Financial Times Europe - 19 03 2020

2020·17.5 MB·English

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WORLDBUSINESSNEWSPAPER
THURSDAY 19 MARCH 2020 EUROPE
Fear grips global markets as
faith in interventions runs out
Oil price Sterling
S&P 500
Brent crude ($ per barrel) $ per £
3 Oil at 17-year low, S&P suffers
$59.12
$1.2919 3,386.15
Feb 19 Feb 19 Feb 19
and bonds sell off in dash for cash
3 Sterling hammered as Johnson
2,308.21
prepares to lock down London
$25.10 $1.1577 Mar 18 6pm GMT
Mar 18 6pm GMT Mar 18 6pm GMT
Source: Refinitiv
KATIEMARTIN,CHRISGILES consideredahavenintimesofstress, intwopaymentsinAprilandMayinan PaulJackson,globalheadofassetallo- Alonetourist ity]”,MrBaileysaid,highlightingthat
ANDALEXBARKER—LONDON Inside indicatedthatfundswerescramblingto effort to limit the economic damage cation research at Invesco, said that takesaselfieon thebankwantedtoprovideasmuch
Globalmarketswererockedinapanic- keepafloatorpayinvestorsbacktheir fromtheoutbreak.Themeasurewould effortstofightthecrisishadnotbeen theMillennium supportascompaniesneeded.
ridden day of trading yesterday as 3Virusreports cash.“Alotofpeopleneedcashand requireapprovalofCongress. rewardedincurrencymarketsbecause Bridgeover InGermany,AngelaMerkel,thechan-
forced selling and a loss of faith in Pages2-4 they’reliquidatingtheonlythingthat The prospect of slumping energy of the UK’s departure from the EU, theThames cellor, declared the crisis its biggest
governmentinterventiondeepenedthe 3Editorial theycan,”saidMikeRiddell,aportfolio demandsenttheUSoilbenchmarkWTI whichhesaidhadputtheUKeconomy inLondon sincethesecondworldwar,sayingGer-
global economic crisis triggered by Comment manageratAllianzGlobalInvestors. crudedownmorethan15percentto inacompromisedposition. yesterday manshadtosticktothenewrulesof
coronavirus. Page8 Britainwashitespeciallyhardinthe $20.5abarrel,a17-yearlow.Brent,the “Ifyouarealreadyweakenedbyan CharlieBibby/FT socialdistancingiftherewastobeany
AsLondonpreparedtogointolock- 3Opinion: rout.Theplungeinsterling,whichtook internationalbenchmark,fell9percent underlyingcondition...thentherisks prospectofslowingthespreadofthe
downtocontroltheoutbreak,whichhas BenBernanke itbelow$1.15againstthedollar,came tobelow$25abarrel. aregreater,”hesaid. virus.
infectedatleast200,000peopleand andJanet evenaftertheBankofEnglandpledged SomeanalystssaidthattheUK’sini- AndrewBailey,thenewBankofEng- Divisionsovercrisis-fightingefforts
claimedmorethan8,000livesworld- YellenPage9 topumpunlimitedquantitiesofmoney tialapproachtothevirushadweighed land governor, said the central bank werelaidbareattheEuropeanCentral
wide,theS&P500fellabout9percent 3LexPage10 intotheeconomyviaitsnewcommer- onthepound.“TheUKisreallyatodds would print money in order to offer Bank,whichtooktheunusualstepof
andoilpricesdroppedtotheirlowest 3Corporate cialpaperfacility.Thesharpdeclines withtheresponseswe’veseeninother short-termloanstoinvestment-grade rebuffingcommentsbyoneofitsown
levelinnearly17years.Sterlingtum- fallout showed that this week’s multi-trillion- EuropeancountriesandIthinkthat’s companiesintheformofanewand governingcouncilmembers.
bledalmost5percentagainstthedollar Pages11-14 dollarrescueeffortbywesterngovern- oneofthereasonswhysterlingissoout unlimited commercial paper facility. Thebankissuedastatementcontra-
toitslowestlevelsincethe1980s. 3Markets mentshadfailedtocalmmarkets. offavour,”saidSilviaDall’Angelo,asen- Thisfacilityisineffectanunlimited dictingaclaimbyRobertHolzmann,
Indiscriminate selling yesterday in Pages19-20 TheUSTreasuryyesterdayproposed ior economist at Hermes Investment formofquantitativeeasing. theheadofAustria’scentralbank,that
governmentbonds,whicharetypically sending$500bndirectlytoAmericans ManagementinLondon. “Wedidn’tputalimiton[thefacil- monetarypolicyhadreacheditslimits.
Johnson’s hopes for years of unfettered
power challenged by invisible enemy
GEORGEPARKERANDJIMPICKARD WhileMrJohnsonwasaddressingthe coronaviruslayingwastetotheBritish
country,officialswerebeingbriefedon economy.ToryMPsnowtalkaboutthe
BorisJohnson’sfaceborethestrainof
planstoclosedownthecapital,with riskofthe“Dword”:depression.
thepastthreeweeks,duringwhich
policebeingputonstandbytoprevent Electedwithan80-seatHouseof
coronaviruswentfrombeingadistant
thepossiblelootingofdesertedtown CommonsmajorityinDecember,Mr
menacetoonethatthreatenedto
Fewhappyendingson centres. Johnsonhadexpectedatleastfouryears
consumeBritain’seconomy,spread
offerinmovietheatres Accordingtoonepersonbriefedon ofuntrammelledpower,butlikeother
deathacrossthecountryanddominate
theproposal,therewouldbeafull worldleadershisauthorityhasbeen
hispremiership.
AnalysisiPAGE13 lockdownofthecitywithonlyone challengedbyaninvisibleenemy.
TheBritishprimeministerhasgoneina personallowedtoleavehomeatatime. Thespeedwithwhichthecrisishas
matterofdaysfromadvisingpeopleto TherestofBritaincouldfollowinto escalatedhastakenMrJohnson—and
Austria €3.90 Malta €3.70 washtheirhandstoplanningtheclosure lockdown. thescientistsuponwhoseadvicehehas
Bahrain Din1.8 Morocco Dh45
Belgium €3.90 Netherlands €3.90 ofLondon;governmentofficialsexpect MrJohnsondidnotdenythatsucha beenacting—bysurprise,althoughfew
Bulgaria Lev7.50 Norway NKr40
Croatia Kn29 Oman OR1.60 thecapitaltobelockeddownasearlyas planexistedandhisalliessayonlythat aroundtheworldpredictedchaoson
Cyprus €3.70 Pakistan Rupee350 Friday. “thesituationismovingfast”.Anumber suchagrandscalesosoon.
CzechRep Kc105 Poland Zl20
Denmark DKr38 Portugal €3.70 AstheUKdeathtolljumpedby33to ofseniorWhitehallofficialshavetold MrJohnsonhintedthatBritainwas
Egypt E£45 Qatar QR15
Finland €4.70 Romania Ron17 104—andwiththepoundcrashing theFinancialTimestheyexpectthe abouttobecomeaverydifferentplace,
France €3.90 Russia €5.00 aroundhim—apale-facedMrJohnson plantobeimplementedonFriday. sayingthatwhilehecherishedfreedom,
Germany €3.90 Serbia NewD420
Gibraltar £2.90 SlovakRep €3.70 announcedatapressconferenceplans Meanwhile,RishiSunak,Mr thecountrywasabouttobeaskedto
Greece €3.70 Slovenia €3.70
Hungary Ft1200 Spain €3.70 toclosethecountry’sschools,declaring: Johnson’schancellorandAndrew makesacrifices:“Thesearevery,very
India Rup220 Sweden SKr39 “Wewillnothesitatetogofurtherand Bailey,BankofEnglandgovernor,were importantchoiceswearemakinginour
Italy €3.70 Switzerland SFr6.20
Latvia €6.99 Tunisia Din7.50 fasterinthedaysandweeksahead.” drawingupplanstopreventthe dailylives.”
Lithuania €4.30 Turkey TL19
Luxembourg €3.90 UAE Dh20.00
NorthMacedonia Den220
World Markets
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MSCI World $ 1772.93 1702.79 4.12 Oil WTI $ 22.15 27.33 -18.95 Euro Libor 3m -0.40 -0.42 0.02
MSCI EM $ 826.68 833.18 -0.78 Oil Brent $ 25.13 28.73 -12.53 UK 3m 0.51 0.49 0.02
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MARCH 19 2020 Section:FrontBack Time: 18/3/2020 - 19:13 User: gerry.white Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1
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2 ★ FINANCIAL TIMES Thursday19March2020
CORONAVIRUS
Eurozone
ECB tension on crisis spills into open
WORLD|
WEEK IN REVIEW|
Austriangoverning calpolicy.Itisthestate’sresponsibility Its main decision-making body is between Italian and German bond
toprovideliabilityandsocialsupport. madeupofsixexecutivedirectorsand yieldsthatisakeyriskindicatorfor
councilmemberfaces
Monetarypolicycannotcoverupthe theheadsofthe19eurozonenational Italy.Thattriggeredabondmarketsell-
rebuffonscopeforaction problem,” Mr Holzmann said in an centralbanks,makingitbigger,more off,pushingItaliangovernmentbond
NewYorktomakehomeworking
interviewwithAustria’sDerStandard unwieldyandpronetodivisionthanits yields,andthusItaly’sdebtfinancing
mandatoryforhalfofemployees newspaper. equivalentsattheUSFederalReserveor costs,up.Yieldsrisewhenpricesfall.
MARTINARNOLD—FRANKFURT
In a one-paragraph statement the theBankofEngland. MrHolzmannsaidyesterdaythatMs
NewYorkwassettoissuea“mandatorystatewide TheEuropeanCentralBank’sinternal ECBsaiditsgoverningcouncilwasin Lastweek,theECBgaveitselfmore Lagarde’scommenthadbeen“correct”.
requirement”thatnobusinesscouldhavemorethan debateoverhowmuchitcandotocom- unanimousagreementthatinaddition capacitytobuybondsissuedbyItaly Some council members think Ms
halfofitsemployeesturnupforwork,withthestate battheeconomicandfinancialchaos totheeasingmeasuresitannouncedlast and other eurozone countries by Lagarde’scommentreflectedherdesire
continuingtostepupmeasurestocombatthespread unleashedbycoronavirushasburstinto Thursdayitwouldcontinuetomonitor increasingitsexisting€20bn-a-month tohealdivisionswithintheECBthat
ofcoronavirus. publicviewafteritrebuffedcomments theconsequencesofthepandemicand programmeofassetpurchasesbyan simmeredforyearsunderherpredeces-
Theorderexemptsessentialservicesincluding by one of its own governing council adjust its measures as appropriate extra€120bnoverthecourseofthis sor, Mario Draghi. These tensions
transport, food stores and healthcare, governor members. “should this be needed to safeguard year.Italsobeefedupthecheaploansit erupted into the open in September
AndrewCuomosaidatapressconferenceyesterday. TheECByesterdaytooktheunusual liquidityconditionsinthebankingsys- offerstobanksandgrantedlendersvar- afterMrDraghi’slastmonetaryeasing
MrCuomosaidtherestrictionswould“trackthe stepofissuingastatementtodenya temandtoensurethesmoothtransmis- iousformsofcapitalrelief. package.
trajectoryofthedisease”. claim by Robert Holzmann that its sionofitsmonetarypolicyinalljuris- ButECBpresidentChristineLagarde “Youhavetogetaconsensus;soyou
Inside
“Ifweslowthespreadandcanhandlethatinthe monetarypolicyhadreacheditslimits. dictions”. apologised to other members of the havediscussionsandtoconvinceyour-
Editorial
healthcare system, we’ll relax [the restrictions] as TheoutspokenheadofAustria’scentral The rebuff underlined the intense councilforbotchingthecommunica- selfthatitistherightthingyouhaveto
Comment;
soonaspossible,”MrCuomosaid.“Ifyoutakedra- bankalsositsontheECB’stopdecision- debatewithinthetopechelonsofthe tionofthedecision. Opinion;Lex; buytheargumentsofthosewhoareon
maticactionssooner,youreducethespreadand makingbody. ECBoverhowitshouldrespondtothe MsLagardesaiditwasnottheECB’s Companies theothersideofthetable,”saidone
recoverfaster.” “Wecannotsolvetheproblemonour economicandfinancialcrisiscausedby roleto“closethespread”insovereign andMarkets councilmember.“Myperceptionisthat
own,thisisnowprimarilyataskforfis- coronavirus. debt markets, referring to the gap shedoesn’treallythinkthat.”
Brusselsestimates80,000citizens
strandedbeyondEUborders Outlook
Spain faces
About80,000EUcitizensarestrandedoutsidethe
bloc’sborders,Brusselssaidyesterday.Thiswasa
roughestimateandtheactualfigurecouldbeinthe threat of lost
“hundredsofthousands”.
“Thisisjustthetipoftheiceberg,”it,said,adding
quarter, says
thatofficialswereconsideringwaystorelaxtravel
curbstoallowpeopletoreturntotheircountries.
Earlier,Norwayeasedcompetitionrulestoenable Sánchez
SAS,NorwegianAirShuttleandothercarriersto
worktogetheronflighttimetables.
IselinNybo,Norway’sbusinessminister,said:
“Normally,SASandNorwegiancan’tco-operateon
whoflieswhere,butinthisveryspecialsituation DANIELDOMBEY—MADRID
thereisaneedtodisregardthistoensuregoodsand
Spaincouldforfeituptothreemonths
peoplegowheretheyshould.”
of economic activity because of the
coronavirus,saidPedroSánchez,the
primeminister.
Coffeeshopbusinessesmake MrSánchezcalledforanemergency
switchtotakeaway-onlymodels budgettobolsterthewelfarestateand
“reconstruct”Spainoncetheimmedi-
atehealthcrisishadabated.
“ItisobviousthatannualGDPwillgo
down,astheEuropeanCommissionhas
indicated:2020willnothave12months,
but10orevennine,”hetoldthecham-
berofdeputies,fromwhichmostMPs
En garde Paris adjusts to life under quarantine
hadstayedawayforhealthreasons.
“Intheeconomicfield,themilestones
willbetohaltthefallinproductionand
thedestructionofemployment . . . and
InthefinalhoursbeforeParisofficially wereessentialandcouldnotbedone Cordon OnTuesday,thosewhofacedweeks recoverproductionandemployment.”
shutdownonTuesday,aman remotely. sanitaire:a athomerushedtobuyfood,toiletries Coronavirus has spread rapidly in
crammedaduvetintothepackedboot Anyoneoutsidewouldhavetocarry policeofficer andwine.“Wethoughtaboutleaving, Spain.Asofyesterdaytherewere13,716
Starbucks,Dunkin’DonutsandPretareamonga ofacarandurgedhispartnertohurry anattestationsurl'honneur,asingle checksthe butwehaveeverythingweneedhere,” confirmed cases and 598 deaths, an
numberofcoffeeshopbusinessesthathave upassheracedupstairstograbtheir sheetofpaperfilledouttogiveavalid documents saidBenoitTricot,a47-year-oldman increaseof2,358cases,or18percent,
abandonedsit-inoperationsandaremovingto houseplants. reasonforbeingoutdoors.Employers ofadriverin outwithhiswifeandson.“Ispent sinceTuesday.Morethan770people
takeaway-onlymodelstostopcustomersspendingtoo Severalneighbourslookedonfrom wereexpectedtofurnishsignedletters frontofthe aboutanhourand20[minutes] areinintensivecare.
longinenclosedpublicspaces,inlinewithgovernment theirbalconies,tranquillysmoking forpersonnelwhohavetomoveabout. EiffelTower queueingoutsidethesupermarket,but MrSánchezsaid:“Theworstisstillto
adviceintheUSandEurope.Companiesarehavingto theirmorningcigarettesasusualinthis Somepeoplehavenotquiteadjusted yesterday. that’sOK,I’monholidaysnow!” come,whenthehealthsystemfeelsthe
thinkhardaboutalternativerevenuestreams. cornerofthe18tharrondissement,the tothenewnormal.SalvioFrancisco Astrict Signsonthewindowsofbakeries, impactofthepeoplewhohavebeen
northernedgeoftheFrenchcapital. Lobohadcometoattendhisusual lockdown pharmaciesandshopscalledonpeople exposed, when the days of isolation
Similarsceneshaveplayedoutacross dailymassattheparishofNotre-Dame cameinto tomaintainametreofdistance increase and the economic repercus-
thecityinrecentdaysasParisianswho deClignancourtonlytofinditwasnot effectacross betweenpeoplewaitingtoenter.Often sionsarrive.”
