Late fall pushes ASX to worst quarter since 1987

Late fall pushes ASX to worst quarter since 1987

Mar 31, 2020 – 4.27pmThe Australian sharemarket fell heavily on Tuesday, capping off its worst quarter since 1987, as the coronavirus pandemic continues to wreak havoc with global markets.The S&P/ASX 200 fell 104.6 points, or 2 per cent, to 5076.8, offsetting some of its 7 per cent rise in the previous session.The 24.1 per cent…
Banks struggle with new loan loss rules, bad debts tipped to hit $14b

Banks struggle with new loan loss rules, bad debts tipped to hit $14b

Mar 31, 2020 – 4.24pmBanks are in the dark about the potential scale of bad debts they will need to provide for in response to COVID-19 as they grapple with a new approach for estimating loan lossesMatthew Wilson, executive director at Evans & Partners, expects bad debts across the big four banks from the COVID-19…
Coronavirus: American Airlines to seek $12bn in state aid – BBC News

Coronavirus: American Airlines to seek $12bn in state aid – BBC News

The US carrier says it will ask for government help to survive during the coronavirus downturn.
Deloitte to shut down for a week amid COVID-19 crisis

Deloitte to shut down for a week amid COVID-19 crisis

ExclusiveMar 31, 2020 – 3.31pmProfessional services giant Deloitte will shut down for a week in April, forcing the entire firm to take one week of annual leave, and has issued an urgent request for audit and assurance partners to quickly bill their clients as the firm looks to offset a drop in work due to…
Trial aborted over barrister’s COVID-19 fear

Trial aborted over barrister’s COVID-19 fear

Mar 31, 2020 – 2.35pmNSW’s top criminal court has chastised a judge for refusing to discharge a jury after a barrister withdrew from a drug importation trial because he feared he might contract COVID-19.The Court of Criminal Appeal (CCA) said it would have been unfair to the accused, Michael Khalil, to continue the trial of…
Chinese factories in surprise recovery but uptick may be short lived

Chinese factories in surprise recovery but uptick may be short lived

Mar 31, 2020 – 2.32pmShanghai | China's huge manufacturing sector made a surprise recovery in March but officials warn the shift in factory activity back into positive territory may be temporary as the pandemic hurts overseas orders.The Chinese government released data on Tuesday which showed factory activity resumed expanding in March. The official Purchasing Manager’s…
Ian Bremmer breaks down Trumps response to the coronavirus crisis – Business Insider

Ian Bremmer breaks down Trumps response to the coronavirus crisis – Business Insider

Bremmer says Trump did a good job with the massive stimulus package, which he believes has been one of the best economic responses of any country in the world.
China says manufacturing activity expanded in March, defying expectations of a contraction – CNBC

China says manufacturing activity expanded in March, defying expectations of a contraction – CNBC

Analysts polled by Reuters had expected the official PMI to come in at 45 for the month of March, from a record low of 35.7 a month earlier.
NAB slashes financial advice licence fees to zero

NAB slashes financial advice licence fees to zero

ExclusiveMar 31, 2020 – 1.08pmIn the latest act of coronavirus crisis relief from a major financial institution, National Australia Bank has waived 100 per cent of licence fees paid by aligned financial planning firms, forgoing an estimated $19 million in revenue.Geoff Lloyd, the chief executive of NAB's wealth management subsidiary MLC, informed the bank's network…
World Bank forecasts deep regional recession

World Bank forecasts deep regional recession

BreakingMar 31, 2020 – 12.01pmChina’s economic growth will fall to zero this year and six developing countries in the region will slump into a deep recession, according to new figures released by the World Bank.The Bank's “lower case” forecast has Indonesia, Thailand, Malaysia, East Timor, Papua New Guinea and the Philippines all tipping into recession…