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Chancellor to set out future of furlough scheme

Chancellor Rishi Sunak is to reveal the future of the government’s job retention scheme later, amid growing calls to extend it. Currently more than six million people are having up to 80% of their wages paid by the government while they are temporarily on leave from their jobs. Mr Sunak previously warned the furlough scheme, […]

The Fed’s four radical moves to save the economy

As policymakers from America’s central bank prepare to meet – virtually – this week, they will be looking to see if the extraordinary steps they have taken to confront the world’s most severe economic crisis since the Great Depression are working. Since March, the Federal Reserve has pledged to pump more than $4tn (£3.2tn) into […]

US oil prices drop to 21-year low as demand dries up

The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday. The oil market has come under intense pressure during the […]

EU helps protect weak firms from foreign takeovers

The EU plans to help block foreign takeovers of European companies struggling with the virus downturn. It wants to allow governments to invest in weak companies, which could include some form of ownership. While it called them “measures of last resort”, the European Commission says it is consulting member states. A focus for the regulator […]

Chancellor Sunak warns of ‘tough times’ for UK economy

A forecast by the UK’s tax and spending watchdog suggests the coronavirus crisis will have “serious implications” for the UK economy, Chancellor Rishi Sunak has said. The Office for Budget Responsibility (OBR) warned the pandemic could see the economy shrink by a record 35% by June. Mr Sunak stressed that the forecast was only one […]

Make-or-Break Moment in Virus Fight Could Happen This Week

The world’s ability to check the coronavirus contagion and fully recover from the worst peacetime recession since the Great Depression may depend on what international economic policy makers decide this week. With emerging markets and developing nations facing health emergencies, collapsing demand and cash crunches, the guardians of the global economy are under the gun […]

Coronavirus: Government agrees emergency funding deal with Bank

The UK government is set to borrow billions of pounds from its emergency Bank of England overdraft to finance the fight against Covid-19. The government will draw money from the Bank’s “ways and means” facility to help workers and businesses. It has not used the facility since the financial crisis. While it is controversial for […]

Coronavirus: ‘Drop in global trade to be worse than 2008 crisis’

The World Trade Organization (WTO) is predicting a severe decline in international commerce this year. In a new report the WTO forecasts a contraction of between 13% and 32% this year. The wide range of possibilities reflects the uncertainties about the health crisis. It says the impact on trade is likely to exceed the slump […]

The Recession Bread Lines Are Forming in Mar-a-Lago’s Shadow

Though it’s just a four-minute drive across the lagoon from Mar-a-Lago, President Donald Trump’s private club, and ten minutes from the Palm Beach outposts of Chanel and Louis Vuitton, Howley’s diner has become an emblem of America’s stark new economic reality. With more than 10 million people across the nation suddenly unemployed, bread lines are forming in the shadows of privileged enclaves like this one in […]

RBS says revamped loan scheme will make ‘big difference”

A revamped loan fund for ailing firms hit by the coronavirus lockdown will have an immediate impact, RBS has said. RBS chairman Sir Howard Davies admitted there had been problems but expects to see a “sharp increase” in lending to small firms in the next few days. On Thursday, Chancellor Rishi Sunak overhauled the scheme […]

Denmark’s Surprise Rate Hike Followed Sudden FX Hedging Moves

Denmark’s central bank said last month’s surprise interest rate hike to defend its euro peg followed a sudden shift in currency hedging, signaling there’s no structural pressure on the krone that would lead to a sustained period of tightening. Governor Lars Rohde, who earlier on Wednesday said Denmark’s economy may contract as much as 10% […]

We are at a loss of words and deeply dismayed about the death of Dr. Thomas Schäfer

On behalf of Globtec Investment LLC, we would like to express our deepest condolences on the recent death of Dr. Thomas Schäfer, the Minister of Finance of the State of Hesse in Germany. He was a very dedicated and great charismatic politician. He will always be remembered as someone with an outstanding political achievement. His loyalty and great expertise were only surpassed by his responsibility […]