Singapore Boosts Virus Relief by S$33 Billion With Focus on Jobs

Singapore’s Finance Minister Heng Swee Keat delivered a fourth fiscal package of S$33 billion ($23 billion) to counter the economic fallout of the coronavirus, providing specific support to saving jobs. The latest measures will help businesses and workers affected by border closures and movement restrictions, Heng said in a Parliament session Tuesday. The new package […]

Virus Turmoil Wipes Out Year’s Growth for Australia Pensions

For a fresh perspective on the stories that matter for Australian business and politics, sign up for our new weekly newsletter. Global market turmoil caused by the coronavirus has wiped out a year’s growth for Australia’s pensions industry, the world’s fourth-biggest pot of retirement savings. Assets under management fell 7.7% to A$2.73 trillion ($1.8 trillion) in […]

South Korea’s Consumer Confidence Rebounds From an 11-Year Low

South Korea’s consumer confidence jumped in May from the lowest level since the global financial crisis as progress in curbing the coronavirus outbreak eased concern over the economy somewhat. The consumer sentiment index rose to 77.6 this month from 70.8 in April, the Bank of Korea said in a statement Tuesday. The reading jumped the […]

Trade plunges as coronavirus exposes pitfalls of cross-border supply chains

Trump ‘not interested’ in renegotiating China trade deal President Trump says he wants to see if China can ‘live up to the deal they signed’ last January. Global trade flows tumbled in the first quarter, a preview of what could be the largest contraction in international commerce in decades, as the coronavirus pandemic causes policymakers […]

Israel Economy Takes Historic Hit But Tops Expectation for Worse

Follow us @middleeast for more news on the region. Israel’s economy started 2020 with its worst quarter in at least 25 years, after a near total economic shutdown at home and abroad amid the coronavirus pandemic hammered private consumption. Gross domestic product contracted a seasonally adjusted, annualized 7.1% in the first three months of the […]

Bank of Thailand’s Governor Won’t Seek a Second Term

A new governor will take on the task of shaping Bank of Thailand policy for the Covid-19 induced economic crash after incumbent head Veerathai Santiprabhob decided against seeking a second term. Veerathai for family reasons won’t apply for another five years at the head of the central bank, Assistant Governor Chantavarn Sucharitakul said in a […]

Banker Bots Rake In Nordic Wealth Business and Reshape Finance

The robots advising investors at the biggest Nordic banks just had their best quarter since being switched on. Much of their sudden popularity has coincided with the crisis triggered by Covid-19. But the banks behind the bots say the development has also laid bare where human financial advisers add no value, and robots do. At […]

Lockdown Living: Europeans Eat Less Meat and a Glut Is Growing

When lockdowns closed the restaurant and catering industry in March, British wholesale meat supplier The Sausage Man needed a way to keep business going. The answer — an online shop to hawk its German bratwurst, frankfurters and hot dogs direct to consumers — may still not be enough to fully save the year. Though April […]

Credit Suisse CEO Says Will Need Fewer Employees Post Crisis

Credit Suisse Group AG will come out of the coronavirus crisis needing fewer employees in the medium term as it faces the prospect of lower growth and looming credit defaults. Online banking is becoming more important and will lead to a decrease in the importance and number of branches, Chief Executive Officer Thomas Gottstein said […]

Argentina’s Stumble to Default Caps Brutal Four-Year Decline

Argentina is on the verge of officially being declared in default just four years after a wave of optimism lured billions of dollars in investment. The country’s ambassador to the U.S. said it wouldn’t make $500 million of overdue payments whose grace period expired today until it can reach a restructuring deal with creditors, likely […]