IMFrejectsVenezuelaaidrequest havesecondhomesinthecountryside beingheld.“I’llcomebacktomorrow Franceon onlytwopeoplewereallowedinstores Hiscommentsindicatedthepossible
andquestionsMaduro’slegitimacy orfamilyelsewheredecampedtowait toprayeventhoughmassiscancelled,” Tuesday atonce,withthosemostvulnerableto durationoftheeconomicparalysisfol-
outthequarantineinmorehospitable saidthe70-year-old.Askedifhewas LudovicMarin/AFP/ thevirusgivenprecedence.“Yeah,it’s lowingtheshutdownhedecreedlast
environs.Thoseleftbehindwillremain carryingtheattestation,hesmiledand GettyImages startingtofeelreallystrangehere,”said Saturday.Parliamentmustapprovethe
TheIMFrejectedVenezuela’srequestfor$5bnto inoftencrampedapartmentsinoneof saidno.“IbelieveinGod;hewill MrTricot,ashissoncycledawaydown powersMrSánchezusedtotakethat
tackletheoutbreakofCovid-19onthegroundsthat thedensestcitiesinEurope. provideandprotect.” anemptystreet.“ThepeopleI’ve step,andoppositionleadershavesaid
thereisnoclarityastowhoisthecountry’slegitimate PresidentEmmanuelMacronon Intheinitialhoursafterthe talkedtodon’tknowhowtoreact.” theywerewillingtoextendtheinitial
leader:NicolásMaduro,thedefactopresident,or MondaydeclaredFrancetobe“atwar” shutdowntookeffect,therewerefew Somefamiliarsightsremained.One periodof15days.
JuanGuaidó,theUS-backedheadoftheopposition. withthecoronavirus,whichhassofar policemenorsoldiersvisibleonthe ofthecity’sgreen-huednewspaper Theprimeministersaidthegovern-
“Unfortunately,thefundisnotinapositiontocon- infected7,730peopleandkilled175in streetstoenforcethenewrules.Butthe kiosksstoodopenonPlaceJulesJoffrin, mentwouldsubmita“budgetforeco-
siderthisrequest,”theIMFsaidinastatement.“As thecountry. interiorministerhaspromisedover whichwasunusuallyquiet.Thekiosk’s nomicandsocialreconstruction”,add-
wehavementionedbefore,IMFengagementwith AsofnoononTuesday,France 100,000policeofficerswillbedeployed owner,ManuelDurand,saidhewould ing:“Weshouldprotectandassureour
membercountriesispredicatedonofficialgovern- becamethelatestcountrytoineffect throughoutthecountrytoimplement bethereasusualinthecomingweeks. welfare state, strengthen our public
mentrecognitionbytheinternationalcommunity,as shutdownfollowingItalyand thequarantineandfinethenon- “Itisimportanttokeepasenseof servicesandnationalhealthsystemand
reflectedintheIMF’smembership.Thereisnoclar- Spain.Parisianswerenolongerallowed compliantupto€135.Whetherthe normalcy,”hesaid.“Therearealotof defendoureconomy.”
ityonrecognitionatthistime.” toleavetheirhomesexcepttogo notoriouslyrebelliousFrenchwill peoplewhocountonusaspartoftheir MrSánchezhastriggeredanemer-
ThiswasVenezuela’sfirstrequesttotheIMFsince shoppingforfoodormedicine,exercise complyastheirLatinneighbourshave dailyroutine.” gencyprogramme,including€100bnin
2001,havingrailedagainstthefundinthepast. alone,orgotoworkiftheirprofessions largelydone,remainstobeseen. DavidKeohaneandLeilaAbboud stateguaranteesforloanstotheprivate
sector.
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NICFILDES—LONDON surgesintraffic,maynotbeabletohan- theclosureofcinemas. Duty, released this month, had not
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acbotcwrdscsanohihooanfylewsoifTInlmouotden-tslrawpwshsswtgkirpIiuerneoesttnsisniemanatorl,Stitathekklnhtphwhreymtdeshgeeaahareihhhcebrskinataoneimaayttoeimcbumnosgvvtlhrrshodthteeoraopsohbdeahtslu.naheseaeiattIsandtdelerinltytesovedutblasddastdnceogrian.rlltoogstigfanetusewnmnoholdisedtpeentsfneweaasdtpsibclnstoorhoi.opaokhunffireaaemenfotdtkdsehwdntmu5ttspdieeheen0rscarsytosataeugnnhrpbiktifasynemnoyaiertmttlrto.ieroOCeosuvmohDhshurcosnobueaeaaarikeienievgngnctirlltndeaaeaeees-t-
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MARCH 19 2020 Section:World Time: 18/3/2020 - 18:47 User: john.conlon Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
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Thursday19March2020 ★ FINANCIAL TIMES 3
CORONAVIRUS
Oil prices fall to lowest level
Land transport
US and Canada agree border
ban on non-essential traffic
in 17 years as demand slumps
DEMETRISEVASTOPULOAND pandemic and plunging oil prices.
KADHIMSHUBBER—WASHINGTON EdwardAlden,atradeandimmigra-
PETERWELLS—NEWYORK
tionexpertattheCouncilonForeign
Crisis made worse by production battle between Saudi Arabia and Russia DonaldTrumpsaidyesterdaythatthe Relations, said the new restrictions
USandCanadawillclosetheirlandbor- wouldrequireborderofficialstoques-
dertonon-essentialtraffic,thelatest tiondriversabouttheirreasonsfortrav-
restriction on movement aimed at elling and make a “judgment as to
stemmingthespreadofcoronavirus. whethersuchentryisessentialornot”.
MrAldensaidpeopleworkingincriti-
“Wewillbe,bymutualconsent,tempo- cal sectors would probably not be
rarilyclosingourNorthernBorderwith blocked. He cited nurses working in
Canadatonon-essentialtraffic.Trade Detroitwholiveacrosstheborderin
willnotbeaffected,”theUSpresident Canada.WhileMrTrumpsaidthemove
tweetedyesterday. wouldnotaffecttrade,itwillstillhave
Themovefollowsthedecisiontoban animpactontheeconomy.
traveltotheUSbynon-Americansfrom “ItwillbemoreofahitfortheUS
mostEuropeannationsfor30days.The economyintheshortrun,”MrAlden
White House has stepped up its said.“YouhavemoreCanadianscoming
responseafterbeingaccusedofmaking downtospendmoneyintheUSthan
aslowstartintacklingthepandemic. viceversa.Ithinkthat’swhereyou’ll
Thenumberofcoronaviruscasesin seethebiggesteffect.”
theUShassoaredto6,500asmorepeo- WhileMrTrumpwascriticisedfor
plearetested.Healthauthoritieshave banning travel from Europe, many
warnedtheUShasabouttwoweeksto nationshavesincetakensimilaraction
employmeasuressuchassocialdistanc- andimposeddomesticcurbs.
ingtoslowthespreadofthevirusto In France, Emmanuel Macron
ensureitdoesnotendupinthesame bannedpeoplefromgoingoutsidefor
kindofpredicamentasItaly. anythingotherthanessentialerrands
Canadahasreported569confirmed fortwoweeks,declaringthatFrance
casesofcoronavirus.Inadditiontothe “wasatwar”.InGermany,AngelaMer-
border closure, Justin Trudeau, Can- kel announced the closure of shops,
ada’s prime minister, yester- churches and hospitality businesses
dayannouncedaC$82bn($57bn)stim- frombarstorestaurants.NorthernCali-
uluspackageandconcessionstosup- forniahasimposedItalian-stylelock-
porttheeconomyasitgrappleswiththe downstocurbtheoutbreak.
Europe
Italian deaths soar and Merkel
warns Germans of challenges
Troubleontwofronts:coronavirushasbrokenoutinBasra,Iraq,addingtoalarminOpecabouttheimpactoftheRussia-Saudioilpricewar
—EssamAl-Sudani/Reuters
MILESJOHNSON—ROME socialdistancingmeasuresandclosing
GUYCHAZAN—BERLIN allnon-essentialshopsaswellasschools
DAVIDSHEPPARDANDANJLIRAVAL canSecurity,aWashingtonthink-tank. saidSaudiArabia’sdecisiontoincrease beyond30percent.Thecurrencybroke ThecoronavirusoutbreakinItalyhas anduniversities.
LONDON “Despite the pain of plunging oil suppliesatthistime“willhavelong- past80tothedollar,afreshfour-year claimed475livesinasingleday,asthe IfItalydecidestoextendtheoriginal
HENRYFOY—MOSCOW
prices,neitherRussianorSaudiArabia termrepercussionsforperceptionsof low and close to its lowest level on numberofcasesinEurope’sworst-hit timeframeforitslockdown,whichis
Oilpriceshavefallentotheirlowest seem ready to back down on their thekingdom’sroleasaresponsibleoil record. countryroseto35,713,anincreaseof expected by economists to drive the
levelin17years,droppingbelow$25a plantoboostproductionandfloodthe marketmanager”. DmitryPeskov,theKremlinspokes- 13percentfromTuesday. countryintoitsworstrecessionsince
barrel,asdemandforfuelhasbeenhit market.” “Having pushed back for years man, said: “Of course this is a low thefinancialcrisis,itwillsetanimpor-
byworkandtravellockdownsintro- Brentcrude,theinternationalbench- againstattacksonOpecbyexplainingit price,Iwouldlikeittobehigher.”When OfficialnumbersfromtheItaliangov- tantprecedentforhowlongotherEuro-
ducedinsomeoftheworld’sbiggest mark,lost13percenttohitafreshlow isaforceformarketstability,theking- askedabouttheprospectofRussiare- ernmentyesterdayshowedthatdeaths peancountriesthathavefollowedits
economiesaspartofeffortstocontain of$24.72abarrel,alevellastseenin domseemstohavegivenuptrying,”Mr engaging with Saudi Arabia and the sincethecrisisbeganincreasedtoatotal socialdistancingmeasureswillneedto
thespreadofcoronavirus. 2003.WestTexasIntermediate,theUS Bordoffadded. widerOpeccartel,hewentnofurther of 2,978. The total number of active keeptheminplace.
Crudehascollapsedbymorethanhalf benchmark,fell23percentto$20.48a Russia,whichisaiminginpartatthe thansayingMoscowwasmonitoringthe cases,whichstripsoutthedeadandthe
inalittleovertwoweeks,withweak barrel. growingbutindebtedUSshaleoilindus- market. recovered,roseby2,648to28,710.Sofar
demand exacerbated by a price war Energy Aspects, a consultancy, try,saiditwouldbeforcedtotapits ManyoilanalystsbelieveSaudiAra- 4,025 have recovered, an increase of Ahealthworker
performsavirus
between Saudi Arabia and Russia, warned yesterday that Brent prices nationalwealthfundthisyearasfalling biaistryingtopushRussiabacktothe 1,084fromTuesday.
checkinBologna,
whichareraisingsuppliesjustascon- coulddropaslowas$10abarrel. oilpricespushitsownbudgetintoadefi- negotiatingtable.Buttheextentofthe Thenumberofpatientsrecoveringin
Italy.Casesinthe
sumption falls dramatically. The two The extent of the crash may yet cit. It had previously forecast a collapseinforecastoildemand—with intensivecasecontinuedtorise,hitting countryrose13
hadpreviouslyco-operatedoncrude promptcallsfromothercountriesfor Rbs930bn($12bn)surplus. entireEuropeancountrieslockingdown 2,257,oradailyincreaseof197,atatime percentyesterday
outputbutfelloutoverRiyadh’scallsfor SaudiArabiaandRussiatopullback TheRussianroublesank7.5percent andlargeUScitiesimposingrestrictions whenthenationalhealthservice,espe-
greater production cuts to boost the fromthebrink,astheiractionrisksfur- yesterday,takingitsfallsofarthisyear —maymakeitdifficultforthetwoto ciallyinthenorthernregionofLom- AngelaMerkel,theGermanchancel-
price. therdestabilisingfinancialmarketsand formulateaneffectiveresponse,evenif bardy,isunderimmensestrain. lor,calledthecoronavirusepidemicthe
Russia admitted yesterday that it imperilstheabilityofpooreroilproduc- Oil heads for $25 per barrel theywereonbetterterms. Thegovernmenthasnotruledout biggestchallengeGermanyhasfaced
wouldlikehigheroilpricesasitrevealed ingcountriestorespondeffectivelyto Eurasia Group, a consultancy, has extending its nationwide lockdown sincethesecondworldwarandsaid
that the recent crash would mean it theCovid-19crisis. warnedthatglobaloildemandcouldfall measuresbeyondtheiroriginalenddate Germanshadtosticktothenewrulesof
wouldrunabudgetdeficitthisyear,but TheInternationalEnergyAgencyhas asmuchasaquarterthisspring,with ofApril3,dependingonhowitsefforts socialdistancingiftherewastobeany
gavelittleindicationitplannedtopull alreadywarnedoftheeconomichitto internationalairtravelineffectshut tocontaintheworstoutbreakinEurope prospectofslowingitsspread.
backfromitsconfrontationwithSaudi poorerproducerssuchasIraqandEcua- down and millions of employees no progress. InaTVaddresstothenation,MsMer-
Arabiaintheoilmarket. dor,sayingthattheirrevenuesfromoil longercommutingtowork. “Wewillevaluatethesituationinthe kelurgedfellowcitizensnottohoard
Thekingdomreiteratedthatitwould andgassalescouldfallbyasmuchas USpresidentDonaldTrumplastweek comingdaysonthebasisofthenum- supplies,insistingtherewerenofood
continuetoboostsuppliesinthecoming 85percentthisyear. praised lower oil prices as good for bers,”PaolaDeMicheli,transportmin- shortages.Hergovernmentthisweek
months,maintainingitscommitmentto Forcountriesdependentonenergy motorists,butfacespressureastheeco- ister,saidinaninterviewwithItalian announceddrasticmeasurestoclamp
increase them by about a quarter to salestofundgovernmentbudgets,acol- nomicandsocialimpactofthecorona- television. downonpubliclife,orderingtheclosure
12.3mbarrelsaday,evenasdemand lapse in revenue could undermine viruspandemicintensifies. OnMarch9,Italybecamethefirst of shops, churches, pubs and sports
fallsinthefaceofthecoronaviruspan- healthsystemssettobetestedbythe Republicansenatorsthisweekasked Europeancountrytoimposeanation- facilities, and imposing controls on
demic. coronavirus’sspread,theIEAhassaid. SaudiArabiatoreviewitspolicyofrais- wide lockdown, including stringent borders.
