A pedestrian walks past the Bank of England building in London. File/Reuters
Britain unveiled a 30 billion-pound ($39 billion) stimulus plan to help the economy as it faces the risk of a coronavirus recession, hours after the Bank of England (BoE) slashed interest rates in a double-barrelled response to the crisis.
World finance leaders tried to lift confidence with emergency measures to pour cash into panic-stricken markets on Thursday, as investors everywhere dumped assets, switching to dollars amid the escalating coronavirus pandemic.
The Bank of England cut interest rates to 0.1%, its second emergency rate cut in just over a week, and ramped up its bond-buying programme on Thursday in its latest attempt to shield Britain’s economy from the coronavirus outbreak.
Aircraft manufacturers are hit by the devastating impact of the coronavirus pandemic on the aviation industry. The number of global commercial aircraft orders was zero during the month of September.
Peugeot manufacturer PSA Group returned to revenue growth in its core autos division in the third quarter, recovering from a slump during coronavirus lockdowns, though the prospect of new restrictions hit French shares.
The Bank of Japan (BOJ) trimmed its economic growth and inflation forecasts for the current fiscal year (2020-21) on Thursday but offered a more upbeat view on the recovery outlook, signalling that it has delivered enough stimulus for the time being.
London’s Heathrow is no longer Europe’s busiest airport, ceding its long-held crown to Paris during the pandemic and blaming government inaction for its passenger numbers plunging even more than rivals. The COVID-19 continues to crush demand for flying and Heathrow