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Amazon in contact with coronavirus test makers as it plans pandemic response

The chief executives of Abbott Laboratories and Thermo Fisher Scientific Inc have told Amazon they would like to work with the e-commerce company, though the U.S. government is taking up all of their testing capacity at present, the notes said. The company also discussed whether it could start such tests in at least one warehouse near its Seattle headquarters, the status of which was unclear.

IMF sees coronavirus-induced global downturn 'way worse' than financial crisis

IMF asked advanced economies to step up efforts to help emerging markets survive the impact of the pandemic.

Covid-19: Corona beer producer halts brewing

Mexico’s other major beer producer Heineken — which makes the Tecate and Dos Equis brands — could also stop activities on Friday, the Reforma newspaper said, although the company did not confirm the report.

Lockdown hits business activity across Europe

A final composite PMI for the euro zone plummeted to a record low of 29.7 from February’s 51.6, lower than the flash reading of 31.4 and marking by far its biggest onemonth drop since the survey began in July 1998. The 50 mark separates growth from contraction.

Fitch sees global growth contracting by 1.9 per cent in 2020

The spread of the pandemic and the actions necessary to control it mean we now have to incorporate full-scale lockdowns across Europe and the US and many other countries into the baseline forecasts.

China frees up $56 bln for virus-hit economy by slashing small banks' reserve requirements

The latest stimulus move comes as the world's second-largest economy looks likely to shrink for the first time in 30 years and hopes for a quick recovery are being soured by the rapid spread of the disease worldwide, crushing global demand. The RRR cut was flagged by the cabinet on Tuesday along with other support measures as Beijing tries to cushion the economic blow from the pandemic, which is fanning worries about heavy job losses.

A Widening Toll on Jobs: ‘This thing is going to come for us all’

The speed and scale of the job losses are without precedent. In just two weeks, the pandemic has left nearly 10 million Americans out of work, more than in the worst months of the last recession. Until last month, the worst week for unemployment filings was 695,000 in 1982.

US economy to shrink at fastest rate since 1946, unemployment to top 15%: Morgan Stanley

The U.S. bank said it had cut its first-quarter forecast to an annualised 3.4% contraction from a previous 2.4%, while in the second quarter the economy is predicted to shrink 38%, up from an earlier forecast of a 30% contraction.

When will U.S. economy bottom? Economists hunt for the right view

The economic crisis spawned by the coronavirus pandemic has produced a wave of grim U.S. data, with likely more to come as millions lose jobs, businesses shutter and spending stops. But at some point, the bottom will be reached.

ADB warns global cost of coronavirus could top $4 trillion

"The estimated impact could be an underestimate, as additional channels such as...possible social and financial crises, and long-term effects on health care and education are excluded from the analysis," the ADB said. The Manila-based bank said a shorter containment period could pare the losses to $2 trillion.

Why the global recession could last a long time

Why the global recession could last a long time

Now, fears are growing that the downturn could be far more punishing and long lasting than initially feared — potentially enduring into next year, and even beyond — as governments intensify restrictions on business to halt the spread of the pandemic, and as fear of the virus reconfigures the very concept of public space, impeding consumer-led economic growth.

British Airways in union talks to suspend around 32,000 staff: Source

British Airways in union talks to suspend around 32,000 staff: Source

British Airways is in talks with its union about a plan to suspend around 32,000 staff in response to the coronavirus pandemic, a person familiar with the situation said.

Global economy could shrink by almost 1% in 2020 due to COVID-19 pandemic: United Nations

Global economy could shrink by almost 1% in 2020 due to COVID-19 pandemic: United Nations

The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt.

Boeing to offer voluntary layoffs to employees to tide over coronavirus fallout: Sources

Boeing to offer voluntary layoffs to employees to tide over coronavirus fallout: Sources

Boeing Chief Executive Dave Calhoun is expected to detail a voluntary layoff plan in a memo to employees as early as Thursday, the second person said.

Big tobacco companies join race for Covid vaccine

Big tobacco companies join race for Covid vaccine

BAT has already started pre-clinical testing on animals, of a plant-based vaccine via US biotech subsidiary Kentucky BioProcessing. Philip Morris, on the other hand, through its partially-owned Canadian unit Medicago, expects to start human trials of a potential vaccine this summer.

COVID-19 crisis forces UK banks to axe billions in payouts

COVID-19 crisis forces UK banks to axe billions in payouts

Britain's banking sector on Wednesday scrapped billions of pounds (dollars) in shareholder dividends and share buybacks after the Bank of England requested the move to boost liquidity and help cope with the coronavirus crisis.

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