“Thedegreeofdemanddestruction Financialmarketshavealsobeenrat- ingsupplies,whichthreatenstosqueeze
hasshockedproducersandmeansthey tledbytheplungeinoilprices. the US shale industry and harm big
are behind the curve,” said Rachel Jason Bordoff, a former energy energyproducingstatessuchasTexas
ZiembaattheCenterforaNewAmeri- advisertotheObamaadministration, Source: Refinitiv andNorthDakota. Action plans
Turkey, Poland and Denmark
US.Crisisresponse put support measures in place
Trump eyes direct cash handout to protect economy
LAURAPITEL—ANKARA idaysforcompanieswhosecashflow
JAMESSHOTTER—WARSAW hasbeendisruptedbythecrisis.
Bipartisansupportbuilds rankingRepublicanintheUSSenate, Republicans have traditionally dis- unemployed,anddoesnotdeliveran Several countries have promised to A2019Treasury-backedcreditguar-
was blunt yesterday morning as he missedboththedesirabilityandeffec- immediatejolttotheeconomy. injecttheireconomieswithmoneyand antee fund to encourage lending to
forshoweringAmericans explainedtoalocalradiostationinWest tivenessoflarge-scalegovernmentcash GettingcongressionalDemocratson unveiled measures to prop up busi- smallbusinesseswasdoubledto50bn
Texaswhyhewaslikelytosupporta transfers except in the worst times. boardwillprobablynotbeachallenge. nesses,reflectingmovesmadebythe lira($7.7bn).
with‘helicoptermoney’ newWhiteHousestimulusplaninvolv- Larry Kudlow, the White House Theyaremoresympathetictotheidea USandbigEuropeancountries. MrErdoganalsoannouncedstepsto
inganimmediatemoneyinjectiontoUS NationalEconomicCouncildirectorand ofdirectcashtransfersthanataxcut, supportdisadvantagedpeopleandthe
householdswithinthecomingweeks. achampionofsupply-sideeconomics, andmanyhavecomeoutinsupportof RecepTayyipErdogan,Turkey’spresi- elderly,includingraisingtheminimum
JAMESPOLITI,BRENDANGREELEYAND
“Oureconomy,ourwholeeconomy,is hadbrushedofftheconceptjustlast theideainrecentdays. dent,announceda$15bncoronavirus pension payment by about 250 lira
DEMETRISEVASTOPULO—WASHINGTON
injeopardy,”MrCornynsaid,adding weekas“helicoptermoney”thatwas AndrewYang,theformerDemocratic supportpackageforbusinessesandvul- ($38)amonthandallocating2bnlira
Asthenumberofcoronaviruscaseshas thatheandmanyothermembersof unnecessaryatthisstage. presidentialcandidate,gainedtraction nerablepeople,urgingeveryoneinthe ($300m)toprovideextrawelfarepay-
explodedacrosstheUS,theideaofa Congresswereona“warfooting”inthe Theseveremarketturmoilofrecent amongtheparty’sbasewiththeideaof nationof83mpeopletostayathome. mentstovulnerablefamilies.
directcashtransfertoAmericanshas face of the coronavirus outbreak. universalbasicincome.Thiswouldrep- MrErdoganusedanaddressaftera Poland’sgovernmenthasunveiledan
emergedastheprimaryfeatureofthe “We’vegottobeatthisvirusbothfroma ‘Americansneedcashnow, resentatemporaryversionofthat. specialfour-hourcrisismeetingtowarn emergency212bnzloty($52bn)stimu-
Trumpadministration’s$1.3tnresponse publichealthperspectiveanditseco- AspokespersonforRichardNeal,the thecountrythat“nobodyhastheright lus package. Mateusz Morawiecki,
andthepresidentwantsto
tothecrisis. nomicimpact.” Democratic chairman of the House tojeopardisethehealthofthepublic primeminister,saidthepackage,worth
Theideaofadirectcashtransferto AccordingtoaTreasurydepartment getcashnow’ ways and means committee, said he becauseoftheirownselfishnessorcare- about9percentofGDP,wouldhelppeo-
limittheeconomicdamagefromthe proposalpublishedbyTheWashington “supportstheideaofchequesandget- lessness,adding:“Thehealthandpeace pleandbusinessescopewiththefallout
spreading disease had been floating Post,thedisbursementswouldhappen StevenMnuchin tingmoneyouttopeopleassoonaspos- ofsocietydependsonresponsibilities fromthecrisis,whichhasseenlargesec-
aroundsinceearlyMarch.Butasthe intwostages,onApril6andMay18, sible...we’relookingintohowquickly andsacrificesweallmake.” torsoftheeconomygrindtoahalt.
numberofcaseshasspreadacrossthe eachworth$250bn,withtheprecise daysandincreasinglygloomyeconomic thiscanallbedone.” TheTurkishpresidentsaidthatno Themeasuresincludeallowingpeo-
world’s largest economy, leading to amountvaryingdependingonincome predictions, however, shifted the JasonFurman,aHarvardprofessor oneshouldleavetheirhomeunlessnec- pletodelaysocialsecuritycontribu-
widespreadsocialdistancingmeasures andfamilysize.ManyAmericanswould administration’s thinking. There are and senior economic official in the essary,andurgedthosewhohavetogo tions,anincomesupportschemefor
thatforcedacascadeofbusinessclo- receive $1,000 in each instalment, alsosomerecentprecedentsforcash Obamaadministration,saidthatwhile outtoworktoreturnimmediately. companiesthatcanprovethatthecrisis
suresandlay-offs,itisnowfrontand accordingtoTheWashingtonPost. transfers — George W Bush enacted thefederalgovernmentshouldexpand MrErdoganacknowledgedthepain- hashittheirturnover,7.5bnzlotyof
centreoftheadministration’sefforts. MrTrumpsaidyesterdaythatithad somelimitedcashrebatestoAmerican unemploymentinsuranceandfoodpro- fulimpactofthefightagainstthevirus additionalfundingforthehealthserv-
StevenMnuchin,theTreasurysecre- yettobedeterminedhowmuchmoney familiesintheaftermathoftheSeptem- grammesforthepoor,itshouldalso onthecountry’s$750bneconomyashe ice, and a 30bn zloty infrastructure
tary,endorseditinabriefingfromthe peoplewouldreceive.Askedwhether ber11attacksandintheearlystagesof “raincashdownonpeople.” announced a support package that investmentfund.
WhiteHouseonTuesday,standingnext thepaymentscouldexceed$1,000,Mr the2008financialcrisis. The immediate challenge is unlike wouldserveasan“economicshield”. Denmark launched a DKr40bn
to Donald Trump. “Americans need TrumpsaidtheWhiteHousewaslook- MrTrumpandhiseconomicteam previousrecessions,whenpolicymak- Measuresincludevalueaddedtaxdis- ($6bn)packagetohelpsmallbusinesses
cashnow,andthepresidentwantstoget ingatdifferentoptions,includingpossi- had previously eyed a cut to payroll erstriedtostimulatedemand,hesaid. countsforsectorsincludingretail,auto- and the self-employed. Nicolai
cashnow.AndImeannow,inthenext blysplittingthepayments. taxesastheirmainresponse.Thathas “Givingcashtopeoplecouldbethe motive,entertainmentandhospitality, Wammen,financeminister,proposed
twoweeks,”MrMnuchinsaid. “Everybodyseemstowanttogobig,” nowmovedtothebackburner,sinceit differencebetweenpayingrentandnot areductiononVATfordomesticavia- thestatecovercostssuchasrentorelec-
John Cornyn, the second-highest hesaidattheWhiteHouse. onlyhelpsworkingAmericans,notthe payingrent,”hesaid. tionto1percent,andloanpaymenthol- tricitybills.
MARCH 19 2020 Section:World Time: 18/3/2020 - 18:45 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1
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4 ★ FINANCIAL TIMES Thursday19March2020
CORONAVIRUS
Containment challenge Relief aid
Second wave of infection breaks out in Asia Brussels
warms to
Beijing’s
Riseincasesbroughtfrom distancingcampaignsrolledoutacross restrictionsafterthecountrywidelock- newclustersandtheriskofimported officials reported 31 imported infec-
Europepromptsstrict Asia.Butitalsohighlightsgrowinganxi- down that began in December. caseshaverattledofficials. tions. Yesterday, Taiwan reported 23 return of
eties about new cases coming from However,thenumberofimportedcoro- AuthoritiesinDaegu—SouthKorea’s newcases,ofwhich21wereimported.
newquarantinecontrols abroad. The number of so-called naviruscaseshasjumpedto155from fourth-largestcitywheremasstesting InHongKong,thenumberofcases
generosity
importedinfectionshasrisensharplyas fewerthan50twoweeksago,according andisolationhadledtoabigreduction climbedto168onMarch17from116on
peoplefleetheescalatingcoronavirus toChinesegovernmentstatistics. innewcases—areincreasinginspec- March9,andalmost90percentofthose
FTREPORTERS
outbreakinEurope. TheNationalImmigrationAdminis- tions at high-risk facilities after the new patients had travelled recently.
Thenumberofcoronaviruscaseshas “What many people hadn’t recog- tration said on Monday that about emergenceofnewclustersatnursing Healthofficialsreported14newcases
spikedacrossAsia,crushinghopesthat nisedisthatitisonlyatemporarysuc- 120,000peopleadayhadenteredChina homesandchurches.“Webelievethe yesterday,thehighestinasingleday, MICHAELPEEL—BRUSSELS
theregionhadcontainedtheoutbreak. cess,itisnotapermanentsuccess,”said from abroad since the World Health nexttwotothreeweekswillbeverycru- andallbutonecamefromoverseas. TOMHANCOCK—LONDON
VALERIEHOPKINS—BUDAPEST
OfficialsinSouthKorea,Taiwanand BenCowling,aprofessorofepidemiol- Organizationlabelledthevirusapan- cial,”saidYoonTae-ho,aseniorgovern- ThenumberofnewinfectionsinSin-
MILESJOHNSON—ROME
partsofChinaandsouth-eastAsiaare ogyattheUniversityofHongKong. demiconMarch11.Morethanadozen menthealthofficial. gapore,whichhasbeenlaudedforits
rushingthroughnewmeasuresaftera “Thereisachallengetocontainment provinces,fromBeijingtotheborder Taiwanisclosingitsborderstopracti- quickactiontocontrolthenumberof BrusselshasthankedChinaforoffering
secondwaveofnewinfectionsfollowing bytheincreasingnumberofimported provinceofYunnan,saidinternational cally all foreigners and intensifying cases,hasjumpedalmost90percentto more than 2m medical masks and
weeksofdeclines. infectionsinalloftheselocationsatthe visitors, regardless of their condition quarantine measures on its own 313inthepastweek. 50,000coronavirustestkitsinawiden-
Expertssaythesuddenincreasein momentfromEurope,butinthefuture andtravelhistory,wouldbeplacedin citizens.Taiwan’sgrowthrateofnew ReportingbyEdwardWhiteinWellington, ingofitsassistancetoEuropeancoun-
caseshasrevealedthelimitsofboth itcouldbefromotherpartsoftheworld quarantinefor14days.InSouthKorea, caseshadbeenoneofthelowestinthe KathrinHilleinTaipei,SunYuinBeijing, triesbattlingthepandemic.
China’ssweepinglockdownofcitizens aswell,”headded. which has suffered Asia’s worst out- region,withjust100confirmedcaseson StefaniaPalmainSingapore,AliceWood-
andofthemasspublictestingandsocial China has been slowly unwinding breakoutsideChina,theemergenceof Tuesday. But over the past two weeks houseandPrimroseRiordaninHongKong UrsulavonderLeyen,EuropeanCom-
missionpresident,saidshespoketoLi
Keqiang,China’spremier,yesterdayand
they agreed the two powers should
Rocky relations. Journalists barred “supporteachotherintimesofneed”.
AnalystsbelieveChina’shelpcould
haveawiderdiplomaticimpactasit
US-China ties worst in decades after expulsions
seekstoexploittransatlantictensions
andforgecloserrelationswithEurope.
Chinahasalreadysaiditwouldhelp
Serbiamitigatetheeffectsofthepan-
demic. Chen Bo, ambassador to Bel-
grade,saidBeijingwas“payingalotof
Argumentsoverpandemic
attentiontoSerbia’sneeds”.TheChi-
revivememoriesofcoldwar nesepeoplewere“verypleased”when
Aleksandr Vucic, Serbia’s president,
acrimonywithSoviets complainedonMondaythat“European
solidaritydoesnotexist,thatwasjusta
TOMMITCHELL—SINGAPORE fairytaleonpaper”.
XINNINGLIU—BEIJING FraserCameron,directoroftheEU-
Diplomatic relations between the AsiaCentrethink-tank,wroteinanarti-
world’s two largest economies have clepublishedintheChinaDailyyester-
reachedtheirlowestebbinmorethan daythatthe“pandemicisacommon
30years,fuelledbyaraciallytingedwar threatthatrequiresaco-ordinatedglo-
ofwordsoverthecoronaviruspandemic balresponse”.Headded:“Butthatisnot
andthemassexpulsionsofUSandChi- thewaytheUSadministrationthinks—
nesejournalists. andthustheUS’srelationswithboththe
The deterioration comes just two EUandChinamaycontinuetosuffer.”
monthsaftera“phaseone”tradeagree- MsvonderLeyensaidthelatestpro-
mentbetweentheadministrationsof posedChinesereliefcargo,including2m
DonaldTrumpandXiJinpingappeared masks and 200,000 N95 respiratory
to have stabilised the world’s most protection masks, was ready to sail
importantbilateralrelationship,atleast immediately.Shenotedthatthecon-
temporarily. signment,whichEUofficialssaidwould
Butinamovereminiscentofthemost befree,followedtheprovisionbytheEU
tensemomentsoftheUS-Sovietcold of50tonnesofprotectiveequipmentto
war,earlyyesterdaymorningChina’s ChinawhentheCovid-19crisisbegan.
foreign ministry announced it “ChinahasnotforgottenthatinJanu-
would expel almost all US nationals ary,whenChinawasthecentreofthe
workinginthecountryfortheNewYork virus outbreak, the European Union
Times,WallStreetJournalandWash- helped,”shesaid.
ingtonPost.SixoftheNewYorkTimes’ “Todaywearethecentreofthecoro-
eightChinareportersareUSnationals. naviruspandemicandweneedprotec-
TheWashingtonPost,whichwasapply- TheNewYork month.TheTrumpadministration,in Shuang,aforeignministryspokesman, ‘Relations his administration’s much criticised tiveequipmentourselves.Weareramp-
ingtoincreaseitsChinaaccreditations Times’Steven turn,retaliatedbyexpelling60ofabout hadexpressed“strongindignation”at responsetothepandemic.Oneformer ingupproduction[and]areconverting
between
fromtwotothree,willhavejustone LeeMyers,left, 160ChinesenationalsworkingforBei- Mr Trump’s recent references to the Trump administration official called newproductionlines—butthisneeds
reporterleftinthecountry. inBeijing jing-controlledmediaoutletsintheUS. rapidlyspreadingcoronavirusas“the thetwo such references “stupid”. “The deep severalweeksandinthemeantimewe
Thelatestexpulsionorderwillalso yesterday. Analystssaidthetwocountries’rela- Chinesevirus”,sayingtheUSpresident’s stain of the administration’s mishan- aregratefulforsupportfromChina.”
