By Gina Lee and Peter Nurse
Investing.com – The European Union may need to triple the amount of aid currently proposed to tackle the coronavirus crisis.
The People’s Bank of China cut its one-year rate to 3.85% and its five-year rate to 4.65%, its second cut in 2020.
India banned flights indefinitely to combat Covid-19.
EU Aid worth around 1.5 trillion euros ($1.63 trillion) could be needed to tackle the coronavirus crisis, the European Union’s Economics Commissioner Paolo Gentiloni told German magazine Der Spiegel.
“The Eurogroup has now made proposals for aid worth more than 500 billion euros to finance healthcare and short-time work and to help small and medium-sized companies. That leaves at least one trillion euros. This is roughly the amount we need to be dealing with now,” Gentiloni said.
Spain extended its state of emergency until May 9 but plans to relax restrictions on children playing outside, Prime Minister Pedro Sanchez said.
Germany‘s confirmed coronavirus cases rose by 1,775 to 141,672, data from the Robert Koch Institute for infectious diseases showed on Monday, marking the second consecutive day that the number of new infections had fallen. The reported death toll rose by 110 to 4,404, the tally showed.
Germany will this week begin relaxing some curbs on daily life, while leaving most of the measures designed to limit the spread of the disease in place into next month. Smaller shops can resume regular business, and schools will gradually reopen with some students taking exams allowed to return.
France will unveil a plan within two weeks to begin lifting restrictions on travel and business, Prime Minister Edouard Philippe said on Sunday, without giving specifics.
The lockdown, in place since March 17, could lead to a 10% contraction this year in Europe’s third-biggest economy, Philippe said.
Italy reported 3,047 new cases Sunday, the lowest in four days, according to the civil protection agency. The country registered 433 deaths compared with 482 the day before, bringing the total number of fatalities to 23,660, the most in Europe.
Denmark More than twice as many workers as expected–150,000 versus the initial estimate of 70,000–have applied for wage compensation under a government plan aimed at preventing businesses from firing staff due to the coronavirus lockdown.
A S&P Global Ratings report warned that unemployment rates in Asia-Pacific could soar well over 3 percentage points as social distancing measures slash job creation.
“Surging unemployment in Asia-Pacific would mean a shallower recovery once the pandemic is contained and, in some economies, credit stress for leveraged households. Historical data show that jobs lost are not easily won back,” Shaun Roache, S&P Global Ratings Asia-Pacific chief economist, said.
China‘s central bank cut its one-year rate to 3.85% from 4.05%, and also cut its five-year rate to 4.65% from 4.75%. This is the second time the PBOC has cut its rate so far this year.
China’s fiscal first quarter revenue fell 14.3 percent from a year earlier to 4.598 trillion yuan ($649.75 billion), the country’s finance ministry said on Monday, attributing the decline to the coronavirus outbreak and tax relief offered.
Japan‘s Prime Minister Shinzo Abe aims to pass a 117.1 trillion yen ($1.088 trillion) economic stimulus package. The package was boosted from JPY 108.2 trillion by expanding cash payouts.
India has ordered airlines not to sell tickets unless they are notified otherwise.
New Zealand will extend the lockdown measures in place to beat the coronavirus by a week, to April 27, after which it will move to a lower level of restrictions, Prime Minister Jacinda Ardern said on Monday.
U.S. will allow some importers and manufacturers to defer payments on many imported goods for 90 days, a move aimed at freeing up cash for pandemic-hit businesses. The deferral doesn’t apply to anti-dumping or countervailing duties.
Vice President Mike Pence will discuss shortcomings in U.S. testing for coronavirus infections with governors on Monday, President Donald Trump said Sunday, adding his administration will share information with the governors ahead of the call about testing capacity in their states that might not yet be utilized.
The White House and Democrats in Congress are near an agreement that would add cash to a program aimed at helping small businesses. President Trump said Sunday.
Mexico registered a total of 8,261 confirmed coronavirus cases and 686 deaths on Sunday. That is up from 7,497 cases and 650 deaths as of Saturday.