Japan’s government will provide 140 trillion yen ($1.3tn) to back financing of Japanese firms hit by the economic fallout from the pandemic when it compiles on Wednesday a second extra budget for the current fiscal year, PM Shinzo Abe said. Abe told in a meeting that Japan’s economic package will total more than 230tn yen, when combined with measures covered by the first supplementary budget
European travel and leisure stocks soared Tuesday after Lufthansa secured a €9bn bailout and reports emerged that Spain and Germany would ease travel restrictions, and no noticeable increase in infections were reported during the re-opening of businesses. International Consolidated Airlines Group’s shares shot up almost 20% in early trading, while easyJet rose 18% and Ryanair gained 9%.
The NYSE reopened its trading floor on Tuesday after a two-month closure due to Covid-19 pandemic. A new set of rules are in place which permit only a quarter of the normal number of traders to return to work. Traders must avoid public transport and wear masks. They will also be screened at the building entrance. Anyone who fails the check will have to be tested for Covid-19 or self quarantine.
Marketwatch editor responds to a reader’s concerns over mask wearing at work. The editor touches on the legal responsibilities that company’s have now due to new Coronavirus rules. Focuses primarily on PPE procedures for non essential white collar workers who are returning to work in office environments after working from home.
Stock markets around the world surged Tuesday amid hopes for a COVID-19 vaccine and the easing of lockdown restrictions worldwide. US biotech firm Novavax said it started the first human study of its experimental COVID-19 vaccine. Japanese shares led gains in Asia, with the Nikkei 225 up 2.55%. US markets are expected to see a day of sharp gains too as investors shift focus to risky assets.
Ride-hailing service Bolt said Tuesday it has raised $109M from investment firm Naya Capital Management in a deal valuing the European rival of Uber at 1.7 billion euros.Bolt, which currently operates in more than 150 cities across Europe and Africa, said it had recently accelerated the expansion of its food delivery service and launched a service that helps goods vendors offer same-day delivery
Merck has announced a series of measures to fight Covid-19 Pandemic. It has teamed up with nonprofit scientific research firm IAVI to develop Covid-19 vaccine. Second, it is acquiring Themis, which focuses on vaccines & immune modulation therapies for infectious diseases and cancer. And finally it is collaborating with Ridgeback Biotherapeutics to create an oral antiviral treatment for the virus.
An unexpected increase in the sales of new single-family houses has been witnessed in the United States in the month of April. A 0.6% increase in sales has been recorded by the Commerce Department. The increase is said to be temporary as the coronavirus pandemic and the lockdown imposed due to it has resulted in record unemployment as well as huge damage to the economy.
According to China’s top bat researcher, a global effort should be made to contain such viruses in order to prevent similar infectious outbreaks in the future. The ’bat woman’, Shi Zhengli, further warned that the coronavirus is just the ’tip of the iceberg’ if some steps are not taken soon.
In its first initial U.S. public offering, the world’s third largest recording label, Warner Music Group is looking at selling up to $1.82 billion in stock. Many debuts have been put on hold due to the coronavirus pandemic and this could be the largest New York IPO in 2020 as the market for new stocks tries to rebound.
UK supercar maker and Formula 1 team McLaren has decided to cut ~1200 employees of the 4,000 total employees. As Motorsport events stand cancelled and car plants & showrooms remains closed owing to Covid-19 pandemic, the company has been ’severely affected’ by the crisis. The company tried hard to cut costs and avoid layoffs but has been left with no other choice but to reduce staff said McLaren.
Nissan and Renault have shelved their plans for a full merger which the previous CEO Carlos Ghosn longed for. They will instead work on fixing the troubles in their alliance to push for recovery from the coronavirus pandemic.