countries
preventthejournalistsfromworkingin Below,Donald tionsappearedtobeenteringtheirrock- intentionwasto“stigmatiseChina”. dlingoftheoutbreakcannotbewhite- Chinaaccountsfor40-50percentof
HongKong,thesemi-autonomousterri- TrumpandXi iestperiodsince1989,whenthebloody MrTrumpandotherseniorofficials have washedwithsomegeographicindica- globalmaskproduction,accordingto
torywhichhastraditionallybeenwill- Jinping suppressionofpro-democracyprotests in Washington have said the term tors,”headded. Kearney,aconsultancy.Chinesecompa-
—AndyWong/AP entered
ingtoissueworkpermitstoforeigners in Tiananmen Square halted normal reflectedtheoriginofthevirusandwas Expertsbelievethecycleofpunitive niessteppedupproductionfromJanu-
expelledfrommainlandChina.Critics diplomatic and cultural exchanges necessarytocounterChineseofficials’ avicious actionandretaliatorycounteractionis aryasthevirusspread,
saythisviolatesthespiritoftheBasic betweentheUSandChina. embraceofconspiracytheoriesblaming likelytocontinue,witheachsideseeing China’sembassyinMadridsaid1.8m
cycle’
Law,thecity’smini-constitution,that “Itisdeeplyconcerningthat[theUS theUSmilitaryfortheoutbreak. itselfastheoriginallyaggrievedparty maskshadarrivedinItalyandSpain.
affordsitahighdegreeoflegalauton- andChina]havedescendedintotrading “Rather than having an argument andduty-boundtorespondinkind. Lastweek,aplaneloadofsuppliesfrom
omy from Beijing. However, China blame insults and punitive actions [abouttheoriginofthevirus]Ihaveto “Relationsbetweenthetwocountries China’sRedCrosswassenttoItaly.A
arguesthisisaforeignaffairsissueand, ratherthanforgingacommonfrontto callitwhereitcamefrom,”MrTrump haveenteredaviciouscycle,”saidPang shipment of 1m surgical masks and
therefore,comesunderitspurview. counterapandemicthatiswreak- saidonTuesday.Yesterdaymorninghe Zhongying,avisitingscholarattheSin- gloveswasduetoreachFranceyester-
Yesterday’sexpulsionofatleasta ingcarnageontheglobalecon- posted three more tweets referring gapore Institute of Southeast Asian dayandtoday,saidJean-YvesLeDrian,
dozenreportersworkingforUSmedia omy,”saidEswarPrasad,former to“theChinesevirus”,whilesecretaryof Studies. “The two sides are still Frenchforeignminister.Polandandthe
outletsisthelatestinaseries headoftheIMF’sChinaunitnow stateMikePompeoregularlyreferstoit exchangingfire.Itmaybeirreversible.” Netherlandshavealsoreportedreceiv-
of tit-for-tat actions taken teaching at Cornell University. as“theWuhanvirus”. “The Chinese Communist party’s ingmasksfromChina.
afteraheadlineofanarticle “Theopenhostilitywillmakeit “Chinadidstartthefire,”addedBila- decisiontoexpeljournalistsfromChina Lastweek,LuigiDiMaio,Italy’sfor-
intheWallStreetJournal’s hardertolimittheeconomic hariKausikan,aretiredSingaporedip- and Hong Kong is yet another step eignminister,said:“Wewillremember
commentpagesreferredto and financial damage and lomatandheadoftheMiddleEastInsti- towardsdeprivingtheChinesepeople thosewhowereclosetousinthisdiffi-
the country as the “Real doesnothingtobolstercon- tuteattheNationalUniversityofSinga- andtheworldofaccesstotrueinforma- cultperiod.”SinceChinastartedsend-
SickManofAsia”,arefer- sumerandbusinessconfi- pore.“Peoplearenotstupid.Theycan tionaboutChina,”MrTrump’sNational ingaidtoItaly,itsembassyinRomehas
enceseenbymanyChinese dence,whicharealreadyin seethat.” SecurityCouncilsaid.“TheUScallson tweeted footage of Chinese medical
peopleasderogatory. freefall.” ButMrTrump’srepeatedreferences China’sleaderstorefocustheirefforts teamsbeingsentacrossthecountry.
Beijingexpelledthreeof Hoursbeforethelatest to“theChinesevirus”havealsobeen fromexpellingjournalistsandspread- Aloadof1mmasks,sentbytheAli-
the Wall Street Journal’s expulsions were controversialintheUS,wheresomesee ingdisinformationtojoiningallnations baba Foundation, came emblazoned
Chinastaffinresponselast announced, Geng itasanattempttodeflectattentionfrom instoppingtheWuhancoronavirus.” withlyricsfromaria“NessunDorma”.
Wealth gap China
Outbreak proves to be great leveller in age of inequality Farm planting season hit by
travel restrictions on workers
JOSHUACHAFFINANDANDREW times 10!” said Ricky Sitomer, chief gist behind pioneering work on HIV, mentbuildingsandsharingelevators—
EDGECLIFFE-JOHNSON—NEWYORK executiveofStarJetsInternational.For saidthegreatvulnerabilityfortheafflu- were engaging in a sort of “magical
ThesearethebestoftimesforBernard $15,900to$18,900MrSitomersayshe entisthattheyrelyontheworkingpoor. thinking”aboutwhoposedathreatand
Kruger,co-founderofSollisHealth,a canwhiskafamilyoffourtoFlorida. “Wealthypeoplearen’tjustgoingtoiso- whodidnot,saidMrRosner. SUNYU—BEIJING workafterthelunarnewyear,according
conciergemedicalcompanyinMan- Thelessaffluent,however,aresud- latethemselvesanddotheirownlaun- Thewealthiestmayseparatethem- Chinesefarmersfaceadauntingplant- to Wuhan university. Normally,
hattanthatoffershousecallsformem- denlydealingwithchallengessuchas dryanddishes,”hesaid. selves through concierge healthcare ingseasonastheygrapplewithashort- between80and90percentofadults
berswillingtopayatleast$5,000ayear finding childcare at short notice and Andrew Carmellini, the Manhattan servicesandprivatejetsbutoncethey ageoflabour,seedandfertiliserinthe wouldbeworkingelsewhere.
toavoidcrowdedhospitals. deciding whether to heed medical restaurateur,saidpeopleintheHamp- aresick,itisnotcleartheywillbespared wakeofanationwidelockdowntocon- ThathascreatedproblemsforWang
adviceorreporttowork.Andforthe tons,wheremanybusinessesclosein thesamepublichealthmathstowhich Heqing,ownerofa94-hectarefarmin
trolthespreadofcoronavirus.
AscoronavirusspreadsthroughNew 30mwithouthealthinsurance,thereis everyoneelseissubject. Guangdongprovince.Hesaid80per
YorkCity,DrKrugerisdoingaroaring therisktheviruswillsaddlethemwith The equation might be worse in a AQufuNormalUniversitysurveylast cent of his workers were trapped at
trade.“Thislastmonthhasjustbeen ruinousmedicalbillsafterithaspassed. Virusrefugeesin placesuchasAspen,whichhasitsown monthofvillageofficialsin1,636coun- home in the province of Guizhou
theHamptonsare
insane,”hesaid.“I’mgetting75callsa DavidBlumenthal,presidentofthe outbreak but has limited healthcare tiesfoundthat60percentofrespond- becauseofthetravelrestrictions.
tryingtoarrange
day,asking,‘DoIquarantinemyselfin Commonwealth Fund, a health and facilities. entswerepessimisticorverypessimis- Instead of growing cabbage and
fordeliveriesof
theHamptons?DoIstayinthecity?’” social policy philanthropy, said the foodpreparedby Atsomepoint,patientswillrequire ticabouttheplantingseason. sweetcorn,ashehadplanned,MrWang
Somearewillingtopayformoreelab- choicesofthelesswell-offfrequently NewYorkchefs intensivecare,possiblyaventilator,and Thedismalmoodhasraisedfearsofa switchedtorice,whichislesslabour
oratemeasures.“Thepeoplewhoare becomebetweenthelesserofevilsinall withtherarestofexceptionsinAmer- foodshortageintheworld’smostpopu- intensive.Butricesellsforafractionof
reallywelloffaresaying,‘Letmeestab- crises.“Isuspectthatpeoplepaidbythe thewinter,werecallinghimtoseeifhe ica,thatisstilldeterminedbyneed. lousnationafterdiseasecontrolmeas- thepriceofvegetables.
lishmyown[intensivecareunit]inmy hourwillbelesslikelytoself-isolateand coulddelivertotheirhomes. “Onceyouaresickandinthehospital,” ures,ledbytrafficrestrictions,tooka “Labourshortageshavedealtaheavy
home’,”DrKrugersaid.“I’vebeencalled thereforemaybemorelikelytoexpose DavidRosner,apublichealthhisto- saidDrBlumenthal,“whetheryouhave tollonfarmingactivity. blowtovegetablefarmsinGuangdong,”
bysomepeople[asking],‘Canyoutell themselvestothevirus,”saidtheformer rianatColumbiaUniversity,said:“Epi- conciergemedicineornotisnotrele- “China’sagriculturalindustryhascol- saidMrWang,“butwehavetowork
mewheretogetaventilator?’” professoratHarvardMedicalSchool. demicdiseaseshavealwaysbeensocial vant.”Givenshortagesofhospitalbeds, lapsedwithoutthefreeflowoflabour withwhatwehave.”
Aswithsomuchelseinthisageofine- “Thisisgoingtolastformonthsand levellers.Insomesensenooneescapes.” moneymaynotmuchmatter. andrawmaterials,”saidMaWenfeng, Farmersalsofaceashortageofferti-
quality, the rich and the poor have I’mnothearingthatmonthsofpaidsick Acholeraoutbreakin1832ledtothe “You can’t find...ventilators no analystatCnAgri,aconsultancy. lisersandseeds.Theproblemisespe-
vastlydifferentoptions.Ascasessurge, leaveisbeingdiscussed[inCongress].” establishmentofGreenwichVillageas matterhowmuchyou’rewillingtopay Chinesefarmsrelyonmigrantwork- ciallypronouncedinHubeiprovince,
thewealthyhavesoughtrefugeinsec- Insomeways,thevirusisprovinga thewealthyfleddowntownportsfor right now,” said Andrew Cuomo, the ersandarestrugglingtofindenough thecountry’slargestfertiliserproducer
ondhomesinplacessuchastheHamp- leveller, infecting high-profile figures saferground.Fromthosedayson,there NewYorkgovernor. labourers after public transport was andthecentreofthecoronavirusout-
tons,Aspen,StBart’sandPalmBeach. suchasTomHanksandIdrisElba,the hasbeenastubbornbeliefthatsickness Ifandwhenavaccineoraneffective suspendedtohelpstemtheoutbreak. break.Localfactorieshavestruggledto
Manytravelbyprivatejet,avoidingthe actors,andLucianGrainge,chairmanof isbroughtbyoutsiders—betheyIrish treatment for coronavirus becomes Lessthanathirdoflocaladultsfrom reopenasaresultofthetravelrestric-
risk of infection at airports. “The UniversalMusic. orJewsorHaitiansorChinese. available,thatmaychange.Untilthen, 104villagesin12inlandprovinceshad tions, which have been maintained
demandisridiculous.ItisSuperBowl WilliamHaseltine,theHarvardbiolo- Wealthytypes—crammedintoapart- richandnotsorichareinthistogether. travelledoutsidetheirhometownfor despiteadeclineinnewviruscases.
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6 FINANCIAL TIMES Thursday19March2020
ARTS
Deneuve wreaks havoc in a leopardskin coat
TheTruth
FILM
HirokazuKoreeda
AAAAE
Danny
Leigh EscapefromPretoria
FrancisAnnan
AAAEE
Cunningham
S ome films stockpile super- AllaKovgan
heroes—considerthemassed AAAAE
ranks of the Marvel Comic
Universe,jostlingonscreenas
iftheywerepartofabreeding acceleratingwithajitteryrhythm,while
programme. Other movies assemble Radcliffe’seternalearnestnessfitsthe
differentavengers.CueTheTruth,in billneatly.
which director Hirokazu Koreeda Inthismomentmorethanmost,itis
bringstogetherthecombinedmightof hardnottowatchthevividdancedocu-
CatherineDeneuveandJulietteBinoche. mentaryCunninghamwithoutapangof
KoreedaonlyneededIsabelleHuppert melancholy.It’stherefromthebegin-
tooandhecouldhavestagedhisownart ning,directorAllaKovgancapturingan
house blockbuster, the three saving aerialshotoverManhattan—Chrysler
Parisfromdestruction,withcapesby buildinghigh—beforehoveringbya
Agnès b. As it is, this fine-drawn, whiteskyscraperroofspottedwithbod-
human,funnyfilmturnsonnothing ies in popping colour, executing the
morespectacularthanafamilyvisittoa designsofchoreographerMerceCun-
lovinggrandmother—actressFabienne, ningham.Themomentisthepresent—
icymaterfamiliasofFrenchcinema,as ortheveryrecentpastatleast—before
playedbyDeneuve. thefilmrewindstotheblack-and-white
Ifthecastingstrikesyouasalittle NewYorkofthe1940s.Whatfollowsisa
meta,thisisonlythestart.Ourintro- back-and-forthbetweenthenandnow,
ductioncomesviaajournalist,afaintly thechronologyofCunningham’scareer
star-struck interviewer outlining the punctuated with 21st-century restag-
scaleofFabienne’sfilmography—yes, ingsofhiswork.
shestarredinthatmasterwork,andthat His avant-garde refusal to discuss
one,andofcoursethatonewashertoo. Fromleft,JulietteBinoche,CatherineDeneuve,EthanHawkeandClémentineGrenierin‘TheTruth’.Belowleft:DanielRadcliffein‘EscapefromPretoria’ deepermeaningsisaboonforthefilm—
Theforcemajeureofherpersonalitywe withoutfearofgettingitwrong,viewers
canworkoutforourselves.Astheinter- (Clémentine Grenier), Lumir and deeperandmoreaffecting.Makinghis Lee (Daniel Webber) in the last ofallexpertisesandnoneareequally
viewwindsup,figuresarriveatthefront Hank’sdaughter.Fabienne’spetturtle, first film outside Japan, Koreeda — momentsofstagingwhatlookstobea freetobeintriguedbyhisticktockMod-
doorofherParishome—agentlyboho grandmatellsthegirl,isinfactherex- directorofsuchbittersweetfamilypor- bombing,thedeviceplantedonabusy ernism,everypinpointtwitchofthefoot
middle-agedcoupleandayounggirl. husbandPierre,transformedbymagic traitsasShopliftersandIWish—loseslit- street.Until,atthepointofdetonation, acliffhanger.Otherartistsgather.Kov-
Fans?“It’snothing,”Fabiennesayswith powers.Hefaresbetterinthattellingat tleofhisdepthofvision.Anexpertin theblastsendsaconfettiofanti-govern- ganrestages1958’sSummerspace,with
ahauteurthatwouldwiltthedaisies. leastthaninFabienne’snewautobiogra- capturingthechild’s-eye-view,heletsus mentleafletsskywards. dancers in colour-specked costumes
“Mydaughterandherlittlefamily.” phy.There,heisdescribedasdead,thus notice Charlotte experiencing the par- If Annan upends our expectations, half-vanished into a pointillist set
The daughter is Lumir (Binoche), farinaccurately. ticularweirdnessofvisitingagrandpar- thereal-lifepunishmentwasdraconian designed by Robert Rauschenberg.
