Crisis

    • Bayer with multibillion-euro loss

      Bayer with multibillion-euro loss

      German pharmaceutical giant Bayer made a net loss of €9.5bn ($11.2bn) in the second quarter as the cost of legal battles over its glyphosate-based weedkillers soared, the company announced on Tuesday. The sharp drop in earnings came as special items were reported at €12.5bn, largely because of the massive settlement the company agreed to in June.

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    • Sweden's coronavirus crisis law expires without ever being used

      Sweden's coronavirus crisis law expires without ever being used

      An emergency law that granted extra powers to the Swedish government in the fight against the coronavirus expired and will not be extended, news wires reported. The temporary law, which gave the government permission to make certain decisions to curb the spread of the coronavirus without first asking parliament, was passed in April and lasted until 30 June.

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    • Current crisis is unlike anything the world has seen before: IMF

      Current crisis is unlike anything the world has seen before: IMF

      The IMF warned on Tuesday that the current crisis is "unlike anything the world has seen before." The Fund noted that the services industry had been more severely impacted than manufacturing, which represents a change from previous crises, where a lack of investment hit manufacturing activity hardest. The global economy is on track for a more significant contraction than the IMF estimated back in April, Gita Gopinath, the institution's chief economist said on Tuesday

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    • Italy's PM sees virus crisis as opportunity

      Italy's PM sees virus crisis as opportunity

      Italy would not be able easily to return to normality after the coronavirus crisis but should turn  it  into an opportunity to reform the country, PM Giuseppe Conte said on Saturday. “This is the time to work on a clear project to come out of the crisis,” Conte said in the opening speech of a nine-day policy consultation in Rome. “We must take advantage to turn the crisis into an opportunity, and remove all the obstacles that have slowed (Italy) down,” he added cited by the news wires.

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    • Britain's Rolls-Royce to cut 9,000 jobs in air travel slump

      Britain's Rolls-Royce to cut 9,000 jobs in air travel slump

      Aerospace giant Rolls-Royce said today it plans to cut at least 9,000 jobs in the latest blow to the aviation industry as it continues to be hammered by the coronavirus crisis. The company, which makes engines for planes such as the Boeing 787 and Airbus 350, said on Wednesday it could also close factories as it shrinks to fit the smaller market it expects to emerge from the crisis.

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    • Eurozone business activity collapses in March due to pandemic

      Eurozone business activity collapses in March due to pandemic

      Eurozone business activity has crumbled in March as the Covid-19 pandemic sweeping across Europe and the world wreaks havoc and shops, restaurants and offices pull down the shutters, a survey by IHS Markit showed today. Its Euro Zone Composite Flash Purchasing Managers’ Index (PMI), seen as a good gauge of economic health, tumbled to a record low of 31.4 this month from February’s 51.6, marking by far its biggest one-month fall since the survey began in mid-1998. 

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