US Business

Airlines must suggest possible U.S. compensation for grants -Treasury

04h09 The U.S. Treasury Department issued guidelines on Monday to airlines and airport contractors as it prepares to quickly hand out $32 billion in cash assistance.. . .  Full story

Corn prices set for biggest quarterly loss in 5-1/2 years

04h04 U.S. corn futures edged up on Tuesday as traders squared positions ahead of two widely watched reports, though prices were poised for their biggest quarterly loss in more than five years as the coronavirus. . .  Full story

Instacart, Amazon workers strike as labor unrest grows during coronavirus crisis

03h15 Warehouse, delivery and retail gig workers in the United States went on strike on Monday to call attention to safety and wage concerns for people laboring through the coronavirus crisis.. . .  Full story

Layoffs in corporate Australia and New Zealand as coronavirus crisis deepens

02h52 The coronavirus outbreak has virtually shut down corporate Australia and New Zealand, forcing companies to throw out their strategic plans and resulting in thousands of layoffs or staff suspensions.. . .  Full story

U.S. senators urge coronavirus delay to June 1 USMCA trade deal start date

02h22 A bipartisan group of 19 U.S. senators urged the Trump administration to push back the planned June 1 start date for the new U.S.-Mexico-Canada trade pact, saying the short lead time would add to. . .  Full story

U.S., Russia agree to oil market talks as Trump calls price war 'crazy'

00h49 U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss slumping global oil markets, the Kremlin said, as Trump called Russia's price. . .  Full story

World Bank urges G20 to refrain from export restrictions for pandemic supplies

00h47 The World Bank on Monday urged the Group of 20 major economies (G20) to refrain from imposing new export restrictions on critical medical supplies, food or other key products as the world battles the. . .  Full story

U.S. commercial paper rates fall as Fed's interventions take hold

00h29 Rates on U.S. short-term corporate loans fell on Friday, suggesting that investors had begun to respond to the Federal Reserve's interventions to return liquidity to the market, according to data released on Monday by the. . .  Full story

LendingClub cuts approval rates for high-risk borrowers as coronavirus spreads

00h06 LendingClub Corp on Monday cut loan approval rates for some high-risk borrowers and increased income and employment verification requirements, in a sign that alternative lenders could pull back from lending as the coronavirus crisis deepens.. . .  Full story

U.S. hog futures tumble by expanded daily limit, cattle ease

00h01 U.S. lean hog futures on Monday sank by an expanded daily limit and cattle futures weakened on increased concerns that slaughterhouses will close due to the spread of the coronavirus.. . .  Full story

Two Texas shale producers ask state to curtail oil output

30/03 Texas shale producers Pioneer Natural Resources and Parsley Energy on Monday formally asked Texas regulators to curtail oil production for the first time in nearly 50 years.. . .  Full story

Ford, GE to produce 50,000 ventilators in 100 days

30/03 Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric's healthcare unit, and can then build 30,000 per. . .  Full story

Benchmark yield recovers in late trading

30/03 Longer-term U.S. Treasury yields recovered from lows in late trading on Monday as investors looked to some positive healthcare news and took signs from a stock market rally. The benchmark 10-year. . .  Full story

Fiat Chrysler executives, salaried employees to take pay cuts during coronavirus pandemic

30/03 Fiat Chrysler Automobiles NV's top executives and salaried workers around the globe will take pay cuts in an act of "shared sacrifice" brought on by the coronavirus pandemic that has shuttered the automaker's plants in. . .  Full story

Coronavirus could force GM to delay its redesigned 2021 SUVs

30/03 General Motors Co told suppliers on Monday that it is postponing work on at least half a dozen future models to conserve cash during the coronavirus pandemic and could delay the planned launch in. . .  Full story

Macy's, Kohl's, Gap turn to mass furloughs as virus crisis deepens

30/03 Major U.S. retailers Macy's Inc, Kohl's Corp and Gap Inc said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer to curb the spread. . .  Full story

Visa transaction volumes hurt as coronavirus crisis deepens

30/03 Visa Inc said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single-digit percentage revenue growth for the second quarter.. . .  Full story