makingalivingontheothersideofthe AsDeneuvewreakshavocinaleop- ent—seeingyourparentstreatedlike anyway—eightyearsinthesweatand (“Theaudiencewaspuzzled.”)
cameraasascriptwriter.Herhusbandis ardskincoatandBinochereachesfor children.Allaroundaredeftobserva- dustofPretoriaCentralPrisonforLee, ItmakesperfectsensethatCunning-
Hank(EthanHawke),agenial,half- herwineglass,thetemptationistotake tionsofgroupdynamicsinthepresence 12forJenkin.“Sothat’sthat,”saysthe hamwouldfinallycrosscreativepaths
successfulAmericanactor.“Actorissay- thefilmasacidcomedy,aglamorous ofTypeApersonalities.Hawke,gabby judgewithanoffhandbangofthegavel, withAndyWarhol,borrowingtheart-
ingalot,”Fabiennesighs.Lumirnow Franco-Japanese riff on the kind of in a porkpie hat, is warm and self- afteralectureonthepair’singratitude ist’shelium-filledsilvercloudsonstage.
livesinNewYork,asyouwouldtooin familialhorrorshowMikeLeightrade- deprecating,Binochenote-perfect. totheapartheidstate.Fromhere,the Timinghisroutineswithastopwatch
herposition.Inthepoignantmannerof markedinthesuburbsof1970snorth TheteasingthreadbetweenDeneuve filmunfoldsinside,andifthetitleisa nowlooksasmuchasymbolofpostwar
these things, the closest relationship London.Butthelongeryouspendwith andFabienneisneverfaraway,therein signposttotheeventualoutcome,that industrialAmericaasthefabledCamp-
Fabienne enjoys is with Charlotte it,themorecomplextheflavour,darker, thesmallshrineshekeepstoherown neverhurtTheGreatEscapeorEscape bell’ssoupcans.
career,theframedposterforthefic- fromAlcatrazeither(althoughPapillonis Andnowcomesthefilm.Presumably
tionalBelleofParisthatwinkstoherreal the clearest touchstone, Henri Char- greenlitafterthesuccessofWimWend-
roleinBelledeJour.Anothermade-up rière’sjailbreakautobiographyareal- ers’ Pina, Cunningham the movie is
movieislessgraceful,Fabienne’scasting worldinspirationtoJenkin).Thosecell- bolderandspikierthanitspredecessor.
in something called Memories of My doorlockswementionedamomentago IfKovgan’ssharprestagingsinsubway
MotherararemomentofKoreedaland- are archaic, vulnerable. They could tunnelsandspartanwoodsareinven-
ingwithfullhonkingbodyweighton- evenbepickedwithacarvedwooden tive,sotooisherhandlingofarchive
the-nose.Still,eventhen,hegivesusthe key,ifsuchathingwereabletobemade. footage,hersubjectfoundinmotion
sightofLumirandCharlottewatching Thescriptisnotwithoutitslumps, inset on screen alongside scribbled
Fabienneandherscreendaughterfrom andstrippeddowntothemechanics notes,asifaliveinsideascrapbook.Use-
thecorneroftheset,acasuallybrilliant of the breakout, the gurning guards fully,too,hehasamoviestar’spresence,
hallofmirrors.Andthetruth?ForFabi- andworkshopsubterfugemightseem andamoviestar’ssenseofhowtouseit.
enne,thatmuchissimple,imbécile.You sturdily played or overfamiliar. (I “Well,I’madancer,”Cunninghamdead-
keepitforthecamera. wentwiththeformer.)Buteitherway, pansatoneendofthefilm,andthenat
Thosenowinself-isolationmaynod Annan knows how to grip, his story theother:“Idon’tdescribeit.Idoit.”
insolidarityatEscapefromPretoria,in
whichDanielRadcliffestarsasjailed Poppingcolour:
ANCactivistTimJenkin,broodingina ‘Cunningham’
cell in apartheid South Africa. “For features
manynights,”hesaysinvoiceover,“Isat restagingsofthe
inbedandstaredatthelocks.”Thestory choreographer’s
istrue;themovieatautgenrenugget; work
Radcliffe’saccentisrespectable;keepan
eyeonthelocks.
Westartontheoutside,butnotfor
long, in the Cape Town of 1976,
wheresunbatherssippiñacoladason
whites-only beaches while the police
terroriseblacktownships.Elsewherein
thecity,directorFrancisAnnanfinds
Jenkin and fellow activist Stephen
Murky glamour of Weimar Germany
leaveyousplutteringintoyourPilsner BerlinandtheWeimareraitself.Equally
TELEVISION asanelaboratelydisguisedserialkiller athomesnortingcocaineinaflapper
isunleasheduponthesetofanexpres- dressorcheatingdeathinaclochehat
BabylonBerlin sionistfilmproducedbyapairofunder- andplus-fours,“Lotte”seemseternally
worldkingpins. onthevergeofcollapseyetsomehow
SkyAtlantic/Netflix
aaaaa Havingpreviouslyhustledherway managestokeepgoing.Andherever-
intothejobofassistantdetective,the deferredromancewithGereonsmoul-
MaxMcGuinness sometime prostitute Charlotte Ritter derswithtouchinglypureintensity.
(Liv Lisa Fries) again joins Gereon on Abit-playerinpreviousseasons,the
BabylonBerlinisaJekyll-and-Hyde-like thecasewhilebattlingtheirsexistcol- chief of the political police Oberst
hybrid. The German crime drama, leagues’attemptstothwarthercareer. Wendtnowemergesasthepair’schief
whosethirdseasonisnowavailableon BlendingthecheerfulpanacheofRita antagonist.Withhisduellingscarsand
Netflix, meticulously recreates the HayworthwithrelentlessTintin-esque hislanguoroushauteur,thisscheming
murkyglamourandambivalentmood energy,thisimprobablegumshoeepito- army veteran flirts with reactionary
oflateWeimarBerlin.Fromtheoddly misesthetopsy-turvyspiritofBabylon caricature.ButBennoFürmannbrings
dinkydetective’sbadgewieldedbythe such intelligence and ruthlessness
heroGereonRath(VolkerBruch)tothe totherolethathebecomesachillingly
shuddering paternoster lift in police plausible avatar of the Prussian old
headquarters,theperioddetailseems guard’sattemptstosubvertthedemo-
consistentlyspoton.Appearancesby craticorderincahootswiththerising
real-lifefiguressuchasthestatesman Naziparty.
GustavStresemann(WernerWölbern) Wendtisjoinedinthesemachinations
andaplotthatdeftlybuildsonhistorical byLarsEidinger’sAlfredNyssen,the
eventsfurtheraddtoanabsorbingsense manic-depressiveblacksheepofasteel
ofauthenticity. dynasty,whoshortsthemarketahead
And yet the series, adapted from oftheWallStreetCrashwhilemakinga
VolkerKutscher’sGereonRathnovels, playforGereon’sfiancéeHelga(Han-
isalsostuffedfullofdelightfullyextrav- nahHerzsprung).Sheisalsothewidow
aganthokum.SeasonTwoconcluded ofGereon’sbrother(whoisnotactually
withanepictussleaboardamysterious dead). Such twists and turns make
traincontainingawagonmadeoutof BabylonBerlinasbewilderingasTheBig
solidgold.ThataudaciousMcGuffinhas Sleep. But, as with Howard Hawks’s
been(temporarily?)shuntedasidein sinuousfilmnoir,youdon’thavetosolve
these 12 new episodes (written and allthepuzzlesheretoappreciatetheir
directedbyAchimvonBorries,Henk sublimeintricacy.
Handloegten and Tom Tykwer). But
therearestillmanymomentsthatwill VolkerBruchin‘BabylonBerlin’ SkyAtlantic/Netflix
MARCH 19 2020 Section:Features Time: 18/3/2020 - 18:17 User: david.cheal Page Name: ARTS LON, Part,Page,Edition: USA, 6, 1
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Thursday19March2020 ★ FINANCIAL TIMES 7
FT BIG READ. UKRAINE
WithJoeBidennowfavouritetobetheDemocraticcandidate,DonaldTrump’spersonallawyer
isworkingwithnewfixersinKyivtoreviveclaimsabouttheformervice-president’stiestoUkraine.
ByRomanOlearchykandJoshuaChaffin
D uring the highly partisan
impeachment saga that
convulsed Washington at
thestartoftheyear,even
some prominent Republi-
cansacknowledgedtheywereuncom-
fortablewiththewayPresidentDonald
Trumpcreatedaparallelforeignpolicy
structureoutsidethestatedepartment
todealwithUkraine.
Thatseparateoperationwasrunby
Rudy Giuliani, the former New York
mayorwhoisMrTrump’spersonallaw-
yer,andwasaimedatdiggingupdirton
JoeBiden.
Accordingtobusinessmen,diplomats
andpoliticiansinUkraineandWashing-
ton,MrGiulianihassincerelaunched
hisefforttoprodtheUkrainiangovern-
mentintoinvestigatingMrBidenand
hisson,Hunter,andisworkingwitha
newsetoflocalaccomplicesinKyiv.
MrGiuliani’sactivities,thoughwidely
discredited during the impeachment
proceedings,havebecomenewlyrele-
vantgivenMrBiden’sexpectedvictories
inTuesday’sprimarieswhicharelikely
to all but guarantee that the former
vice-presidentwillbetheDemocratic
candidatefacingMrTrumpinNovem-
ber’selection.
The former mayor’s efforts, which
have included interviewing potential
witnesses and recruiting two former Giuliani takes aim at Biden again
Ukrainian officials with close ties to
Washingtontohelpinhisinvestigation,
assuresthatthedebunkedconspiracy
theory regarding Mr Biden that trig-
geredJanuary’simpeachmentwillonce
againbecomeafeatureofthe2020pres-
identialcampaign.
Troublingly for Mr Biden, William
Barr,MrTrump’sattorney-general,last ‘IfMr elledoffice.“Ifthiscasegetsuncovered gotmoneyfromthem.I’maself-made gestdonorstotheClintonGlobalInitia- RudyGiuliani’s and which were later dropped.
month said he was maintaining an —therealway—alotofpeoplearegoing man...capableofupholdingmyown tiveandwhohostsanannualforumfor scrutinyofthe Two years ago he made headlines
Giulianiis
“opendoor”forMrGiulianitosubmit togodownandthey’regoingtogoto views,”MrArtemenkosays. Ukrainianandwesternpoliticiansand Ukraine after promoting to Trump officials a
anyfindingstotheJusticeDepartment, reallyin jail,”headded. executives. connections controversial peace plan in which
Debtissues
raisingtheprospectthatfederalprose- contactwith MrGiulianirepliedthatthe“crooked” SomerivalsinKyivareconvincedMr ofJoeBiden, Ukrainewouldagreeto“lease”Crimea
cutorscouldopenaninvestigationinto USmediawasdeterminedtoburythe Thesuspicionsurroundingthetwomen PinchukusedhisinfluenceinWashing- right,which toRussiafor50to100yearsasacom-
thesepeople,
thepresumptiveDemocraticnominee. matterbutadded:“Ithinkwe’regetting hasbeendeepenedbythefactthatone tontotheirdetriment,promptingDem- playedacentral promisetoendthewarintheeastern
thenit through,andIwouldsayyou’reoneof of their chief aims appears to be to ocratic administrations to scrutinise roleinthe Donbassregion.Aspartofthedeal,the
Abroadercase
theprimaryreasons,AndriiTelizhenko. reducetheinfluenceoftheIMFinKyiv. theirbusinessinterestsandlimittheir impeachmentof westwouldalsoliftsanctionsonRussia.
highlights
Aspartofthefalloutfromtheimpeach- You’reagoodman.You’reabraveman.” ThefundthrewalifelinetoUkraine abilitytooperateintheUS.WithMr DonaldTrump, Soonafterfloatinghisproposal,Mr
ment investigation, the two most thatheis WhileMrTelizhenkoandMrArte- afteritseconomywentintofreefallin Trump’ssurpriseelectionin2016,those islikelytobea Artemenkowasaccusedoftreasonby
important fixers for Mr Giuliani in menkohavegainedMrGiuliani’strust, 2014 following Russia’s invasion and inKyivwhofelttheyhadbeenshutout featureofthe rivalsandhiscitizenshipwasstripped
readyto
Ukraine—theSoviet-bornémigrésLev their credibility is questioned in subsequentannexationofCrimea. ofWashingtonsawasuddenopportu- presidential byformerpresidentPetroPoroshenko
Parnas and Igor Fruman — were contactwith Ukraine,wheresomepoliticalanalysts MrArtemenkoarguesthatalimited nitytoreestablishthemselvesinsidethe campaign.Left: ongroundsthatheheldotherpassports
arrestedonchargesofviolatingUScam- viewthemasfringefigures. debt restructuring — supported by Beltway—providedtheyhadsomething JoeandHunter —aviolationofUkrainianlaw.MrArte-
anyoneto
paignfinancelaws. OlexiyHaran,aKyiv-basedprofessor Washington—wouldallowthecountry toofferthenewadministration. Biden.Below: menko, a self-described patriot, is
As a result, Mr Giuliani has been upholdhis ofpoliticalstudies,doubtstheirreliabil- tomeetitsobligationswithouttheneed ForMrParnasandMrFruman,itwas LevParnas unapologeticaboutwhatheviewsasa
forcedtofindnewhelpersinthecoun- ityassources.“IfMrGiulianiisreallyin foranIMFloandeal.Suchamovewould the possibility of substantiating the outsidetheUS realisticapproachtomakeUkrainea
narratives’
try.TheyincludeAndriiTelizhenko,a contactwiththesepeople,thenithigh- almost certainly benefit Igor Kolo- allegedcorruptionoftheBidensandthe Capitol.Bottom: “Switzerland of eastern Europe” — a
former low-ranking official at the lights...that he is ready to contact moisky,oneofUkraine’srichestmen.As Clintons—somethingthathaslongbeen IgorFruman, prosperouscountrythatcansitcom-
Ukrainian embassy in Washington withanyonetoupholdhisnarratives,” aconditionofitsfinancialsupport,the anobsessionofMrGiuliani’s,according anotherformer fortablybetweenRussiaandthewest.
whose social media feeds suggest he hesays. IMFhasdemandedthatMrKolomoisky topeoplewhoknowhimwell. Giulianifixer “Wewanttoflipthiscountry.Wewant
sharesMrGiuliani’sfondnessforwhisky Although the two men have plugthe$5.5bnholeinPrivatBank,the “They’re just the latest characters realreform,”hesays,outliningplansto
FTmontage
andcigars;andAndriiArtemenko,a attemptedtocourttheRepublicanelite, lenderhecontrolledandwhichthegov- whothoughttheycouldmanipulatethe attractinvestmentandtechnologyinto
formerMPinUkrainewhonowresides theyhavealsobeguntoattractcritical ernmentnationalisedin2016. Americansfortheirownpurpose—and industrieslikeaviationandagriculture.
