German Government Advisers Warn of Worst Recession Since 2009

German Government Advisers Warn of Worst Recession Since 2009

The German government’s economic advisers predict that the coronavirus pandemic will give the nation its worst recession since the global financial crisis. Even if most business and movement restrictions are lifted in mid-May, allowing the economy to recover through the summer, the output is expected to shrink by 2.8% this year, according to a report […]

Zimbabwe Restores Dollar Peg as Currency Crashes

Zimbabwe Restores Dollar Peg as Currency Crashes

Zimbabwe’s government, which banned the use of the dollar nine months ago, has restored the peg its currency had to the greenback due to a scarcity of foreign exchange. The southern African nation faces shortages of fuel, power, and food because it can’t afford to pay for the imports. The worst drought in 40 years […]

Fired Americans Send Unemployment Websites Crashing Down

Fired Americans Send Unemployment Websites Crashing Down

When Aaron Garza was dismissed this week from his job as a parts specialist at a Toyota dealership in Grand Rapids, Michigan, he joined a tidal wave of unemployed people swamping systems to help them and straining state finances to the breaking point. On Monday, Garza went to Michigan’s unemployment website and tried logging on […]

Trump’s April 6 Deadline for Virus Stimulus Checks Could Be Hard to Meet

Trump’s April 6 Deadline for Virus Stimulus Checks Could Be Hard to Meet

President Donald Trump wants to send cash payments to households in less than two weeks, Senate Minority Leader Chuck Schumer said Wednesday but former IRS officials warn that the deadline could be hard to meet. The payments are one of the central provisions of the $2 trillion stimulus package awaiting a Senate vote. Schumer said […]

Pandemic Threatens to Disrupt $160 Billion of Debt Negotiations

Pandemic Threatens to Disrupt $160 Billion of Debt Negotiations

The coronavirus pandemic threatens to complicate matters for several of the world’s most indebted nations, potentially disrupting the restructuring of some $160 billion in international bonds. Investors who own debt from Lebanon, Argentina and Venezuela are hunkering down at home as they sort through market chaos. Meantime, officials from Beirut to Buenos Aires and Caracas […]

Uganda Cuts Growth Outlook as Coronavirus Outbreak Hurts Tourism

Uganda Cuts Growth Outlook as Coronavirus Outbreak Hurts Tourism

Uganda sees economic growth slowing to 5.2% to 5.7% in 2019-20 from an earlier forecast of 6% depending on the severity of the impact coronavirus pandemic, the Finance Ministry said. While Uganda is yet to detect any cases of the virus, expansion in the 12 months through June will be hurt by global travel restrictions […]

Surging U.S. Dollar Is Next Big Headache for the World Economy

Surging U.S. Dollar Is Next Big Headache for the World Economy

King Dollar is creating a new headache for virus-battered economies globally, with emerging markets especially vulnerable as they try to cope with collapsing currencies and plunging demand. Investors are fleeing emerging markets in record numbers and piling into the safe-haven greenback, with two emergency interest-rate cuts this month by the Federal Reserve doing nothing to […]

South Africa Has Another Debt Crisis: Sasol Races to Raise Cash

South Africa Has Another Debt Crisis: Sasol Races to Raise Cash

South Africa’s crowded corporate intensive-care ward has got a new patient. With the state airline bankrupt and the power monopoly burning through its latest bailout, Sasol Ltd., the fuel and chemicals company that’s South Africa’s biggest by revenue, has stumbled into its own debt crisis. The company was already struggling to keep up with repayments […]

Trudeau’s Finance Chief Is Quickly Reworking His Budget Forecasts

Trudeau’s Finance Chief Is Quickly Reworking His Budget Forecasts

Officials in Canada’s finance department are reworking budget forecasts to reflect a quickly deteriorating economic outlook with less than three weeks to go before Finance Minister Bill Morneau delivers his fiscal plan. Private-sector economists, whose forecasts are used as the basis for the finance department’s projections, are being asked to submit updated numbers by Friday, […]

