Author: LoveWorld UK

Luxembourg, the European Union’s largest investment hub has tightened its disclosure rules in the face of market volatility caused by the coronavirus and asked funds to disclose whenever client demand to exit exceeds 10% of total assets. Markets have been roiled across the globe as governments lock down citizens to try to halt the spread of the virus, teeing up economic recession and prompting some investors to withdraw their cash until markets calm down. A number of funds have already suspended trading as a result of the volatility, and Luxembourg regulator the Commission de Surveillance du Secteur Financier (CSSF) has…

Governments and central banks around the world have unleashed unprecedented fiscal and monetary stimulus and other support for economies floored by the coronavirus pandemic. The G20 said on March 26 it would inject more than $5 trillion (4 trillion pounds) into the global economy to limit job and income losses and “do whatever it takes” to tackle the pandemic. For a FACTBOX detailing global central bank interest rate cuts since the crisis began: Following is a summary of the main policy steps: UNITED STATES MONETARY STIMULUS – The Fed cut interest rates in two emergency meetings on March 3 (50…

Britain’s government said on Wednesday it would ramp up the number of coronavirus tests amid widespread criticism that it was doing far too few, as ministers suggested that shortages of chemicals were partly to blame. Officials say testing for COVID-19 is key to fighting it, not least to check if medics on the frontline of the epidemic could return to work. But while Germany has been testing about 500,000 people a week, Britain’s current capacity is just 12,750 a day, a figure the government said it was aiming to double by mid-April. “I hope on testing … you will see…

China is considering temporarily easing quotas designed to boost production of electric cars to help automakers badly bruised by the coronavirus pandemic to revive slumping sales, people familiar with the matter said. Policymakers in the world’s biggest auto market may also delay the implementation of a new emission particle restriction by six months to help the car industry, which has suffered a 79% drop in sales in February and expects a fall of around 10% in the first half of this year. The United States had already planned to relax vehicle emissions rules. President Donald Trump’s administration on Tuesday completed…

China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday. Beijing started processing in March applications from Chinese companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States. The world’s largest crude importer is boosting U.S. energy imports at a time when the world is swamped with excess supply after the Organization…

The first medical ventilators which Britain has recently ordered from businesses will be ready this weekend and available to the National Health Service next week, as the country seeks to boost capacity in the coronavirus outbreak. Britain has ordered 10,000 of the breathing machines from a consortium including Ford, Airbus and McLaren with other companies such as vacuum cleaner-maker Dyson also producing their own equivalents. “This weekend the first thousands of new ventilator devices will roll off the production line and be delivered to the NHS next week,” cabinet office minister Michael Gove told reporters. “From there they will be…

IKEA, the world’s biggest furniture brand, said on Tuesday it has started making protective gear such as aprons and facemasks for hospitals battling the spread of coronavirus, and aims to step up output further. Demand for its office furniture is holding up well as many work from home due to the coronavirus, Henrik Elm, global purchase manager at brand owner Inter IKEA Group, which is in charge of supply, told Reuters. He said supply chain disturbances had increased as the coronavirus spread to Europe and America, with malfunctioning or closed borders a key bottleneck. IKEA had however been prepared and…

France will seek a debt moratorium for the poorest countries as part of a package of measures to help them cope with the coronavirus crisis, France’s finance minister said on Tuesday. Bruno Le Maire said he would call for “massive and immediate aid” for developing countries when finance ministers from Group of 20 economic powers hold a conference call later on Tuesday. Le Maire said he would call for an increase in special drawing rights (SDRs), the currency of the International Monetary Fund (IMF), and special credit lines to complement swap lines between central banks. “We will also call for…

Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude LCOc1 was up by 61 cents, or 2.7%, at $23.37 a barrel by 0833 GMT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S. crude Clc1 was up by $1.04, or 5.2%, at $21.13 a barrel, after settling in the previous session at $20.09, its lowest since February 2002. Oil markets have faced a double whammy…

The coronavirus outbreak at the heart of the UK government spread on Monday with Prime Minister Boris Johnson’s senior adviser, Dominic Cummings, self-isolating with symptoms just days after the British leader himself tested positive. Johnson, who announced on Friday that he was infected with the virus but would continue to lead the government’s response to the outbreak, chaired a meeting on Monday from self-isolation in Downing Street. “The prime minister chaired the 9.15 meeting and was full of vigour and giving us the leadership we need, and we’re a united cabinet team in terms of getting the country through this…