $400 million in Singapore shipping tycoon Chang Yun Chung’s Pacific International Lines Pte., according to people familiar with the matter.