U.S. Chicken Flows to China as Ports Return, Tariffs Waived

U.S. Chicken Flows to China as Ports Return, Tariffs Waived

U.S. chicken exports to China are flowing freely again as logistical bottlenecks caused by a deadly virus dissipate and the Asian nation issues tariff waivers to buyers, according to Sanderson Farms Inc. The U.S.’s third-largest chicken producer has shipped 522 loads to China of mostly dark meat and paws, Chief Executive Officer Joe Sanderson Jr. […]

The odds of a U.S. recession just jumped above 50%

The odds of a U.S. recession just jumped above 50%

The coronavirus that sent financial markets reeling is poised to exact a larger toll on the U.S. economy in the coming months and possibly threaten the record-long expansion. 53% Chance of Recession Within 12 Months The chance of a recession within the next year now stands at 53%, the highest reading since the U.S. exited […]

Trudeau Government Pledges Targeted Steps to Help Canada’s Economy

Trudeau Government Pledges Targeted Steps to Help Canada’s Economy

Canadian Finance Minister Bill Morneau said he plans a targeted response to the fallout from the coronavirus and plunging oil prices, laying out a cautious approach to any fiscal stimulus plan to boost the economy. Morneau said the government is planning to take measures to fund the health system, as well as steps to help […]

Oil Price War, ECB Firing Blanks, Japanese Fiscal Aid

Oil Price War, ECB Firing Blanks, Japanese Fiscal Aid

Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week: Another shockwave is about to rip through a world economy already reeling from the coronavirus — a plunge in the price of oil Global central bankers enter a new week under fresh pressure to outline the […]

‘Baptism of Fire’ Awaits New Guardians of British Economy

‘Baptism of Fire’ Awaits New Guardians of British Economy

Two new leaders of the British economy need to hit the ground running and in lockstep. Chancellor of the Exchequer Rishi Sunak is less than a month into the job. Andrew Bailey doesn’t even become Bank of England governor until next week. But both are being thrown straight into a battle to protect the economy. […]

Ahead of coronavirus impact, economy added 273,000 jobs for February

Ahead of coronavirus impact, economy added 273,000 jobs for February

The economy gained 273,000 jobs in February, well above economist predictions, according to monthly employment data released Friday by the Bureau of Labor Statistics. The February jobs report, which includes data collected before the coronavirus epidemic hit the U.S., also shows the unemployment rate fell from 3.6 percent to 3.5 percent. Wage growth ticked up […]

Border Crisis Nears Boiling Point as Migrants Flock From Turkey

Border Crisis Nears Boiling Point as Migrants Flock From Turkey

A potential massive influx of migrants seeking refuge in Europe has raised the risk of a violent showdown along the heavily fortified border with Turkey and prompted Greek Prime Minister Kyriakos Mitsotakis to convene an emergency meeting of the country’s security council on Sunday. Around 81,000 refugees have left Turkey so far, according to President […]

Virus Puts German Growth Forecast at Risk, Says ECB’s Weidmann

Virus Puts German Growth Forecast at Risk, Says ECB’s Weidmann

Growth in Europe’s largest economy will almost certainly be weighed down by the coronavirus, even though the effects of the epidemic don’t yet warrant a monetary-policy response, said Bundesbank President Jens Weidmann. Numerous trade-related uncertainties continue to threaten Germany’s export-oriented companies, and the spread of the coronavirus presents an additional economic risk, he said at […]

U.S. Jobless Claims Rise a Second Week to 210,000, as Forecast

U.S. Jobless Claims Rise a Second Week to 210,000, as Forecast

Filings for U.S. unemployment benefits increased for a second week, though remained near levels signaling that the labor market is historically tight. Jobless claims rose 4,000 to 210,000 in the week ended Feb. 15, according to Labor Department figures released Thursday that matched estimates in Bloomberg’s survey of economists. The four-week average, a less-volatile measure, […]