Catch up on the latest financial fallout from the coronavirus, from retail’s warehousing woes to India’s credit lifeline, with Breakingviews latest commentary:
GULF RAINY DAY FUNDS. The decline in assets at sovereign funds such as the Abu Dhabi Investment Authority, Qatar Investment Authority and Kuwait Investment Authority could exceed $300 billion this year, according to Institute of International Finance data cited by Bloomberg. Asset values everywhere are sinking, but sovereign wealth funds are also becoming ATMs for rulers. True, funds in the Middle East have assets exceeding $2 trillion, and cash buffers.
INDIA THROWS LIFE JACKET TO BORROWERS. The Reserve Bank of India is cutting rates faster and by more than expected: a 75 basis point cut brings the main policy rate down to 4.4%. The regulator is also cutting the cash reserve ratio for banks for the first time since 2013 as part of liquidity-easing measures. Bad corporate debts, rickety lenders and a slowing economy meant conditions were already tight before the nation of 1.3 billion went into lockdown.
FASHION SUPPLY. With consumers bored at home, demand for online shopping should rise. But British retailer Next has stopped taking new orders because the warehouse employees needed to fulfill them understandably felt they should be home during the coronavirus lockdown. Next will close its online, warehousing and distribution operations. The country can manage without Next’s affordable fashions. But the shutdown points to the risk of labour shortages impacting more critical sectors.
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