J&J, Moderna sign deals with U.S. to produce huge quantity of possible coronavirus vaccines

30/03 The U.S. government has cut deals with Johnson & Johnson and Moderna Inc and said it is in talks with at least two other companies to prepare them to produce massive quantities of coronavirus. . .  Full story

Oil pipeline, producer standoff prompts new call for Texas shale curbs

30/03 As a weekend standoff over oil shipments emerged between Texas pipeline operators and shale producers, a state energy regulator has renewed his controversial call for mandated 10% cuts to address a growing a crude glut.. . .  Full story

Air Canada to furlough employees as coronavirus slams industry

30/03 Air Canada said on Monday it will cut second quarter capacity by 85%-90%, place about 15,200 unionized employees off duty and furlough about 1,300 managers as the coronavirus pandemic takes a toll on global. . .  Full story

Workers go on strike at Amazon delivery site in Italy amid coronavirus

30/03 Around one-third of those working at an Amazon delivery station in central Italy went on strike on Monday, a union representative said, citing a request for enhanced safety measures for workers amid the coronavirus health. . .  Full story

U.S. to finalize fuel efficiency rewrite through 2026 -sources

30/03 The Trump administration plans to announce on Tuesday it is finalizing its effort to roll back Obama era vehicle emissions rules and will mandate average annual increases in fuel efficiency standards of 1.5% through 2026,. . .  Full story

Corn slumps as ethanol makers feel coronavirus constraints

30/03 U.S. corn futures fell more than 1% on Monday on slowing grain demand from ethanol makers, as tightening coronavirus pandemic travel restrictions limited demand for the biofuel.. . .  Full story

Wall Street rallies, led by healthcare jump

30/03 U.S. stocks rose on Monday, led in part by healthcare stocks as investors looked for shares that have become cheap and can withstand the impact to the economy from efforts to stem the spread. . .  Full story

Canadian pension scheme CDPQ to help coronavirus-hit firms with C$4 billion fund

30/03 Caisse de dépôt et placement du Québec (CDPQ), one of Canada's biggest state pension investors, said http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200330:nCNW7J7bpa on Monday it would create a C$4 billion fund to support companies in Québec advers. . .  Full story

Russia sets up oil company as Rosneft leaves Venezuela

30/03 Russia has sets up an oil company called Roszarubezhneft just as energy giant Rosneft sold its business in Venezuela to an undisclosed company owned by the Russian government, the data for the state registry showed. . .  Full story

JPMorgan plans to raise up to $10 bln for alternative investments - source

30/03 JPMorgan Chase & Co's alternative investments unit is looking to raise up to $10 billion to boost its spending power in the face of the coronavirus pandemic, a source familiar with the matter said. . .  Full story

AmEx to avoid job cuts as it rides out coronavirus storm

30/03 American Express Co will avoid job cuts in 2020 as the credit card issuer "rides out the storm" brought on by the coronavirus pandemic, Chief Executive Officer Steve Squeri said in a video https://www.linkedin.com/posts/american-express_our-most-important-asset-is-our-colleague-activity-665042153288. . .  Full story

Highlights of Canada's stimulus measures to fight coronavirus outbreak

30/03 * Export Development Canada and Business Development Bank to get additional C$12.5 billion ($8.82 billion) to provide guaranteed loans to small- and medium-sized businesses.. . .  Full story

Bostic: Fed programs could be broadened if they have missed important parts of economy

30/03 As U.S. officials role out trillions of dollars in new economic support, a Federal Reserve policymaker on Monday said focus will now shift to whether those programs prove adequate or need to be expanded. . .  Full story

Exor stake values U.S.-based Via Transportation at $2.25 bln

30/03 Italy's Exor said on Monday it had agreed to pay $200 million for an 8.87% stake in U.S.-based shared mobility company Via Transportation, in what would be the first step by the Agnelli family's. . .  Full story

Coronavirus drives U.S. March auto sales off a cliff

30/03 U.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further. . .  Full story

U.S. markets watchdog Clayton says SEC should not ban short-selling of shares

30/03 The head of the U.S. Securities and Exchange Commission said on Monday that it should not ban short-selling of shares, amid speculation on further measures the agency might take to arrest a market rout. . .  Full story

