Fed rolls out its 3rd emergency credit programme in two days

WASHINGTON (REUTERS) – The US Federal Reserve rolled out its third emergency credit programme in two days to battle the fallout from the coronavirus crisis, this one aimed at keeping the US$3.8 trillion (S$5.48 trillion) money market mutual fund industry functioning if investors make rapid withdrawals. The Money Market Mutual

Japan may hand out cash to households in bid to battle coronavirus fallout

TOKYO (REUTERS) – Japan will look into offering cash payouts to households as part of a stimulus package that could be worth more than 30 trillion yen (S$398 billion) to combat the widening fallout from the coronavirus outbreak, joining efforts across the world to roll out huge fiscal support to

ECB launches 750 billion euro emergency bond purchase scheme

FRANKFURT (REUTERS) – The European Central Bank launched a 750 billion euro (S$1.18 trillion) emergency bond purchase programme on Wednesday (March 18) to push down borrowing costs in a bloc struggling with the economic fallout of coronavirus, it said in a statement. “Purchases will be conducted until the end of

More job training support for four sectors hit hardest by Covid-19

SINGAPORE – Four sectors badly affected by the coronavirus outbreak will get more support in terms of skills training and redeployment for their workers. Workforce Singapore (WSG) is beefing up its reskilling programmes for workers in the tourism, aviation, retail and food services sectors, with enhancements ranging from extending the

Air freight rates skyrocket amid passenger flight cuts, Chinese factory restarts

LOS ANGELES (REUTERS) – Air freight rates are skyrocketing after the grounding of many passenger flights in Asia has left shippers scrambling to book limited spots on cargo planes as Chinese industrial production restarts, according to industry insiders. About half of the air cargo carried worldwide normally flies in the

Workplace versus coronavirus: 'No one has a playbook for this'

SAN FRANCISCO (NYTIMES) – At Facebook on Thursday (March 5), the questions from spooked employees came thick and fast. The evening before, the social network had disclosed that the coronavirus had been diagnosed in a contractor in its Seattle office and had said all employees in that city should work

With coronavirus, global economy is gripped by rare twin supply-demand shock

TOKYO (BLOOMBERG) – The coronavirus is delivering a one-two punch to the world economy, laying it low for months to come and forcing investors to reprice equities and bonds to account for lower company earnings. From one side, the epidemic is hammering the capacity to produce goods as swathes of

US Fed says coronavirus causing disruptions, widespread concern

WASHINGTON (AFP) – The coronavirus outbreak already has disrupted travel and access to goods for US industry, and businesses nationwide sounded the warning that things could get worse, the Federal Reserve said on Wednesday (March 4). While activity in the world’s largest economy continued to grow at a modest to