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UPDATE 1-Brazil, Mexico is set for a double-digit GDP contraction in Q2 this year – Capital Economics | Instant News

May 6, 2020 NewsDesk

(Adding details)

By Jamie McGeever

BRAZIL, May 5 (Reuters) – The economies of Brazil and Mexico will be contracted by at least 10 percentage points in the second quarter of this year, economists at Capital Economics said on Tuesday, in what are among the bleakest forecasts for Latin. The two most powerful American economies.

In a research note titled “Brazil and Mexico are set for double-digit contraction”, they said the increasingly devastating economic impact of coronaviruses and social isolation measures to combat it would spur unprecedented output cuts.

The Brazilian and Mexican economies are expected to contract by 10% and 14%, respectively, in the second quarter on a year-on-year basis, Capital Economics economist Quinn Markwith told Reuters.

For the 2020 calendar year as a whole, Brazil’s gross domestic product is expected to shrink 5.5% and Mexico 8.0%, he said.

Minutes of Mexico’s latest central bank policy meeting released on Tuesday showed that further rate cuts to prop up a creaking economy are likely, while the Brazilian central bank is expected to cut key lending rates to a new low of 3.25% on Wednesday. (Reporting by Jamie McGeever; Editing by Sandra Maler and Marguerita Choy)

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Brazil

Brazil is looking for new fiscal steps if the crisis lasts an extra 4 months – officials of the Ministry of Economy | Instant News

May 5, 2020 NewsDesk

BRAZILIA, May 4 (Reuters) – Brazil should consider drawing up a series of new emergency fiscal measures if the crisis triggered by the coronavirus pandemic continues for another four months, economic policy secretary Adolfo Sachsida said on Monday.

Speaking at a live online event hosted by Eleven Financial, Sachsida also warned that unemployment would rise sharply, but said the Brazilian industry must take advantage of the real fall to record lows against the dollar. (Reporting by Marcela Ayres Writing by Jamie McGeever; Editing by Sandra Maler)

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Entertainment

When is Will Broadway Reopen? Producer Says 2021 Is Possible – NBC New York | Instant News

May 4, 2020 NewsDesk

It is still unclear when Broadway will be safe to reopen in New York City, but one manufacturer now suggests the door can remain closed until 2021.

British theater producer Sir Cameron Mackintosh spoke with BBC Radio 2 over the weekend said, “For big producers on both sides of the Atlantic, the truth is that social distance doesn’t exist anymore, we can’t even plan to reopen.”

Sir Cameron is widely known for his work on successful music productions, including Cats, Les Miserables and Phantom of the Opera.

“We will come back, but we need time to come back. If we don’t hear [about lockdowns lifting] in a few weeks, I think the truth is we won’t be able to return until early next year. “I think it’s quite clear,” he told BBC Radio 2.

The West End show has been closed until May 31, while production in New York City will be closed at least an additional week, until June 7.

With these two weeks deadline, it’s hard to imagine that every theater production will be ready to open by then. Until large meetings are permitted, the safety of visitors who attend the show may not be guaranteed until extensive testing is available.

New York Governor Andrew Cuomo gave little indication of Broadway’s reopening schedule on Monday, saying the entertainment industry would be in the fourth phase of the country’s reopening strategy. Cuomo had previously suggested that two weeks of assistance would be needed between each reopening phase, which meant that if the first phase – the construction and manufacturing industry – reopened on May 15, it would take another six weeks before New York reached phase four.

It also did not consider the possibility of a virus revival in the fall, something the New York governor planned.

Governor Cuomo said once health metrics are met … the reopening of the business will gradually begin with the industry “most important, lowest risk” and develop from there … WITHOUT specific dates # nbc4ny pic.twitter.com/FeRJSTMghD

– Steven Bognar (@ Bogs4NY) May 4, 2020

The Broadway Theater closed suddenly on March 12, leaving thousands of people losing their jobs and the future of much production in limbo. Some of the shows in the preview, including “Diana” and “Mrs. Doubtfire,” did not arrive on their opening night. Production of “Hangmen” and “Who’s Afraid of Virginia” closed without plans to reopen.