North American oil producers slash budgets by about 30% amid crude price rout

30/03 North American oil and gas producers have cut their 2020 budgets by about 30%, or more than $25 billion, data compiled by Reuters showed, following a slump in crude prices.. . .  Full story

-Harley-Davidson settles board fight with investor Impala

30/03 Harley-Davidson Inc said on Monday it settled a board fight with Impala Asset Management just days after the investor began pressing to replace two directors at America's oldest and best-known motorcycle maker.. . .  Full story

Poland vote could be postponed if safety not guaranteed -president

30/03 Poland should consider postponing presidential elections scheduled for May 10 if health and safety conditions can't be guaranteed, Poland's President Andrzej Duda said on Monday.. . .  Full story

-Putin, Trump order their energy ministers to discuss oil - Kremlin

30/03 Russian President Vladimir Putin and U.S. President Donald Trump discussed oil and the spread of the coronavirus in a phone call on Monday, and ordered their energy ministries to hold further talks on global. . .  Full story

Facing huge demand loss, global oil refineries cut output

30/03 The list of oil refiners that have reduced their production in the wake of unprecedented fall in fuel demand from the coronavirus pandemic is growing with European refineries slashing output by at least 1.3. . .  Full story

Paris Motor Show in Sept/Oct cancelled due to coronavirus

30/03 The Paris Motor show scheduled for late September/early October has been cancelled "in its current format" due to the "economic shock wave" triggered by the coronavirus pandemic, the event's organisers said on Monday.. . .  Full story

Canada's Inter Pipeline cuts dividend, halts sale of European unit due to coronavirus impact

30/03 Canada's Inter Pipeline Ltd on Monday cut its monthly dividend by 72% and halted the planned sale of its European bulk liquid storage business, the latest hit to the energy patch caused by plummeting. . .  Full story

Refiner PBF Energy sells unit, cuts spending to boost cash reserves

30/03 PBF Energy, the sixth largest U.S. oil refiner, on Monday said it will cut spending, reduce production to minimum levels and raise cash by selling one of its operations as demand for gasoline and. . .  Full story

EU may help banks more with loan losses due to pandemic

30/03 The European Union wants to give as much operational relief to banks as possible when dealing with losses on loans during the coronavirus epidemic and could consider further steps, a European Commission official said on. . .  Full story

Commercial paper rates fall, signaling Fed's program working

30/03 Rates on U.S. short-term corporate loans fell on Friday, suggesting that the Federal Reserve's intervention to return liquidity to the market has begun working, according to data released on Monday morning by the central bank.. . .  Full story

Come by Chance becomes first North American refinery to close on coronavirus concerns

30/03 North Atlantic Refining Ltd's Come-by-Chance refinery in Canada will be the first to close in North America due to the coronavirus pandemic as refineries worldwide cut back operations.. . .  Full story

U.S. DoJ reviews stock trades by lawmakers after coronavirus briefings - CNN

30/03 The Justice Department has started to probe a series of stock transactions made by lawmakers ahead of the sharp market downturn triggered by the coronavirus pandemic, CNN reported on Sunday, citing two people familiar. . .  Full story

Great time for long-term investors to put money into U.S. -Mnuchin

30/03 U.S. Treasury Secretary Steven Mnuchin said on Monday that the U.S. economy would have a "rough quarter" due to the coronavirus, but the underlying fundamentals were sound and it was a great time for. . .  Full story

TSX drops on oil plunge as coronavirus hits demand

30/03 Energy stocks led Canada's main stock index lower on Monday as oil prices plunged on heightened fears that coronavirus-driven shutdowns globally could last months and hit demand for fuel.. . .  Full story

U.S. pending home sales rise 2.4% in February

30/03 Contracts to buy previously owned homes rose for the second straight month in February, the National Association of Realtors said on Monday.. . .  Full story

Poland to consider postponing election based on data in early April

30/03 Poland will make further recommendations on whether or not to hold presidential elections based on data to be made available in early April, Health Minister Lukasz Szumowski said on Monday. . .  Full story

