• Apple supplier Japan Display finalises deal to raise $200 million from 'customer'

    Japan Display said on Tuesday it has finalised a deal to raise $200 million from "an overseas customer," which sources have said is Apple. The $200 fund will come in the form of the customer purchasing equipment at Japan Display's main smartphone screen factory in central Japan, the company said in a statement. As Japan Display owed Apple more than $800 million as of last year for the $1.5 billion cost of building the plant, the fund to be raised would be used for repayment, the sources have said.

  • Apple supplier Japan Display finalises deal to raise $200 million from 'customer'

    Japan Display said on Tuesday it has finalised a deal to raise $200 million from "an overseas customer," which sources have said is Apple. The $200 fund will come in the form of the customer purchasing equipment at Japan Display's main smartphone screen factory in central Japan, the company said in a statement. As Japan Display owed Apple more than $800 million as of last year for the $1.5 billion cost of building the plant, the fund to be raised would be used for repayment, the sources have said.

  • Coronavirus: British Airways suspends all Gatwick flights

    The airline says it is facing a challenging environment in "unprecedented circumstances".

  • Oil Heads for Worst Quarter Ever as Real Crude Prices Plunge

    (Bloomberg) -- Oil clawed back some losses as Chinese manufacturing data beat expectations, but futures were still heading for the worst quarter on record as the physical market showed further signs of collapse.Futures in New York were higher on Tuesday but crude is still down 65% since the end of December. While Brent and West Texas Intermediate futures are holding up above $20 a barrel, in the world of physical crude, where traders buy and sell actual barrels, prices continue to be in freefall. The price difference between where the paper market trades and the physical market has widened to reach multi-decade highs in some cases, suggesting that financial flows are supporting the futures market.With demand weakening by the day and producers refusing to cut output, Dated Brent, the benchmark to price about two-thirds of the world’s actual barrels in the physical market, was assessed at $17.79 a barrel on Monday, well below where Brent futures traded. In North America, WTI in Midland, the capital of the Permian region, traded at just $10.50 a barrel, and multiple key grades, including Canadian crude and Bakken crude from North Dakota, traded below $5 a barrel.The broad market weakness comes as refineries from South Africa to Canada have shuttered while others in major consuming countries, such as India, are cutting back. At the same time, Saudi Arabia is directing huge amounts of crude toward Egypt as the producer prepares to flood Europe with its barrels. The huge oversupply is collapsing the oil market’s structure, and there may be more weakness to come as the world quickly runs out of storage capacity.“Inventory builds will exhaust spare storage in mid-May,” said Standard Chartered analysts including Emily Ashford. “Balancing the market would require an unprecedented shutdown of output by operators, which is unlikely without significantly lower prices.”In a sign of the need for oil production to fall, Pioneer Natural Resources Co. and Parsley Energy Inc. have asked Texas regulators to consider curbing output and to call an emergency meeting no later than April 13. Ryan Sitton, one of three commissioners on the Texas Railroad Commission, said on Monday that the regulating body will discuss reining in production at its next meeting.Futures in the global Brent benchmark are signaling a historic glut is emerging. The May contract is trading at a discount of more than $14 a barrel to November, a more bearish super-contango than the market saw even in the depths of the 2008-09 global financial crisis.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Spain Has Deadliest Day; Fatalities Jump in NYC: Virus Update