inWashingtonandhastriedtoreinvent scrutiny.ASenatecommitteethathas “Giuliani’sconspiraciesfullycontrib- It was at the 2016 Republican
himselfasabridgebetweenKyivand beeninvestigatingtheBidensandBur- utetothenarrativeofoligarchs...and NationalConventionwhereMrArte-
theTrumpadministration. ismalastweekabruptlypostponeda pro-Kremlin forces in Ukraine,” says menkoclaimstohavebecomeaconvert
Together,theyarepursuingsomeof votetosubpoenaMrTelizhenkoasa Daria Kaleniuk, head of Kyiv-based to Mr Trump’s team on seeing the
thesameclaimsmadeduringtheperiod witnessafteritsRepublicanchairman, anti-corruptionwatchdogAntac,which party’sthen-nomineeonstage.“Isaid,
lastyearwhenMrTrumppressuredthe RonJohnson,acknowledgedsome“dis- ispartlyfundedbyMrSoros’OpenSoci- ‘Wait a second: This is exactly what
Ukrainianpresidenttoopenaninvesti- crepancies”inhisclaims. etyfoundation. Ukraineneeds!’”herecalls.
gation into Hunter Biden: that Joe Inprivatebriefings,USintelligence AntachasitselfbecomeatargetofMr Alsoetchedinhismemory—with
Biden,whilestillservingasvice-presi- officialstoldmembersofCongressthey Giulianiandhisallies,whoderidethe resentment—isaspeechthatMrBiden,
dent,pushedUkrainetofireitsthen areexaminingwhetherMrTelizhenko organisation and a network of other then vice-president, delivered at
prosecutor,ViktorShokin,inorderto isaRussianasset,accordingtopeople NGOsnotasameanstocombatcorrup- Ukraine’sparliamentinDecember2015,
thwartaninvestigationofBurisma,an briefedonthematter.Otherswhohave tionandnurturedemocracyinUkraine whenhedemandedthatMrPoroshenko
energycompanywheretheyoungerMr observed the pair question whether butasaweaponfortheDemocratsand fight corruption by overhauling the
Biden earned $50,000 a month as a theyareworkingtofurthertheinterests theiralliestowieldagainsttheirrivals. prosecutorsoffice.Atthetime,Ukraine
boardmemberdespiteanapparentlack ofUkrainianoligarchs. “Ithinkitisawellplannedcampaign wasfightingRussian-backedseparatists
ofexperience. MrTelizhenkohasrejectedthisand aimed to discredit civil society and intheeast,itseconomywasteetering
But Mr Giuliani, a former federal deniesbeingaRussianasset,sayinghe many change-makers in government,” anditwasdesperatefortheUS’shelp.
prosecutorinManhattanbeforebecom- wasfilinglawsuitsintheUSandUkraine saysMsKaleniuk. “Helookedlikethebossholdinga
‘Giuliani’s
ingNewYorkmayor,isnowseekingto in response to reports making such ButtherearesomeinWashingtonand Giulianitookthebait,”saysanobserver meetingwithhisemployees,”MrArte-
proveamuchbroadercase:thatBur- claims.Hesaysheusedtoworkasan Kyiv—eventhosesuspiciousofMrTel- of Ukrainian politics. Another adds: conspiracies menkorecalls.“Iwassoembarrassed.”
ismawasbutoneassetinapost-Soviet adviserforPavelFuks,aUkrainianoli- izhenko’smotives—whodonotdis- “We’vegotplentyofParnasesandFru- fully InNovemberlastyear,hesigneda
UkrainethatagroupofDemocrats— garchwhousedtobeamajorproperty counttheideathataninvestigationof manshere.” contractwithMrGiulianitoassisthim
contributeto
includingBillandHillaryClintonand developer in Moscow but has since MrBidenmightbeaworthwhileexer- in defending his client, Mr Trump,
‘Wewanttoflipthiscountry’
GeorgeSoros—hasbeenmilkingfor ceasedworkinginRussia. cise.“Ihappentobelievethere’srealevi- thenarrative against“falseclaims”.MrArtemenko
years to enrich themselves and fund MrArtemenkoalsodeniedbeinga denceontheBidenstuff,”saysonevet- InMrTelizhenko,aged29,MrGiulianiis explains:“Heneededmyhelp.Hesaid
ofoligarchs
theirpoliticaloperations. RussianassetoranagentforUkrainian eran Republican operative in the US relying on a political consultant and thepresidentneededmyhelp.”
MrGiuliani’snewfixersalsoclaim oligarchs,describingsuchlabellingas capitalwhohasdealtwithUkraine. formerlow-leveldiplomatwhohaspub- . . . and MrArtemenkosayshemetMrParnas
thattheDemocrats’maligninfluence “standardpractice”withrespecttoany- IgorNovikov,anadvisertoUkrainian liclyechoedMrTrump’sunsubstanti- and Mr Fruman for breakfast at the
pro-Kremlin
extendsthroughawebofconspiracies onewhoispro-Trump. president Volodymyr Zelensky, asks: atedclaimsthatUkraineinterferedin TrumpInternationalHotelinWashing-
toNaftogaz,Ukraine’sstate-ownedoil “Iwasneveranyoligarch’sman,never “DoyouhaveanydoubtthatBurismais the2016USpresidentialelections. forcesin tonlastyear,beforetheimpeachment
andgascompany,andevenincludea corrupt?Isthereanysubstancetowhat MrTelizhenkoclaimsin2016,when scandalerupted.
Ukraine’
largeUSinvestmentgroup. Giulianiissaying?Theonlywaytoknow heservedasastafferattheUkrainian HehadknownMrFrumanforyears
IftheclaimsbyMrGiulianiandhis istoinvestigate.” embassyinWashington,thataDemo- fromUkrainianandRussiancirclesin
accomplicesaretobebelieved—and MrGiuliani’seffortsareplayingoutin cratic party political operative asked Miami,wheretheirwivesarefriends.
thereissofarscantpublicevidenceto acountrycaughtbetweeneastandwest, himforhelpindiggingupdirtonMr Buthehadnotpreviouslyencountered
supportanyofthem—thesumsatstake one that is mired in corruption and Trump’scampaign,specificallyhiscam- MrParnas,whosoonlaunchedintoa
arenotthe$50,000amonththatBur- intrigue,andwhosecompetingpolitical paignchiefatthetime,PaulManafort. boastfulpresentationabouthisconnec-
ismawaspayingMrBiden,butinstead factionshavemadeapracticeofboost- MrManafortwaslaterjailedforhis tionsintheTrumpadministration.“I
runintobillionsofdollars. ingtheirdomesticfortunesbyforging activitiesworkingforpro-Russianpoli- canopenanydoorattheWhiteHouse,’”
“[The Democrats] are still using closetiesinWashington. ticiansinUkraine,includingtaxevasion MrArtemenkorecallshimsaying.He
Ukrainetofightapoliticalwarinthe AsanofficialinKyivputit:“Ukraine’s andmoneylaundering. thenaskedabouthisguest’scontactsin
US,”MrTelizhenkotoldMrGiulianiina afuckingsoapopera.Everybody’sback- MrArtemenko,a51-year-oldformer Ukraine.
recent interview broadcast on the stabbingeverybody.” MPandabusinessman,isaveteranof MrArtemenkopolitelydeclined,he
formermayor’ssocialmediafeeds.The AnearlypractitioneroftheWashing- thecountry’softenbrutalpolitics.In says, and later warned Mr Fruman
twomenwereseatedinleatherwing toninfluencegamewasVictorPinchuk, 2002,hewasjailedonfraudcharges aboutthegamehehadjoined,tellinghis
chairs,beforeafireplace,inawood-pan- anoligarchwhobecameoneofthebig- thathesayswerepoliticallymotivated, friend:“It’snotrisky—it’sdangerous.”
MARCH 19 2020 Section:Features Time: 18/3/2020 - 18:44 User: alistair.hayes Page Name: BIG PAGE, Part,Page,Edition: USA, 7, 1
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‘Helicopter money’ can revive demand damaged by coronavirus
Everyrecessionisdifferentfromthe Thereisasolutiontothisconundrum. endofthetunnelforinvestors.If spenditastheyplease—whetherthat’s
onethatprecededit.The Helicoptermoney.Designedforthe financialmarketsaregivenreasonto onholidays,theatreticketsoramealat
distinguishingfeatureofthiseconomic typeofcrisistheworldisnowfacing,a believethatfutureconsumptioncan thelocalcafé.Crucially,thehandout
slumpispolicystasis. “helicopterdrop”ofcashtoevery makeupfortoday’sslump,animal mustcomewithaguaranteethatitwill
Governmentsandcentralbanksare citizenwouldsolveanumberof spiritscouldberestored. notberecoupedinthefutureviatax
battlinghardtoprotectbusinesses problemssimultaneously. Thesuccessofanymoneydrop, hikes.
fromtheeffectsofthecoronavirus Workerswhohavebeenlaidoff, though,dependsonhowitisdesigned. Financialmarketshavebeen
outbreak.Yettheirefforts—tax thosewhohaveseenacutinhoursand Becausethecashmustbespentnot singularlyunimpressedbywhat
THURSDAY19MARCH2020
breaks,ratecutsandbondpurchases, theself-employedwouldreceivea saved,thehandoutwillneedanexpiry centralbanksandgovernmentshave
loansandgrants—havenohopeof welcomeincomeboost. date.Thepaymentsshouldalsobe offeredsofar.
spurringconsumerdemandwhenvast Businesses,meanwhile,couldplan staggered—theywillbemoreeffective Tocombattheeffectsofapublic
swathsofthepopulationarebeing withmoreconfidence,knowingthat oncerestrictionsonmovementare healthcrisis,policymakersneedto
Fed must act to keep
forcedintoquarantine(“RishiSunak consumerswouldhaveextramoneyto lifted. taketotheskies.
promises£350bnemergencyrescue spendoncethelockdownscometoan Theextramoneyshouldalsocomein VincenzoPelosi
packageforbusiness”,March18). end.Therewouldalsobealightatthe voucherform,allowingrecipientsto LondonN10,UK
markets functioning
Taskforceneededtohelp Eliminatepreferentialtax separatefromtheothers.InLondon,
onlyTheMalliswideenoughbut
homelessintestingtimes onstockbonusincentives
USandothercentralbanksneedtoeasesqueezeondollarfunding merelyhalfamilelong!Thissuggests
Theongoingcoronavirusemergency AndrewSmithersevidently thate-scootersareprobablynot
A decade after the global financial nessingthebiggestdashforcashthe willhavedeepandlastingimpactsover recommendsnegativetaxationof suitableforLondonunlessthe
crisisthattheyhelpedtocombat,Ben world has seen. These are serious manyaspectsofsociety,ourlivesand (new)investmentincome,orinother governmentisreadytodesignatea
Bernanke, Tim Geithner and Henry stresses, which if left unaddressed oureconomy.Forthosepeoplewithno wordsaninvestmentsubsidy.Thatis, networkofroadssolelytoe-scooters
Paulson published a book in which carrygraverisksoffurthermarketdis- home,orabouttolosetheirhome,and hisemphasisonthedistinction andcyclesandprohibitthemonother
theywarnedthatnewlimitsonhowthe locationsoradeepercreditcrunchfor whocannotsimplyself-isolate,the betweenaninvestmenttaxcreditand roads.Suchadrasticchangeintraffic
Federal Reserve could intervene in thenon-financialeconomy. risksareevengreater. accelerateddepreciation(Letters, patternsandroaduseishardtojustify
financialmarketsmighttieitshandsin The Fed has already taken com- Homelessindividualsfacesignificant March17)suggeststhattheproposed whenonly2percentofLondoners
tacklingafuturecrisis.Theysurelydid mendablesteps.Itloweredthecoston healthproblemsatthebestoftimes— taxcreditwouldbeinadditionto cycletoworkandtwo-thirdsofthe
notexpecttheirwarningtobecomerel- existingswaplinesthatprovideother thealarmingrecentstatisticson regulardepreciationdeductions.Such capital’spopulationneverrideabike.
evantsosoon. bigrich-countrycentralbankswithUS homelessdeathsinScotlandproveas aninvestmenttaxcreditwasused Ifministersaremindedtohumour
ThefinancialimpactofCovid-19,and dollars;theseothercentralbanksare much.However,atatimewhenavirus historicallyintheUnitedStates. thescooterandbikelobby,theleast
thedraconianshutdownofeconomic now activating dollar-denominated suchasCovid-19iscirculatingrapidly, Inthisrespect,hegoesonebetter theycandoistoinsistonthesame
activitygovernmentshaveimposedto facilitiesfortheirlocalcounterparts. theneedtoprovideadequatehousing thanMartinWolfwhohassuggested tests,licencefeesandinsuranceasfor
containit,aremorebreathtakingeven The Fed’s infusions of central bank toallbecomesevermoreacute(FT zerotaxationof(new)investment regularmotorbikes.Theyshouldalso
thanthoseof2008.Twobigredlights liquidity,andreactivationofseveral Series,March18).Notjusttokeep income,intheformofinvestment carrynumberplates.
arenowflashingonthedashboardof lendingfacilitiesfromthecrisisdays, individualssafe,butalsotoprotect expensingwithinasortofhybrid Thiswillensurethatthese“free
financial markets. Policymakers, havealsohelpedtooilUSmarkets. widersocietyandtoprovidethespace corporateincometaxandvalueadded riders”payfortheroadspacetheyuse,
abovealltheFedandtheUSTreasury, Moreappearstobeneeded.TheFed forindividualstobeabletoself-isolate taxknownasacashflowtax(Opinion, andencouragethemtoobeytherules
mustacturgentlytopreventmarket shouldalsoofferswaplinestocentral inlinewithgovernmentadvice. UK’sBrexitplans March8). oftheroad.
