Day: May 18, 2020

Germany’s Cases Rise; Indonesia Rules Out Easing: Virus Update

(Bloomberg) —

A top U.S. official suggested Beijing sent airline passengers to spread the coronavirus worldwide, as the Trump administration stepped up its campaign of blaming China for the pandemic.

Japan’s economy sank into a recession, while Thailand’s economy contracted for the first time since 2014 due to the virus. Federal Reserve Chairman Jerome Powell said a U.S. recovery could stretch through the end of next year and depend on the delivery of a vaccine.

India extended its nationwide lockdown to the end of the month while easing some curbs. Germany recorded a small increase in cases, though the daily

Japan’s economic growth drops amid coronavirus pandemic, worse times likely ahead

Japan eased its state of emergency last week for most of the country, though hot spots like Tokyo are maintaining restrictions. (Reuters photo)

Japan’s economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing that worse times may lie ahead.

The Cabinet Office reported Monday a 3.4 per cent drop in the annual pace of seasonally adjusted real gross domestic product, or GDP, for the January-March period. The annual pace gives what the rate would be when continued for a year. For just the quarter, the drop was

Banks cling to restructuring hopes in tough year for recoveries

“They may have been repaying with great difficulty before Covid, but in this scenario, they will start to hold back repayments,” the banker added.

With the insolvency law remaining out of bounds for a year, banks are pinning their hopes on a regulatory dispensation for restructuring stressed assets. An existing restructuring scheme for micro, small and medium enterprises (MSMEs) could also come in handy in a year that will have little to offer in terms of recoveries, bankers said.

Unfazed by the absence of any mention of restructuring in the five rounds of briefings held by the finance ministry, industry