    (Bloomberg) -- Spain had its deadliest day yet, while Italy is discussing an extension of lockdown measures into May. New York City, which is emerging as the new epicenter of the pandemic, reported a 16% increase in deaths in six hours.U.S. President Donald Trump said a national stay-at-home order is “pretty unlikely.” China said it had 1,541 asymptomatic cases of coronavirus, providing a better picture of the scale of the country’s epidemic.Japan’s ruling party proposed the country’s biggest-ever stimulus package, valued at $554 billion, while U.S. leaders are preparing for a fourth round of stimulus. Goldman Sachs Group Inc. expects the U.S. economy to experience a far deeper slump than anticipated and Hong Kong retail sales plunged by a record.Key Developments:Cases top 787,000; 37,800 dead, 166,000 recovered: Johns HopkinsChina to reveal key data point: people with no symptomsSick crew keeps ship running, risking spread of virusCoronavirus lockdown has emptied London’s bustling streetsA vaccine in 18 months? Experts urge reality checkSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. For BNEF’s view of the impact on energy, click here.Spain Deaths, Cases Surge (5:30 p.m. HK)The country reported 849 more deaths, marking its deadliest day since the outbreak began, and taking its total to 8,189. The number of confirmed cases increased to 94,417 from 85,195.Indonesia Pushes Budget Deficit to 5% (5:20 p.m. HK)The government will allocate $24.9 billion to fight the pandemic, pushing the budget deficit to 5.07% of GDP this year, President Joko Widodo said Tuesday. The corporate tax rate will fall this year to 22% from 25%.Russia Reports 27% Increase in Cases (5:06 p.m. HK)Russia reported 500 new cases overnight, bringing the total number of infected to 2,337, Interfax reported, citing Russian consumer health watchdog Rospotrebnadzor. 387 out of 500 new cases are in Moscow. The country is moving toward a nationwide lockdown.China Reports Asymptomatic Case Data (5:05 p.m. HK)China says it has 1,541 people infected with the novel coronavirus who don’t have symptoms. It was unclear if that number was only people currently in medical quarantine or if it included those who have recovered. Of the cases, 205 were found when people entered China from overseas, according to a statement on China’s National Health Commission website.China’s total count of confirmed infections exceeds 81,000, but the vast majority of those recovered. It still has 2,161 cases in hospital as of March 30, according to an earlier health commission release.Euro-Area Inflation Slows More Than Forecast (5 p.m. HK)Euro-area inflation slowed to its weakest pace in five months driven by a collapse in global oil prices. The softness in price growth is likely to deepen further in the coming months as restrictions imposed to slow the spread of the coronavirus pandemic bring activity across the 19-nation economy into a standstill.Sweden Predicts Recession to Rival 2008 Crisis (4:45 p.m. HK)The finance ministry expects Sweden’s gross domestic product to shrink by 4% and unemployment to rise to 9% in 2020. Although the country hasn’t yet imposed a complete lockdown, admonishments to stay at home and avoid crowds have kept customers away from shops and restaurants and many Swedish companies have halted production because of a shortage of components.Hong Kong Retail Sales Plunge (4:44 p.m. HK)Hong Kong retail sales plummeted by the most on record amid growing travel restrictions and social-distancing measures. Retail sales by value fell 44% in the month, the largest drop on record, to HK$22.7 billion ($2.93 billion) according to a government release. Economists surveyed by Bloomberg had forecast a median 40.3% decline. The slide in February marks 13 straight months of negative readings.German Death Rate Likely to Rise (4:20 p.m. HK)The head of Germany’s public health authority said he expects the coronavirus pandemic to continue for several more months and the nation’s death rate to rise. The current death rate in Germany of 0.8% is relatively low, partly because extensive testing was conducted early and included many of the less severe cases, Robert Koch Institute President Lothar Wieler said. That means there is a time lag and the rate is likely to rise, he said.Asked about optimism that restrictions on public life could be eased after Easter, Wieler said: “Let’s wait until we really have concrete numbers. I expect that we will see the trend by Easter. My optimism remains and I think it’s justified.” Germany has 66,885 confirmed cases and 645 deaths.Markus Soeder, the premier of the southern state of Bavaria, had earlier said it’s too early for Germany to consider lifting restrictions on public life as the situation remains “very, very serious.” “We are detecting a very, very slight flattening of this exponential curve, the infection numbers are declining somewhat,” Soeder, whose state has the most confirmed cases in Germany, said in an interview with ARD TV. “But whether that’s a lasting trend remains to be seen.”Goldman Sees Even Deeper U.S. Contraction (4:05 p.m. HK)Goldman Sachs Group Inc. expects the U.S. economy to experience a far deeper slump than previously anticipated. The world’s largest economy will shrink an annualized 34% in the second quarter, compared with an earlier estimate of 24%, economists led by Jan Hatzius wrote in a report. Unemployment will soar to 15% by mid-year, up from a previous forecast of 9%.The economists, however, now expect a stronger recovery in the third quarter, with gross domestic product expanding 19%.European Equities End Dismal Quarter on Positive Note (3:35 p.m. HK)European stocks climbed in a broad rally on the last session of a dismal first-quarter, boosted by hopes that the coronavirus outbreak in Europe is showing signs of stabilizing. The Stoxx 600 Index was up 1.9% by 8:17 a.m. London time. The gauge, however, has slumped 23% this quarter, on track for its poorest performance since 2002.While the World Health Organization said that the outbreak in Europe might be approaching its peak, the uncertainty over its duration and the impact of measures to curtail its spread has weighed on companies. Advertising firm WPP Plc suspended its dividend and share buyback, while Lindt & Spruengli fell 2.8% after saying that its financial outlook for 2020 was no longer valid.U.K. Supermarket Sales Surge (3:30 p.m. HK)Coronavirus-related stockpiling by Britons girding for a nationwide lockdown lifted U.K. grocery sales to a record in March, according to research firm Kantar. Supermarket sales grew by 7.6% in the past 12 weeks, the fastest pace in more than a decade. That rate of increase nearly tripled