functioningfrombreakingdown. banksinsmalleradvancedeconomies Stoppinghomelessnessinthefirst Investmentexpensinghasalsobeen AnthonyBottrill
mustbeputonhold
Thefirstproblemisanintensifying wheretherearenopoliticalcomplica- placeshouldalwaysbeourpriority.As adoptedtoanincreasingbutstill LondonW2,UK
squeezeondollarfundingaroundthe tions.Foremergingmarketsexperi- someemployersarebeginningto Withtheneedtoconcentrateon limitedextentwithinthefederal
Systemicstressechoes
world.Thisisadirectconsequenceof encingsignificantdollarfundingshort- contemplateshuttingdownandasking solutionstoCovid-19,neithertheUK corporateincometax.Asiswell-
disruptionoftheglobaleconomyand age,itshouldengagetheUSTreasury workerstotakeunpaidleave,the governmentnorEUcanachievea known,eitherinvestmentexpensingor symptomsoflastcrash
cross-border supply chains in both toidentifysolutionsthatworkpoliti- abilityofhouseholdstokeepupwith workablelong-termdealbyDecember aninvestmenttaxcreditrepresentsa
manufacturingandservices.Produc- callyandareeconomicallyeffective. theirrentormortgagewillbecome 31,2020(Opinion,March13). distortioninfavouroflong-term Yourreport(March17)onthe
tionisinternational,butcorporatebal- TheUSTreasuriesmarket,mean- moreandmoredifficult,increasingthe Therefore,theyshouldquicklyseek investmentfromanincometax problemsoftheUScommercialpaper
ance sheets remain overwhelmingly while,istooimportanttorelyonlyon riskofevictionsandrepossessions.We oneoftwoalternatives:thesimplest perspective.Perhapsthatisthepoint. marketandmoneymarketfundsrecall
fundedindollars.Withgoodsandserv- private market-making, especially warmlywelcometheScottish wouldbetoformallyextendthe Butiftheproposedinvestmenttax theearlysymptomsofsystemicstress
icesnolongerbeingexchanged,the sincethisshiftedpost-2008awayfrom government’sintentiontoensure deadlinetoatleastDecember31,2022, creditisindeedintendedasanantidote attheonsetofthe2007-09financial
financialflowstosustainthemhave the regulated banking sphere and peoplearenotevictedduetothe witheverythingcontinuingasat totheshort-termismassociatedwith crisiscausedbythesubprimemortgage
drieduptoo,leavingmanyscrambling towardslessscrutinisedoperatorssuch pandemic,andweawaittheministerial presentuntilthen.Abraversolution thebonusculturecreatedbywhatMr pandemic.AfterBNPParibas
tofindthefundstomeetdollar-de- as hedge fund groups; here the Fed statementwithinterest.Wesuggest wouldbefortheUKtorejointheEU. Smitherswouldsurelyagreeisa announcedinAugust2007itwouldnot
nominatedliabilitiesfallingdue. mustassumetheroleofmarket-maker thatconveningavirtualcoronavirus ThatwouldallowtheUKtoparticipate misguidedtaxpolicyintheUS,would redeemfundsinvestedinsubprime
Thesecondis,toanextent,aconse- oflastresort.Itcouldadoptthe“yield housingandhomelessnesstaskforce fullyinthehandlingofthecrisis notasimplerandlessexpensive(and mortgage-relatedsecurities,theLibor
quenceofthefirst.Sell-offs,partlyto curvecontrol”policytheBankofJapan willallowustocometogethertoassist throughoutEurope.Thetermsof moreequitable)solutionbeto marketfroze,quicklyfollowedbythe
meetthefundingsqueezeortounwind pioneered.TheFedwouldtargetthe inthedesignandimplementationof rejoiningcouldincludeanimmediate eliminatethepreferentialtaxationof UScommercialpaperandmoney
complextradingstrategiestooflimsy 10-yearTreasuryyielddirectly,com- suchapolicyincludinghowtheadvice Brexitonnegotiating(fromtheinside) stockbonusincentives? marketfundsmarkets.Emergency
towithstandthecurrentshock,have mittingtobuyorsellbondsinsuffi- sectorcansupportindividualsthrough amutuallysatisfactorypost-Brexit RobertDenham actionbytheFedwasrequiredtokeep
bondmarketscreaking.Themostper- cientquantitytoachievethatrate. it.Wewouldalsohopethestatementto situation. Oakland,CA,US thesesystemicallyimportantmarkets
verseaspectoftheturmoilhasbeenthe Thelessonfromthepastisthatthe provideemergencyfundingforlocal Thiswouldinnowaybeasurrender, functioninginautumn2007.
E-scootersshould
dumpingofassetsthatinothertimes Fedmustbeabletointervenequickly authoritiestoguaranteesafe butDunkirkinreverse,wheretheUK TheFTreportsthattheUS
wouldhavebeenindemandassafe andatscaletokeepmarketsfunction- accommodationforhomelesspeople. returnedtoEuropetemporarilytohelp notgetafreeride commercialpapermarket,thekey
havens.Theyieldon10-yearUSTreas- ing.ItneedsexplicitTreasurybacking Adoptingasafeguardingapproachto solvethegreatestcrisisofthe21st sourceofshort-termcorporate
urybonds,whichreachedrecordlows todothis.Fortunately,legalobjections protectlife,providepeoplewith century. Thesuggestionthatministersmay borrowing,has“seizedupsincethe
onlylastweek,hasspikedtoaboveits donotseemtohavepreventeditfrom suitableaccommodation,andensure JanHarrington allowe-scooterstouseroadssubject coronavirusoutbreaktoreintothe
levelonemonthago.Europeangovern- actinginrecentweeks.Itshouldcon- peoplecanstayintheirhomesinthese NewYork,NY,US onlytoagelimitsandinsurancelooks financialsystem”.AndtheFTnotes
ment bonds, even Germany’s, have tinue to be given all the room for unprecedentedtimesisavitalelement ill-considered. thatmoneymarketfundsalsodepend
MedievalVeniceoffers
soldoff,ashasgold.Wemaybewit- manoeuvreitneeds. ofhowoursocietyrespondstothis Wealreadyhaveproblemswith onthecommercialpapermarket.
emergency. crisismanagementlessons illegale-scootersinLondonweaving AnothersymptomisthattheKBW
GraemeBrown throughtraffic,ignoringrulesofthe Indexforbanksharesisdown40per
Director,ShelterScotland, Itisamazingthattodaywiththe roadandoftencareeringalong centfromamonthago.
Edinburgh,UK currentCovid-19pandemic,themain pavements(March13).Inarecent AUSinvestmentbankreportedly
tooltheworldisusingtostopit,the surveyofcyclists,halfadmitted toldclientsonMondaythatthereis“no
UK needs to do more to UBIcouldprovide
quarantine,wasinventedbythe runningredlights.Thesenew systemicrisk”.Comingonlyhoursafter
financialmedicine Venetianssome600yearsago regulationswillnotstopsuchpoor theG7centralbanksannouncedon
(FT.com,March18). behaviour.Norwilltheypreventthe Sundaydrasticmeasurestoensure
help workers and families
Challengingtimesrequireaudacious AsCarloCipolladescribesinhis morethan400seriousaccidentsto liquidityinkeymarkets,thisassertion
solutions.CantheBritishgovernment severalstudiesofresponsesto cyclistsandscooterriderseveryyear. iscontradictedbytheFT’sreportingof
giveseriousthoughttointroducing infectiousdiseaseinEuropeafterthe InChina,wheree-scootersare systemicstresses.
UniversalBasicIncomethisspring?It BlackDeath,thefoundationsof common,theyaretypicallysegregated Monetaryauthorities,aswellas
Chancellor’spackageisagoodstartbutfurtherstepsmustfollow mightbethefinancialmedicinewe experimentandisolationwerecreated physicallyintotheirownlanestogether fecklesspoliticalleaders,willhaveto
needastheretail,airlineandservice atthattime.Strangethattoday’s withpedalcyclistsseparatefrom bevigilantoverthenextweeksor
Inrecentdays,theUKgovernment’s substantial.Butitisnotyetsufficient. sectorsofthiscountrycollapseand technologycanaddsolittle. vehiculartraffic,withpedestrians monthsagainstmoresystemicstresses
antivirusstrategyhasappearedworry- Individuals and workers were given workersloseincomeovernight. NiccoloCaldararo giventheirownseparatepavements. causedbythecoronavirus.
inglyerratic.Latelastweek,itsmeas- onlymodestsupport.Athree-month SarahDudney DepartmentofAnthropology,San Highwaysthushavesixlanes, JPaulHorne
uresremainedfarlessstringentthan mortgage holiday for those most LondonSE24,UK FranciscoStateUniversity,CA,US includingpavements,eachgenerously Alexandria,VA,US
those in European neighbours. On affectedbytheshutdownwilldolittle
Monday, it abruptly introduced the tohelpthosewhorent.Relyingonloan
strictest“socialdistancing”stepsseen guarantees means many companies
Japan Inc wrestles
in peacetime. But it dismayed busi- willhavetotakeonmoredebtwhen LastSunday,anexcited,sizeable message,saidtheCEOofoneofthe15 advertisinggroupDentsuwashired
nessesbycallingforconsumerstostay their future incomes are uncertain. crowdignoredsocialdistancingand goldsponsorsthatpaidabout$100m halfacenturylatertocorralJapanese
away from pubs, restaurants and Even on favourable terms, this will with prospect of clusteredattheentranceofTokyo’s each,isthatthegameswouldallow sponsorsfor2020,itsecuredover
offices without offering support for threatenthesurvivalofsome. YoyogiParktophotographthenew, JapanInctostandtallagainafterthe $1bnofsupportinjust12months.
employeesorowners.BasedonGoogle Thechancellormissedachanceto no Olympics specialedition2020Olympic 30-yearshoulder-slumpthatfollowed Topexecutivesofcompaniesonthat
Trendsdata,economistsatJPMorgan pledgeanincrease,atleasttemporar- commemorativemanholecover. theburstingofthe1989market listhavedescribedthesenseofbeing
predictedadouble-digitfallinnational ily,inbenefitssuchasstatutorysick Atthetime,Japaneseauthorities bubble.Fromthatviewpoint,saidthe cajoledintoaformofnationalservice.
incomeinthesecondquarter. pay. When urging people to stay at wereadamantthatanypostponement sameCEO,evenayear’s Severalquestionedprivatelywhether
The economic support package homeitisvitaltheycanaffordtodoso. ofthegameswas“unthinkable”—no postponementwouldbeasmucha itwaspossibletogetgoodvaluefrom
deliveredbyRishiSunak24hourslater Helpisneededforgigandpart-time matterhowimplausibleeachpassing corporatedisasterasasportingone. a$100msponsorshipdeal.
wasanopportunitytorebuildconfi- workers.TheUSisconsideringsending hourofcoronavirusnewsmadethat Formanythatreckoning,inallits Butmanyofthemsawwaystoturn
denceandputthegovernmentback chequestoeveryone;suchideasare seem.Tokyoneededtopressonwith multi-facetedagony,feelsimminent. thesegamesintosomethingmoreakin
aheadofthecurve.Thechancellorpar- worthconsidering.TheCBIproposed decoratingitsmanholes(alongwith Anewspaperpollshowed63percent tothe1964showcasethantorecent
tiallysucceeded.Sixtimesduringhis subsidisingemploymentthroughthe everythingelse)aheadofthemost ofJapanesefavourdelay.Majorsports games,orevenBeijing’sgreatcoming-
televisedstatementMrSunakrepeated nationalinsurancesystem. heavily-sponsoredsportseventever:a events,includingqualifiersforthe out.Toyotawouldusethevariousself-
thesloganthegovernmenthasbor- The chancellor promised more $3.1bnmarketingglut,largely Olympics,arebeingcancelled drivingvehiclesithasplannedto
rowed from Mario Draghi that it is assistancewillfollow.Discussionswith financedbyJapanesecompanies. everywhere.Governmentsaretaking showofftocrystallisetheideaitisa
readytodo“whateverittakes”tostabi- unionsandbusinesses,hesaid,would Butthatsponsorshipfigure,bigger emergencymeasureslastingmonths. companythathasseenthefuture.
lisetheeconomy.Buthestillhassome helptoshapenewformsofemploy- thanequivalentsraisedattheLondon Fornow,theaxehasnotfallen.Ina Panasonicaimedtousetheeventto
waytogotoconvinceworkers,compa- ment support, and steps would be 2012andBeijing2008Olympics communiquéonTuesdaythe shiftitsimageasaconsumer
niesandbusinessesthatthegovern- takentoassisttenantsandworkers. combined,revealsavulnerabilitythat InternationalOlympicCommitteesaid electronicsproducerintoaleaderof
mentcandeliveronthatpromise,as Measures should include generous affectsJapandisproportionatelymore thegameswerestillonandwithover modernbusiness-to-business
theEuropeanCentralBankpresident social insurance as well as policies thanprevioushosts.Nomatterhow fourmonthstogo,therewasnoneed technologies.Forbanks,theOlympics
didduringtheeurozonecrisis. designedtohelpworkersmovetoin- epictheathleticspectacle,Tokyo’s fordrasticdecisions.Meanwhile,Kozo werepartlyabouttryingtoshowcase
Tokyo
Loan guarantees worth £330bn, demandjobssuchasthoseinware- Olympicswereladenwithcorporate Tashima,deputychiefoftheJapanese Tokyoasacashlesscity,afterforcing
equivalentto15percentofnational housinganddelivery. ambitionfromthestart.Thiswasto OlympicCommittee,hascoronavirus. themselvesintooverduetechnology
Notebook
income,willhelpbusinessessurvive Thisisnotthetimeforrestraint.As beashowcaseofJapanesenational Japan’s47corporatesponsors, upgradesjustifiedbyforeignvisitors.
andpreserveemploymentthroughthe RobertChote,outgoingheadofthegov- strength,organisationalbrillianceand wrestlingwiththeimplicationsof Corporationsstillhaveacentrality
economicshutdown.Theyamounted ernment’s spending watchdog, told byLeoLewis innovativeverveexpressedthrough possiblepostponement,mayreflect toJapaneselifethatentwinesthem
toslightlymorethanthe€300bnor12 MPs on Tuesday: “When the fire is industrialactors.Superstarssuchas onwhatbroughtthemhere.History, withwhatevernationalprojectis
per cent of income announced by largeenough,youjustspraywater.” ToyotaandPanasonicwouldshine saidthemarketingheadofonegold goingon.Thesponsors,nomatter
France’sEmmanuelMacronadayear- Britainrandeficitsof20percentof liketheOlympicflameitself.Butthey sponsor,playedamajorrole. howferventlytheyrepeatthemantra
lier. Mr Sunak promised he would national income during the second alsohadcarefullynuancedagendas, Tokyo’shostingofthe1964 thatthegameswillgoahead,may
makemorefundsavailablethroughthe worldwar,headded. saypeopleinvolvedincraftingthem, Olympicsisrememberedforits havealreadydecidedinprivatethata
scheme if necessary. An additional Economic policy cannot avert a thatwentbeyondbranding. supremelysuccessfulmessagingthat year’spostponementisthebestoption
£20bnofcashgrantsandtaxreliefto recessionthatisaninevitableresultof Thetacitplanhasbeentoletthe Japan,asbothnationandindustrial fromalistofterriblechoices.Their
smallbusinesses—ontopofthe£12bn theantivirusmeasures.Thegoalmust glowbatheallcorporateJapan.Front power,wasback.Theworldmarvelled multibillion-dollarsponsorshipofthe
pledgedinlastweek’sBudget—aimto betomakethedamagetemporary,and ofhouse,theorganiserscouldtalk attheHitachibullettrain;new Olympicswasalwaysintendedto
helpwithfixedcostsandcashflow. ensure the economy can restart aboutthe“recoverygames”,afterthe sportingrecordsweremeasuredmore reverberate,justnotlikethis.
Thoughloanguaranteesareeasyto quicklywithlittlepermanentscarring. devastationofthe2011Tohokuquake. accuratelyusingSeikoequipment,
giveandarenotrealoutlays,theyare MrSunakmadeagoodstart.Buthewill Butthesubtlerandmoreimportant andsoon.Asaresult,when [email protected]
welcomenonetheless.Thepackageis needtogofurther,andquickly.
MARCH 19 2020 Section:Features Time: 18/3/2020 - 18:54 User: alistair.hayes Page Name: LEADER USA, Part,Page,Edition: USA, 8, 1
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Opinion
How the Fed can lessen lasting This may
finally be the
damage from the pandemic
end of the road
for Netanyahu
Coronavirus: the economic cure Revived crisis-era programmes could be boosted with corporate bond buying
MIDDLE EAST
David
Gardner
I tisalwaysunwisetocountoutBen-
jamin Netanyahu. He is Israel’s
longest-serving prime minister,
eventhoughinthethreegeneral
electionsofthepastyearhehas
failedtowinamajorityforafifthterm.
