Only a few weeks ago, Turkey seemed a better bet than many other emerging markets to withstand a global economic slowdown over the coronavirus. Its economy was roaring back from a recession on the strength of surging domestic lending and state support for the lira, able to shrug off market mayhem abroad and even benefit from tumbling prices for imports.
German aircraft engine maker MTU Aero Engines on Monday said it would temporarily suspend work at several of its European factories in response to the coronavirus pandemic.
The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe.
The Indian government has asked all state-owned lenders to extend emergency credit lines to corporate borrowers, three government and banking sources said, as it rushes to tackle the fallout from the coronavirus outbreak that has grounded business across the globe.
China's soymeal futures rose to hit their trading limit on Monday as many crushers suspended operation because of a soybean shortage and coronavirus outbreaks in South America further disrupted exports of the oilseed.
Britain is still working to develop a package of government support for its airlines, with the most likely outcome a range of measures to suit the carriers' different needs, the head of the country's pilots union BALPA said on Monday.
Plus-sized fashion retailer N Brown has maxed out its main credit facilities and may need further funds under a downside scenario for the coronavirus shutdown, the company said on Monday.
Russian state-controlled VTB bank, which has been expanding its grain business, has bought a half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel, it said on Monday.
Plus-sized fashion retailer N Brown has maxed out its main credit facilities and may need further funds under a downside scenario for the coronavirus shutdown, the company said on Monday.
Primark is closing all of its stores, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.
Primark is closing all of its stores around the world, a loss of roughly 650 million pounds ($760 million) worth of net sales a month, and will stop placing new orders with suppliers, its parent company said on Monday as the coronavirus outbreak deepens.
Planemaker Airbus announced new steps on Monday to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros ($16.1 billion).
The coronavirus pandemic amid an economic slowdown has hit revenue at Indian retailers selling non essential items like clothes and jewelry by 75% so far and is likely to cause widespread job losses, an industry body said on Monday.
Planemaker Airbus announced new steps on Monday to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros ($16.1 billion).
A Senate Republican coronavirus stimulus package would provide financial aid to U.S. airports, transit systems and passenger railroad Amtrak, but $50 billion for struggling U.S. airlines would be a loan, not a cash payout, the proposal showed.
China Hongqiao Group, the world's biggest aluminium producer, said on Friday lower costs boosted net profit by 12.7% in 2019 despite a sharp drop in output, as it announced its intention to boost production from scrap metal.
Airlines cancelled more flights on Monday as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers.
Despite the threat of coronavirus and an opposition boycott, a constitutional referendum was held in Guinea on Sunday that opponents of President Alpha Conde fear could allow him to govern for 12 more years.
Reuters
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