over the past four weeks, making March the biggest month of grocery sales ever recorded.Smiths Delays Medical Unit Spinoff, Focuses on Ventilators (3:25 p.m. HK)Smiths Group Plc said it’s putting the planned spinoff of its medical-equipment unit on hold due to the coronavirus outbreak and a rout in global stock markets. The medical business, which makes catheters and monitors, is center stage in the fight against the outbreak, with a U.K. government contract to supply more ventilators needed by coronavirus patients with severe respiratory symptoms.China Postpones 2020 College Entrance Exam (3:21 p.m. HK)China pushed its annual college entrance exam back by one month, a sign the government remains worried about the possibility of a second wave of coronavirus infections as cases rise globally.Students will take the test on July 7 and 8, state television reported, instead of in June. The college admission exam, known as Gaokao in Mandarin, is considered the most important test a Chinese student will take in their academic lifetime.U.K. Looking at ‘Commercial’ Options for Airlines (3:15 p.m. HK)The U.K. government is unlikely to bail out commercial airlines with anything other than help with loans, Transport Secretary Grant Shapps said. The industry is facing collapse and carriers have asked ministers to help but Shapps told the BBC the taxpayers must get “good deal” and the shareholders must “put their hands in their pockets to rescue their businesses.”“It can’t be right that in the good times the shareholders pick up the advantage and in the bad times the taxpayer has to pick up the cost,” he added.Japan Plans Record $554 Billion Stimulus (3:08 p.m. HK)Japan’s ruling party proposed the country’s biggest-ever stimulus package worth 60 trillion yen ($554 billion) as the spreading coronavirus locks the economy in a recession.The sum includes 20 trillion yen in fiscal measures with private initiatives and other elements likely making up the rest, according to the proposal by the Liberal Democratic Party on Tuesday. More than 10 trillion yen, or the equivalent of a 5% cut in the sales tax rate, would be handed out to the public in a combination of cash, subsidies and coupons, according to the plan.Separately, the Tokyo government confirmed 78 more cases of coronavirus on Tuesday, NHK reported. Number of confirmed cases in Tokyo now totals 521.Italy Discusses Longer Lockdown to Slow Virus Spread (2:21 p.m. HK)Italy is discussing an extension of lockdown measures into May as European countries fight to contain the spread of the coronavirus, even as the outbreak shows signs of slowing.Prime Minister Giuseppe Conte’s government may extend restrictions through the May 1 holiday weekend, with a gradual opening of the country from May 4, Italian newspapers including La Stampa reported on Tuesday. The controls, now in their fourth week, are currently in place till the end of this week.Health Minister Roberto Speranza confirmed on Monday that the government will extend current containment measures until at least Easter, even as the country reported the smallest number of new coronavirus cases in almost two weeks.Virus in Sewage Portended Outbreak in Dutch City (1:08 p.m. HK)Dutch scientists were able to find the coronavirus in a city’s wastewater before Covid-19 cases were reported, demonstrating a novel early warning system for the pneumonia-causing disease.The so-called SARS-CoV-2 coronavirus is often excreted in an infected person’s stool. Although it’s unlikely that sewage will become an important route of transmission, the pathogen’s increasing circulation in communities will increase the amount of it flowing into sewer systems, Gertjan Medema and colleagues at the KWR Water Research Institute in Nieuwegein said on Monday.Vietnam Orders 15-day Nationwide Isolation (1:04 p.m. HK)Vietnam Prime Minister Nguyen Xuan Phuc ordered a 15-day period of isolation nationwide beginning Wednesday, according to a statement on the government’s website. Residents must stay at home, according to the statement.Indonesia Bans Entry of Foreigners (1:06 p.m. HK)Indonesia barred foreign nationals from entering the country as the world’s fourth-most populous country stepped up efforts to contain the spread of the coronavirus pandemic.The travel ban, to be effective soon, will also cover foreigners transiting through the country, Foreign Minister Retno Marsudi told reporters after a cabinet meeting in Jakarta. The curbs will not apply to holders of work permits, diplomats and other official visitors, she said.WHO to Organize Multicountry Trials for Drugs (12:37 p.m. HK)The World Health Organization launched solidarity trials to test safety and effectiveness of medicines including remdesivir and chloroquine, Socorro Escalante, WHO Covid-19 incident manager for the Western Pacific region, told a briefing.The trials will also include a combination of lopinavir and ritonavir, as well as the combination with interferon, Escalante said. The medicines have gained attention as drugmakers scramble to find treatments for the virus pandemic. The studies will be undertaken in the next few months, with the Philippines, Mongolia and Malaysia interested in joining the trial.U.S. Asks Airlines to Propose Financial Stake (12:17 p.m. HK)Airlines will be required to propose up-front how the federal government could retain financial stakes in their companies in exchange for a share of $61 billion in coronavirus aid designated for the industry, according to guidelines released by the Treasury Department.The assistance is aimed at helping U.S. carriers stay afloat and continue to pay workers, as companies struggle with a near 90% drop in passenger traffic because of the widening pandemic.HK Warns Quarantine-Breakers They’ll Face Prosecution (11:29 a.m. HK)Hong Kong is warning residents to abide by home quarantine orders and social distancing regulations or they will face criminal prosecution and fines, as the Asian financial center continues to battle a resurgence in imported coronavirus cases.The city has already caught more than 70 people violating some of the more than 50,000 home quarantine orders, sent them to government isolation centers and will be pursuing criminal charges against them, Chief Executive Carrie Lam told reporters at a weekly briefing Tuesday.NYC Deaths Jump by 16% in Six Hours (9:56 a.m. HK)New York City reported 914 deaths from the virus as of 4:30 p.m. local time, a 16% increase from an update six hours earlier. The city, the epicenter of the U.S. outbreak, has 38,087 confirmed cases, up by more than 1,800 from earlier in the day.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • CICC Announces 2019 Annual Results