Lockdown set to stymie Fiat attempt to restart some Italian production

30/03 A probable extension of Italy's lockdown could frustrate an attempt by Fiat Chrysler to resume some vehicle production at three Italian plants next week, a union representative said on Monday.. . .  Full story

COLUMN-Coronavirus demand hit renders OPEC+, Trump manoeuvres irrelevant: Russell

30/03 Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have. . .  Full story

As virus threatens, U.S. embraces big government, for now

30/03 It may, as House Majority Leader and Maryland Democrat Steny Hoyer said on Friday, be out of love that the United States agreed to shut down much of its economy to stop a viral. . .  Full story

China takes steps to heal virus-hit economy as infections fall

30/03 China ramped up efforts on Monday to heal the world's second-biggest economy as health authorities reported a further drop in new coronavirus cases, although the country remains wary of carriers of the disease coming from. . .  Full story

Russian state gave up majority stake in Rosneft in Venezuela deal - source

30/03 The Russian state has cut its holding in oil giant Rosneft to below a majority stake as part of its deal to buy the group's Venezuelan assets, announced over the weekend, a source familiar. . .  Full story

Hedge funds trim short oil positions as prices hit crisis point: Kemp

30/03 Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries.. . .  Full story

BNY Mellon names interim head Gibbons as CEO

30/03 Bank of New York Mellon Corp on Monday named interim head Thomas Gibbons as chief executive officer, effective immediately.. . .  Full story

Bracing for the worst from U.S. earnings in a pandemic

30/03 Investors are desperate for clarity on U.S. corporate profits as the coronavirus pandemic has forced them to lower expectations ahead of the first-quarter reporting period starting in mid-April. U.S. companies increasingly. . .  Full story

The U.S. weighs the grim math of death vs. the economy

30/03 Hollstadt Consulting CEO Molly Jungbauer has had to let go 30 of the 150 employees at her St. Paul, Minnesota firm to weather the drop in revenue from travel industry clients because of the. . .  Full story

Marubeni completes purchase of Aircastle amid aviation crisis

30/03 Japanese trading company Marubeni Corp said on Monday it had completed the acquisition of a U.S. aircraft lessor Aircastle Ltd, making the purchase when the airline industry is in crisis due to the global coronavirus. . .  Full story

Coronavirus crisis a 'game changer' for oil sector -Goldman Sachs

30/03 The coronavirus pandemic and resulting plunge in crude prices will result in a leaner, stronger oil industry but raise the risk of shortages further down the line, Goldman Sachs analysts said on Monday.. . .  Full story

American Airlines in talks to hire Millstein for aid advice -sources

30/03 American Airlines Group Inc is in advanced talks to hire Guggenheim Securities co-chairman James Millstein for advice on tapping a $50 billion industry relief package available from the U.S. Treasury Department to cope with the. . .  Full story

German engineering industry faces more supply chain problems - VDMA

30/03 The coronavirus pandemic is increasingly affecting supply chains of German engineering companies, a poll by industry association VDMA showed on Monday.. . .  Full story

Japan drugmaker Shionogi to tie up with Ping An as eyes China expansion

30/03 Japan's Shionogi & Co, creator of the blockbuster cholesterol treatment Crestor, said on Monday it would tie up with Ping An Insurance Group Co of China, selling a 2.05% voting stake for 33.53 billion yen. . .  Full story

China's factory activity seen recovering in March, but still in contraction after virus shock

30/03 Activity in China's vast manufacturing sector likely remained in contraction in March, though it was set to stabilise slightly from the coronavirus-led collapse that virtually paralysed the world's second-biggest economy.. . .  Full story

Laden LNG tanker heading to China from U.S., first since March 2019

30/03 A liquefied natural gas (LNG) tanker which loaded a cargo from the United States is currently heading to China, the first shipment since March 2019, according to shiptracking data from Refinitiv Eikon and Kpler. . .  Full story

U.S. natgas storage to hit record as coronavirus cuts demand, LNG exports

30/03 U.S. natural gas stockpiles will hit an all-time high in 2020 as drillers keep producing record amounts of fuel even though demand is expected to slump as governments take steps to slow the spread. . .  Full story