Meanwhile, Broadway players continue to be busy raising funds for non-working actors and finding ways to spread excitement and positivity amid a pandemic.

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Germany

UPDATE 1-Germany got millions of Roche antibody tests, considering the ethics of passport immunity | Instant News

May 4, 2020 NewsDesk

* Germany secures antibody tests, considering the ethics of passport immunity

* The German Ethics Council will consider the pros, cons and limits

* Roche examiners plan a 420 million euro German investment (Adds details, comments from Spahn, details about Roche in investment)

By John Miller

ZURICH, May 4 (Reuters) – German ethics experts will consider using a coronavirus antibody test to help break people’s movements before the country imposes new rules, Health Minister Jens Spahn said, after securing millions of new tests from Swiss drugmaker Roche.

Germany announced Monday an agreement with Roche to get 3 million blood tests in May and 5 million every month thereafter. Roche won approval for testing over the weekend from the U.S. Food and Drug Administration and plans to increase production to more than 100 million every month by the end of 2020.

The presence of antibodies detected by these blood tests can indicate whether a person has been infected with a new corona virus and may have developed immunity. That, in theory, can give individuals the right to move more freely than those tested negatively.

With some also urging to be called “passport of immunity” to help countries restart their economy and allow people to return to work, Spahn said his coalition government had assigned the German Ethics Council to consider how such a program would fulfill its objectives while respecting people’s rights.

While those who test positive for antibodies may question why their movements are still limited, Spahn said, others could improperly try to infect themselves intentionally if they believe an immune passport can increase their freedom.

“The question of what it means to society when some people are exposed to restrictions and others do not, touches the foundation of how society functions together,” Spahn said at a press conference at the Roche factory in Penzberg in Bavaria.

“That is why I asked the German Ethics Council to handle this. Until it is finished, we agree not to carry out any legal regulations.”

This council is an independent body that advises the government on ethical, scientific and community issues.

Roche Chairman Christoph Franz announced at the event that the Basel-based company would invest 420 million euros ($ 459 million) on the Penzberg site, including increasing production of antibody tests as well as in a four-year plan to create a new diagnostic research and development center. ($ 1 = 0.9141 euros) (Reporting by John Miller; Editing by Michael Shields and Ludwig Burger)

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Italy

Italy – Factors to consider on May 4 | Instant News

May 4, 2020 NewsDesk

The following factors can affect the Italian market on Monday.

Reuters has not yet verified newspaper reports, and cannot guarantee its accuracy. New items are marked with (*).

For a complete list of diary events in Italy, please click.

VIRUS CORONA

Deaths from the COVID-19 epidemic in Italy rose by 174 on Sunday, against 474 the day before, the Civil Protection Agency said, posting the smallest casualties since March 10. (*) On Monday people will be able to leave their homes more freely and more workplaces will be allowed to reopen provided they can meet the social distance rules, but most shops will be closed until May 18 and restaurants and bars can only offer take- aways.

ECONOMY (*) The head of Italy’s main business lobby Confindustria Carlo Bonomi told Corriere della Sera in an interview on Monday that if the government does not invest well in the country’s productive system, rather than distributing money to anyone, social emergencies will explode at the start September or October. He accused the government of not wanting to listen to industry needs and to increase uncertainty.

HIS Markit releases its April manufacturing PMI (0745 GMT)

Ministry of Transportation releases April car sales data (1600 GMT)

ISTAT and ISS-National Health Institute present a report on “Mortality in Italy”

Data on April state sector loan requirements.

(*) SAIPEM

The oil service group was awarded a contract for the transportation and installation of a natural gas pipeline between Denmark and Poland in the Baltic Sea, valued at around 280 million euros.

