U.S. New-Home Sales Post Surprise Gain in Sign of Stability

New-home sales in the U.S. unexpectedly increased in April after swooning a month earlier, suggesting the housing market is starting to stabilize. Purchases of new single-family houses climbed 0.6% from March to a 623,000 annualized pace, government data showed Tuesday. The median forecast in a Bloomberg survey of economists called for a drop to a 480,000 rate of sales. The […]

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Kenya Directs Stimulus to Local Contractors to Ease Virus Pain

Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter Awarding deals to local contractors and creating temporary jobs will be central to Kenya’s plan to stimulate an economy battered by the coronavirus. The government is set to purchase locally made vehicles and hospital beds, and will send cash directly to digital wallets to aid the most […]

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Jaguar Land Rover Is Seeking U.K. Virus Aid Package

Jaguar Land Rover is seeking a government aid package to weather a collapse in car sales brought on by the pandemic, according to people familiar with the matter. The U.K.’s largest auto manufacturer is in talks to borrow more than 1 billion pounds ($1.2 billion) through the U.K.’s emergency coronavirus lending program, the people said. JLR is also seeking tax […]

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Malaysia’s Politics on Show in One-Day Parliament Session

Malaysia’s king warned lawmakers against resorting to hostility and slander, as he spoke at the country’s first parliament sitting since its chaotic change of government two-and-a-half months ago. “Honorable Members should always display maturity in politics,” Sultan Abdullah Sultan Ahmad said in his televised royal address. “Do not revert the country to a situation of political turmoil while the people […]

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Skipping the Bailout Leaves Love to Pay the Bill for Shopkeepers

The customer had an odd request for Lori Carroll: Close your eyes and put your hand out, he told her. With social distancing, they were the only ones in Jan’s bookshop in Beaverton, Oregon, where Carroll is sole proprietor. But she complied. The customer put $100 in her hand, she said. Please keep the store open, he told her. Triple-digit […]

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New Normal 2.0 for U.S. Economy Looks Awful, Long and Perilous

Get ready for the New Normal 2.0 — or, more appropriately, 2-point awful. The U.S. economy post-Covid-19 will look a lot like the one that struggled to recover from the 2008-09 financial crisis –- only in some ways worse. Growth will be disappointingly tepid after an initial rebound and, for a time at least, inflation dangerously lower and unemployment heartbreakingly […]

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Argentina Debt Deadline Passes With No Sign of Deal, Extension

A deadline for bondholders to accept a $65 billion restructuring offer from Argentina’s government passed Friday afternoon with no signs of a deal, acceptance rate or an extension. Days before the deadline, the largest foreign bondholder creditor groups had already rejected the terms of the offer which imposes significant losses on interest and sets a three-year grace period before any […]

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Spain’s Banks Use Covid Loans to Move Risk Off Their Books

Sign up here for our daily coronavirus newsletter on what you need to know, and subscribe to our Covid-19 podcast for the latest news and analysis. Spain’s banks are using a government loan program designed to help small businesses ravaged by the coronavirus outbreak to shift risky credit off their books, a study found. About 37% of loans granted under […]

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Government coronavirus scientist Neil Ferguson resigns after 'breaking lockdown rules to meet his married lover'

THE SCIENTIST whose advice led to Boris Johnson putting Britain in lockdown has resigned from his government advisory position after he broke social distancing rules to meet his married lover. Professor Neil Ferguson allowed the woman to visit him at home during the lockdown while lecturing the public on the need for strict social distancing to reduce the spread of […]

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