Coffee importers stockpiling on fears over coronavirus lockdowns

30/03 Coffee importers in some of the largest consuming countries are stockpiling, bringing forward orders by up to a month to avoid shortages if supply chains are disrupted by coronavirus lockdowns.. . .  Full story

Tegna says coronavirus outbreak weighs on sale talks

30/03 Tegna Inc said on Sunday that two potential acquirers had ended deal discussions with the U.S. regional TV station operator following the "market dislocation" fueled by the global coronavirus outbreak.. . .  Full story

Major airlines urge U.S. Treasury to disburse assistance quickly

30/03 Major U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.. . .  Full story

Australia's Coronado to idle U.S. operations as virus trips global economic growth

30/03 Coronado Global Resources said on Monday it will temporarily halt metallurgical coal output from its U.S. operations due the global economic fallout of the coronavirus pandemic but will meet its current commitments.. . .  Full story

Canada's army not needed right now to help combat coronavirus spread, Trudeau says

29/03 Canada is not planning for the moment to use troops to help combat a spreading coronavirus outbreak, although the option remains on the table, Prime Minister Justin Trudeau said on Sunday.. . .  Full story

Altice Europe pledges to pay no dividend in 'exceptional' times

29/03 Telecoms and cable group Altice Europe, which has not paid a dividend since it was incorporated, on Sunday pledged not to pay a dividend to shareholders, citing the current coronavirus crisis.. . .  Full story

Jefferies Group CFO Peg Broadbent dies due to coronavirus complications

29/03 Jefferies Financial Group Inc said on Sunday Peg Broadbent, chief financial officer of Jefferies Group LLC, has died from coronavirus complications.. . .  Full story

World’s largest glove maker sees shortage as coronavirus fight spikes

29/03 Malaysia’s Top Glove Corporation Bhd, which makes one in every five gloves globally, expects a product shortage as demand from Europe and the United States spikes because of the widening coronavirus outbreak is exceeding its. . .  Full story

Detroit auto show canceled due to coronavirus

29/03 Organizers canceled the Detroit auto show on Saturday citing the coronavirus pandemic, with the Federal Emergency Management Agency set to tap the convention center venue into a temporary field hospital.. . .  Full story

Ackman says Pershing Square no longer has hedges on stocks

29/03 William Ackman's Pershing Square Capital Management no longer has hedges on its stock portfolio, but still has some cash to invest if equities decline further as the United States battles the coronavirus outbreak, the billionaire. . .  Full story

Rosneft sells Venezuelan assets to Russia after U.S. sanctions ramp up

29/03 Russia's largest oil producer, Rosneft, said on Saturday it had terminated operations in Venezuela and sold the assets linked to its operations in the South American nation to an unnamed company owned by the. . .  Full story

-Trump says he might lock down New York as coronavirus death count tops 2,000

28/03 President Donald Trump said on Saturday he might prohibit travel in and out of the New York area to limit the spread of the coronavirus from its U.S. epicenter, as the number of deaths. . .  Full story

Rosneft sells Venezuela operations to Russian state firm

28/03 Russia's largest oil producer, Rosneft, said on Saturday it had terminated operations in Venezuela and sold the assets linked to its operations there to an unnamed company owned by the Russian government.. . .  Full story

Russia's Rosneft says company defends its shareholders by leaving Venezuela

28/03 A decision by Russian oil major Rosneft to terminate its operations in Venezuela is aimed at defending its shareholders, Rosneft's spokesman Mikhail Leontiev told Reuters on Saturday.. . .  Full story

Amazon entices warehouse employees to grocery unit with higher pay

28/03 Amazon.com Inc is offering higher pay to recruit its own warehouse employees to pick and pack Whole Foods groceries amid rising demand and a worker shortage, according to an internal document reviewed by Reuters.. . .  Full story

China's Wuhan, where the coronavirus emerged, begins to lift its lockdown

28/03 The Chinese city of Wuhan, where the coronavirus outbreak first emerged, began lifting a two-month lockdown on Saturday by restarting some metro services and reopening borders, allowing some semblance of normality to return and families. . .  Full story

