The U.S. Federal Reserve on Wednesday signaled it would provide years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5 per cent decline in gross domestic product this year and a 9.3 per cent unemployment rate at year’s end. Source CBC
The Italian Civil Aviation Authority (Enac) threatened on Wednesday to suspend Ryanair’s permit to fly in Italy due to non-compliance with coronavirus (Covid-19) related safety rules. Source Brussels time
Fitch Ratings, one of the world’s major credit-rating companies, revised its outlook on the U.S. credit score to negative from stable Friday “to reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan.” Source South Florida Times
French automaker Renault reported its biggest half-year loss ever on Thursday, with revenue slashed by a third as dealerships worldwide were emptied by the coronavirus crisis. The dire results underscored the challenges facing CEO Luca de Meo, who was brought in this month to revamp a company reeling from strategic missteps and the ousting of former boss Carlos Ghosn last year on financial misconduct charges. Source France24
