U.S. light vehicle sales in March fall 27% on month as virus outbreak intensifies

(Reuters) – Light vehicle sales in the United States fell nearly 27% in March compared with a month earlier, data released by an automotive research group showed on Wednesday, as the coronavirus outbreak intensified and shuttered dealerships across much of the country. Last month, 992,392 light vehicles were sold, down from about 1.4 million in February, according to Wards Intelligence. […]

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Volkswagen to extend U.S. production halt until April 12

WASHINGTON (Reuters) – Volkswagen AG (VOWG_p.DE) said on Wednesday it is extending a production halt at its Chattanooga, Tennessee, assembly plant until April 12 because of the coronavirus pandemic. The German automaker began a production halt at its U.S. assembly plant on March 21. The company said on Wednesday Volkswagen brand sales in the United States in March fell 42%. […]

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U.S. factory activity contracts in March; orders tumble to 11-year low: ISM

WASHINGTON (Reuters) – U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession. The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity fell to a reading of 49.1 last […]

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Explainer: Euro zone mulls package to support economy against coronavirus

BRUSSELS (Reuters) – With the euro zone economy in need of help during the coronavirus epidemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely against it. Mutualising debt has always been a red line for Germany, the Netherlands, Finland and Austria, but France, […]

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Singapore banks may see worst-case hit of 14-18% on revenue over consumer loan relief: Jefferies

SINGAPORE (THE BUSINESS TIMES) – In a worst-case scenario, Singapore banks may see a 14 to 18 per cent hit to their revenue in 2020 following the latest coronavirus relief measures for consumers, said Jefferies Research in a report on Wednesday (April 1). The Monetary Authority of Singapore (MAS) on Tuesday announced measures that showed how financial institutions should allow […]

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UK banks scrap dividends on coronavirus fears, pressure on bonuses

LONDON (Reuters) – Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus. Barclays (BARC.L), HSBC (HSBA.L), Lloyds Banking Group (LLOY.L), Royal Bank of Scotland (RBS.L), Standard Chartered (STAN.L) and the British arm of Spain’s Santander (SAN.MC) all […]

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IMF says ECB, ESM support key to strong EU coronavirus response

WASHINGTON (Reuters) – The International Monetary Fund said on Monday the relaxation of the euro zone’s fiscal rules and support from the European Central Bank and the European Stability Mechanism is critical to a strong regional response to the coronavirus pandemic. “The determination of euro area leaders to do what it takes to stabilize the euro should not be underestimated,” […]

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