PRADA

CEO Patrizio Bertelli said in an interview with la Repubblica on Sunday that sales went well in China, Korea and Taiwan, posting double-digit growth in April.

FINCANTIERI

The US Navy announced on Thursday that it was giving a contract valued at more than $ 5.5 billion to Fincantieri to build the latest warship class.

TELECOM ITALY

A.E Elliott Management’s hedge fund has further cut its holdings in Italy’s biggest telephone group, a filing of regulations showed on Thursday. Elliott now owns 0.265% of TIM and indirectly holds another 4.862% through a swap contract with JPMorgan.

ATLANTIA

In the group’s Autostrade per l’Italia financial report published on Saturday, the company said that, in early April, the transportation ministry had asked him to increase the 2.9 billion euros compensation offered by Atlantia in March to settle a dispute over his company. toll road concession.

The Ministry has also asked Autostrade to accept a new method for calculating road tolls and agreed in cases where road contracts can be terminated by the previous grantor.

Atlantia and Autostrade sent a letter in early April asking to meet with the government to finalize a detailed agreement on the concession, the financial statement said.

In its financial report, Autostrade said coronavirus could reduce its 2020 revenues by between 850 million and 1.1 billion euros. He also said CDP had rejected a request in April to lend the company 200 million euros.

MEDIOBANCA

Mediobanca has canceled plans to buy shares in Indonesian consumer credit operator BFI Finance because of an emergency COVID-19 made the deal “unrealistic”, the Italian finance group said on Friday.

INTESA SANPAOLO

The biggest Italian retail bank said on Sunday that all of its branches will open on Monday, adding customers must make an appointment and wear a mask to gain access.

ASSICURAZIONI GENERALI

Shareholders in Italy’s biggest insurance company on Thursday approved changes to the company’s bylaws to allow the board to submit its own candidate list before renewal, setting the number of board seats between 13-17 with up to five seats reserved for minority shareholders and at least half of they are for independent directors.

UNIPOL

Shareholders on Thursday agreed to a loyalty-sharing scheme that handed over a group of local cooperatives that held in aggregate 48% of the voting rights of the financial group that approached 65% of their capital.

(*) DIASORIN

The diagnostic group is working on a quick and inexpensive saliva-based coronavirus test, Chief Executive Carlo Rosa told Corriere della Sera in an interview on Friday. “We are working on it lately, working with whom we believe to be the first operator in the world in this particular sector. It’s too soon to say more, “Rosa added.

FERRARI

Board meeting on Q1 results, followed by conference call (1300 GMT).

CREDEMS

Italy’s regional lender on Thursday said it had entered into exclusive negotiations to buy controlling shares in smaller rival Cassa di Risparmio di Cento.

TERNA

Italian power grid operator said on Thursday Fitch Ratings had confirmed the long-term BBB + rating with a stable outlook despite the downgrading of the Italian government.

ITALGAS

The gas group said on Thursday Fitch Ratings had confirmed BBB + long-term ratings with a stable outlook despite Italy downgrading to BBB-.

(*) CEMENTIR

Cement manufacturing plants in China have returned to 95% of their full capacity, Chief and Chief Executive Francesco Caltagirone Jr. said Monday in an interview with La Stamp adding that “what happened in China gave me hope for the whole world. ”

(*) NEWLAT

The Italian food company, which recently signed an agreement to buy the dairy group Centrale del Latte d’Italia (CLI), is considering buying another diary company in Greece, Chairman and major shareholder Angelo Mastrolia told L’Economia- Corriere della Sera on Monday. His family is open to the possibility of merging with a larger group, he added.

JUVENTUS FC, AS ROMA, SS LAZIO

The Serie A team will be able to start individual training sessions on Monday amid the COVID-19 crisis, according to a letter sent by the Italian interior ministry to local authorities.

COPY OF IMPREGILO

Annual and extraordinary shareholders meetings (1330 GMT).

TREVI FINANZIARIA

Start an increase in capital; ends on May 18.

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