World Bank, IMF urge debt relief for poorer countries hit by coronavirus

28/03 The heads of the World Bank and International Monetary Fund on Friday underscored the need to provide debt relief to poorer countries hit by the coronavirus pandemic, and said official bilateral. . .  Full story

Historic $2.2 trillion coronavirus bill passes U.S. House, becomes law

28/03 The U.S. House of Representatives on Friday approved a $2.2 trillion aid package - the largest in history - to help cope with the economic downturn inflicted by the intensifying coronavirus pandemic, and President Donald. . .  Full story

Canada's top lenders cut prime rates after central bank's surprise move

28/03 Canada's top lenders lowered their prime rates by 50 basis points on Friday, hours after the central bank unexpectedly cut its key interest rate to help the county weather the economic fallout of the. . .  Full story

Apple's factories are running, but suppliers wary about iPhone demand

28/03 As China reopens its economy after months of lockdown, Apple Inc's iPhone factories are largely up and running. But with the coronavirus pandemic spreading across the world, the urgent question for the company is. . .  Full story

Mexico registers 717 coronavirus cases, and 12 total deaths

28/03 Mexico's health ministry on Friday said it had registered 717 cases of coronavirus in the country, up from 585 the day before.. . .  Full story

Trump tells GM: Stop 'wasting time', build ventilators to address coronavirus

28/03 U.S. President Donald Trump on Friday invoked emergency powers to require General Motors Co to build much-needed ventilators for coronavirus patients after he accused the largest U.S. automaker of "wasting time" during negotiations.. . .  Full story

Airbnb suspends marketing to save $800 mln, top execs take pay cut - source

28/03 Airbnb Inc has suspended all its marketing activities to save $800 million this year, and its founders will take no salary for the next six months while top executives will take a 50% cut,. . .  Full story

U.S. hog, cattle futures dive as volatile trade continues

28/03 U.S. lean hog futures tumbled on Friday, with several contracts falling the expanded daily limit of 4.5 cents per pound on worries about a slowdown in demand for pork and fears that the coronavirus. . .  Full story

Microsoft to divest AnyVision stake, end face recognition investing

28/03 Microsoft Corp on Friday said it would sell its stake in AnyVision, an Israeli facial recognition startup, and said it no longer would make minority investments in companies that sell the controversial technology.. . .  Full story

Air Canada-Transat deal to likely reduce competition - Canadian agency

28/03 Air Canada's proposed C$720 million acquisition of tour operator Transat A.T. Inc will result in a substantial lessening or prevention of competition, the Canadian Competition Bureau said on Friday.. . .  Full story

Coronavirus cases reported at 17 of Amazon's U.S. warehouses

28/03 Amazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while about half the population faces government stay-at-home orders.. . .  Full story

U.S. airlines cheer government relief but warn it is no 'cure' for deep industry crisis

28/03 United Airlines Holdings Inc and Delta Air Lines welcomed on Friday a $50 billion relief package they said would protect jobs through September but warned that the continued challenges facing the industry will require more. . .  Full story

Bipartisan majority of Americans reject Trump idea to reopen by Easter -Reuters/Ipsos poll

28/03 A bipartisan majority of Americans appear to reject an idea floated by President Donald Trump to reopen businesses by Easter, according to a Reuters/Ipsos poll, which also showed that nearly one in four have been. . .  Full story

Airbnb to halt all marketing, most hiring as losses mount - The Information

27/03 Airbnb plans to halt all of its marketing, pause most hiring, and likely withhold employee bonuses as it tries to conserve cash amid a slide in bookings, CEO Brian Chesky told employees in a. . .  Full story

Wall Street tumbles as U.S. virus cases pass 100,000

27/03 Wall Street stocks tumbled on Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.. . .  Full story

IMF's Georgieva says world in recession, countries must 'go big' on spending

27/03 The coronavirus has already driven the global economy into recession and countries must respond with "very massive" spending to avoid a cascade of bankruptcies and emerging market debt defaults, the head of the International Monetary. . .  Full story