    China International Capital Corporation Limited ("CICC" or "the Company", Stock code: 3908.HK) announced its annual results for the twelve months ended December 31, 2019. As at the end of 2019, the total assets of the Group amounted to RMB344.97 billion, representing an increase of 25.3% compared with the end of 2018; net assets[2] amounted to RMB48.29 billion, representing an increase of 14.5% compared with the end of 2018. Our Group recorded total revenue and other income of RMB22.78 billion, increasing by 22.9% year on year; and net profit1 of RMB4.24 billion, increasing by 21.4% year on year, with a weighted average return on net assets of 9.6%.

  • Is Zardoya Otis, S.A.'s (BME:ZOT) CEO Overpaid Relative To Its Peers?

    Bernardo Calleja Fernandez is the CEO of Zardoya Otis, S.A. (BME:ZOT). This analysis aims first to contrast CEO...

  • Tablighi Jamaat: Delhi Nizamuddin event sparks massive search for Covid-19 cases

    Several states have reported cases that can be directly traced to a religious event from early March.

  • Huawei posts 5.6% rise in 2019 profit, smallest increase in three years

    China's Huawei Technologies reported its smallest annual profit increase in three years, hurt by weak overseas sales amid an intensifying U.S. campaign to restrict its global expansion due to security concerns. Net profit for 2019 came in at 62.7 billion yuan ($8.9 billion), up 5.6% compared with a 25% jump a year earlier. U.S. President Donald Trump's administration is also preparing further measures that will seek to restrict the supply of chips to the company, sources familiar with the matter told Reuters this month.

  • Bubble-Protected 1998 BMW 740i With 158 Miles Listed On German eBay

    This 22-year-old time capsule sits doubly protected inside a bubble within a garage.

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