Butthisweek’sturnofevents,inwhich
BennyGantz,hisbitterrivalandformer
armychief,hassuddenlyassembled61
seatsinthe120-memberKnessetwith
thesupportofIsraeliArabparties,may
bethebeginningofMrNetanyahu’send.
MrGantz,leaderofthecentre-right
BlueandWhitecoalition,isfarfrom
assured of success. His precarious
majorityislessforhimthanagainstMr
Netanyahu’scoalitionofthehardand
religiousright.Itisanunlikelyalliance
inamulti-polarisedsociety.
ThoughdenouncedasaleftistbyMr
Netanyahu,MrGantzhasboastedin
campaignvideosaboutbombingparts
ofGazabackintotheStoneAge.Yethe
has the support of Israel’s residual
leftwingparties.AvigdorLieberman,a
formerNetanyahuallywhopulledthe
plugontheLikudleaderlastApril,has
alsopositionedhissecularbutirreden-
FTmontage
tistYisraelBeiteinu(IsraelOurHome)
coronaviruspandemic,whichofcourse financiallystrappedfirmlaysoff—or financiallyweak.Duringthefinancial alreadytakenanimportantsteptoward partybehindMrGantz—fornow.Mr
Ben Bernanke
monetarypolicycannotinfluence. declinestohire—workers,itwilllose crisis,theFedsolvedthatproblemby unfreezingcorporatecreditmarkets.In Lieberman has advocated stripping
& Janet Yellen Inthenearterm,publichealthobjec- theexperiencedemployeesneededto supplementing the discount window 2008,thecommercialpapermarket— thousandsofArabIsraelisoftheirciti-
tivesnecessitatepeoplestayinghome resumenormalbusiness.Orafamily withaprogrammecalledtheTermAuc- throughwhichcorporationsgetessen- zenship,throughlandswaps.
fromshoppingandwork,especiallyif temporarily without income might tionFacility,whichauctionedfundsto tial short-term funding — effectively TheArabJointList,avolatilemixof
theyaresickoratrisk.Soproduction defaultonitsmortgage,losingitshome. banks.Forvariousreasons,bankswere froze up, putting many companies leftists and Palestinian nationalists,
andspendingmustinevitablydecline Toavoidpermanentdamagefromthe muchmorewillingtousetheTAF,andit undercriticalpressure.TheFedcreated Islamists and secularists who have
Thisarticleispartofaseriesinwhich foratime. virus-induceddownturn,itisimportant wasaccordinglymoresuccessfulatpro- a programme called the Commercial throwntheirsupportbehindMrGantz,
leadingcommentatorsandpolicymakers So what are the Fed’s objectives toensurethatcreditisavailableforoth- vidingthemwiththefundstheyneeded PaperFundingFacility,throughwhich isnomodelofstability.Arabparties
givetheiradviceonalleviatingthe today? Its recent actions have been erwisesoundborrowerswhofaceatem- tomakeloans. theFedmadeshort-termloansdirectly haveneverbeforeenteredIsraeligov-
devastatingglobalslowdown aimed at stabilising financial markets, poraryperiodoflowincomeorreve- ThereareothertoolstheFedcould toqualifyingfirms. ernment.ForMrNetanyahuthatwould
which have been highly volatile and nues.OneoftheFed’sprincipalgoalsis usetogetfundsintothecreditstream, The Fed is reinstituting this pro- be unthinkable. As caretaker premier,
A round the world, policy- havenotfunctionednormally.Commu- toensurethatcreditisavailable.Ithas suchasafacility(technicallyknownasa gramme,whichwashighlysuccessful heiscallingonBlueandWhitetoenter
makersaregrapplingwith nicationsdifficultiesamongtelework- stronglyencouragedbankstoworkwith repofacility)thatcouldprovidecashto duringthecrisis,notonlyinensuring anemergencygovernmentwithLikud
theeffectsofthedevastat- ingorsiloedtradersandsellingfrom borrowers suffering from temporary awiderrangeoflendersthanthedis- the flow of short-term credit but in toconfrontthecoronaviruscrisis.His
ingcoronavirus. leveragedtraderswhoarehavingtopost incomelosses,andithasloweredthe countwindow,againstvariousformsof unfreezing the market and bringing criticsscentaploytoprolonghispoliti-
Expertsonpublichealth additionalcashtomeetmargincallsas interestrateitchargestobankswho collateral. The Fed’s announcement backprivatelenders.Italsomadeno calcareer,threatenedbyhisindictment
are taking the leading role, as they sharepricesfallmayhavecontributed borrowfromtheFed’sdiscountwindow. thatitwillrevivethePrimaryDealer lossesandearnedaprofitfortaxpayers.
should.Fortheirpart,fiscalpolicymak- to the market’s illiquidity. The most CreditFacility,setupin2008tohelp Finally,asEricRosengren,president
ersarehelpingtofundthepublichealth importantfinancialmarkets,including dealersfinancetheirholdingsofcredit, oftheFederalReserveBankofBoston Thequestioniswhether
responsewhileprovidingcriticalaidto thoseforUSTreasurydebtandmort- Centralbankintervention isanimportantsupplementtothese recentlysuggested,theFedcouldask
Gantz,thebluffand
peoplewhoselivesandlivelihoodshave gage-backed securities, must work efforts. Congressfortheauthoritytobuylim-
isneededtorestartthepart
been shattered by the virus and its properlyiflendersaretofeelconfident TheFedcouldalsoexplorealow-cost itedamountsofinvestment-gradecor- politicallyrawsoldier,
effects.Fiscalpolicywillcertainlyhave aboutextendingcredittohouseholds ofthedebtmarketwhichis financing facility for banks to support poratedebt.Mostcentralbanksalready
willendIsrael’sdeadlock
todomoreasthesizeofthehittoeco- andbusinessesinsuchunusualtimes. lending to households and small busi- havethispower,andtheEuropeanCen-
undersignificantstress
nomicactivitybecomesapparent. However,theFedandotherpolicy- nessesadverselyaffectedbythecrisis.A tralBankandtheBankofEnglandregu-
Central banks, like the US Federal makers face an even bigger challenge. facility,similartotheBankofEngland’s larlyuseit.TheFed’sinterventioncould for corruption. Mr Netanyahu’s trial,
Reserve,alsohaveausefulroletoplay. Theymustensurethattheeconomic The Fed’s purchases of mortgage Funding for Lending Scheme, could helprestartthatpartofthecorporate duetostartthisweek,hasbeenpost-
Someoftheactionsrecentlyannounced damagefromthepandemicisnotlong- securitiesshouldlowermortgagerates spurtheprovisionofcredittothesebor- debtmarket,whichisundersignificant poneduntilMaybecauseofcoronavi-
bytheFed,includingcuttingtheshort- lasting.Ideally,whentheeffectsofthe andmakeiteasiertoobtainorrefinance rowers. Funding for lending pro- stress.Suchaprogrammewouldhaveto rus,adevelopmentthatcoloursopposi-
termpolicyratenearlytozeroandpre- viruspass,peoplewillgobacktowork, amortgage.Congressisalsolookingat grammes have been successful in a becarefullycalibratedtominimisethe tionviewsofany“coronacoalition”.
paringtobuyatleast$700bninTreas- toschool,totheshops,andtheeconomy providingtargetedhelptohouseholds, numberofothermajoreconomiesat creditrisktakenbytheFedwhilestill MrGantzsayshewantsquicklyto
urydebtandmortgage-backedsecuri- willreturntonormal.Inthatscenario, firmsandindustriesmostseverelyhit increasingtheavailabilityofcreditto providingneededliquiditytoanessen- assemble“asbroadandpatrioticagov-
ties,aresuperficiallysimilartothose therecessionmaybedeep,butatleastit bytheeconomiceffectsofthevirus. bank-dependentborrowers. tialmarket. ernmentaspossible”.Hehasruledout
takenbymonetarypolicymakersdur- willhavebeenshort. However,thereismorethatthecen- TheFed,withthesupportofTreasury Centralbanktoolscannoteliminate partneringwithLikudwhiletheprime
ingthe2008financialcrisis. Butthatisn’ttheonlypossiblesce- tralbankshouldconsiderdoingasit andtheCongress,couldalsorestartthe thedirectcostsofthevirus,including ministerisatitshelm,whileMrLieber-
However,theunderlyingchallenges nario:ifcriticaleconomicrelationships helps Congress reduce the long-run TermAsset-BackedLendingFacility—a thesufferingandlossitwillcreate.How- manlastyeararguedforanalliancewith
todayarequitedifferent.Backthen,the aredisruptedbymonthsoflowactivity, effectsofthedownturn. programmethatsucceededduringthe ever,theFedcanhelpmitigatetheeco- Likud without Mr Netanyahu. Some
near-collapse of the financial system theeconomymaytakeaverylongtime First,althoughtheFedhasmadethe 2008crisisinexpandingcredittomany nomiceffectsoftheoutbreak,particu- LikudnikssuspecttheunwieldyGantz
frozecreditandspending;thegoalof to recover. Otherwise healthy busi- terms of its discount window more householdsandbusinesses.Thisfacility larlybyassuringthat,oncethevirus’s coalitionisreallyagambittounseatMr
monetarypolicywastorestartboth. nessesmighthavetoshutdowndueto attractive,bankshavehistoricallybeen could support the issuance of asset- directeffectsarecontrolled,theecon- Netanyahu.
Now, the problem is not originating severalmonthsoflowrevenues.Once reluctanttousethediscountwindowas backedsecuritiescollateralisedbyloans omycanreboundquickly. SocanMrGantz,thebluffandpoliti-
fromfinancialmarkets:theyareonly they have declared bankruptcy, re- asourceoffunding.Theyoftenfearthat tobusinessesandconsumersaffected callyrawsoldier,endIsrael’spolitical
reflecting underlying concerns about establishing credit and returning to themarketswillinferthatifalenderhas bythecrisis.Beyondensuringthatlend- Thewritershaveeachpreviouslyservedas deadlock?ThereisaprecedentofArab
the potential damage caused by the normaloperationsmaynotbeeasy.Ifa tousethediscountwindowitmustbe ershaveadequateliquidity,theFedhas chairoftheUSFederalReserve MPsproppingupaminorityIsraeligov-
ernment. But that was in the early
1990s,atthehighwatermarkoftheOslo
peaceprocess,ledbyYitzhakRabin,the
soldier-statesman murdered by a
The Sanders worldview wins even as Bernie loses Jewish religious extremist in 1995.
ExternalsupportforRabinwasineffect
thepolicyofthePalestineLiberation
Organisation.
Now,theprospectofanindependent
Palestinianstatehasdimmed.MrGantz
andnutritionalprogrammes.Thestern under a Conservative government. sincetheOpecoilcrisesthatelevated ing.Theabsenceisirritatingbecause wantstoannexJewishsettlementsin
AMERICA budgethawkofyesteryear,forwhom Franceunderasupply-siderofapresi- thefree-marketeersinthe1970s.Read- politics so often throws up events theoccupiedWestBank,asdoesMr
theUSwasawheezingslacker,ripefora dentisdoingthesame.Whatmakesthe erswillsuggestthecrashin2008,after beggingtobedescribedassuch. Lieberman,wholivesinone.Theirdif-
Janan
private-equityturnround,couldhardly USdistinctisthatitsdebatedoesnot which a biography of John Maynard In1964,BarryGoldwater,withhis ferencewithMrNetanyahuisoneof
Ganesh bemoremunificent. stopatthenear-termproppingupof Keynesannouncedthe“returnofthe heresiesagainsttheNewDeal,suffered tone. The prime minister’s strident
Itismyprofession’scrassdutytospot householdsandbusiness.Ittoucheson master”. Well, it was fleeting. Before ahugelossfortheRepublicansinthe politicsoffearanddog-whistleracism,
thewinnersandlosersofcoronavirus. largerquestionsofdistribution.Hence long,therewerefiscalretrenchments presidentialelection.Except,intheend, portrayingIsraeliArabs,afifthofthe
Inthefirstcategory,Isuggestanother MrRomney’sideas,whichgobeyond aroundthewesternworld.IntheUS, hedidn’t.“Itjusttook16yearstocount population,asdisloyalfifthcolumnists,
septuagenariansenatorofNewEngland theusualpayrolltaxcutsandbusiness therewastheTeaPartymovement,the thevotes,”saidthecolumnistGeorge havebackfired.Hehashelpedmobilise
E ightyearshavepassedsince pedigree.BernieSanderswillnot—and loanguaranteesofachamber-of-com- neuteringofPresidentBarackObama Will,aboutRonaldReagan’swinin1980. Arabvotersasneverbeforetomakethe
MittRomneyexpressedhis therefore, at 78, will never — be the byaRepublicanCongress,andhissuc- HispointwasthatGoldwater’sstrident JointListIsrael’sthirdlargestparty.
disappointmentwithalmost DemocraticnomineeforUSpresident. cessor’sraidontheadministrativestate. examplehadinspiredtheNewRight. LedbyAymanOdeh,acharismatic
halfofallAmericans:47per AfterclinchingprimariesinFloridaand Hehasnowlived Thelaissez-fairerightwasnotmuchless One-offdefeatwasasmallpriceforthe socialist,theArabcoalitionhasstarted
cent are “dependent upon elsewhereonTuesday,JoeBidenisnow ascendantin2017,say,thanin2007. infusion of radical ideas into the toattractleftwingJews,evenasitseeks
longenoughtosee
government”—claimedtheRepublican lesshiscompetitorinthatracethana This time feels different. For one nationalbloodstream.Ifanything,the toextractafairshareofinfrastructure
party’sthenpresidentialnominee,in recedingspeckonthehorizon.Thereis thenormalisationof thing, the stakes are higher. A virus lossgavehimamartyr’sglamour. andservicesforArabcitizensasthe
leakedremarks—and“believethatthey comfortforMrSanders,however,inthe promisesaratherworsefatethanmere ThesemaybeMrSanders’slastdays priceofitssupport.Paradoxicalthough
hisonce-weirdviews
arevictims”.Amongthefrillstowhich intellectualco-optionofsuchimproba- immiseration.Norcananysectionof asacontender.Blanchashemightatthe itmayseem,theJointListresembles
theyregardthemselves“entitled”are blepeopleasMrRomney. societyblameanother.Therewillbeno comparison,thereissomethingofGold- nothingsomuchastheultraorthodox
medicalcare,accommodationandfood. Inawaythatwasnottrueeventwo merceRepublican.Inatimeofconta- cabletelevisionblowhardpinningthis waterabouthiscareerarc.Thefringe Jewishreligiousparties,kingmakersin
“Younameit,”hesaid,asthoughhehad weeksago,USpoliticsnowtakesplace gion,thecaseforuniversalhealthcare, onthepoor,withtheiruppitydreamsof years,thebreakthrough,theelectoral coalitionsoftheleftaswellasrightover
justitemisedthecontentsofaprima on unambiguously social-democratic attimesafogofdetail,hasalsofound home-ownership,andnoOccupymove- ceiling—andtheideologicaltriumph the past three decades, experts in
donna’srider. terms.Aleftwardtrendthatwasalready painfulsimplicity:unlesseveryonehas ment.Itiseasier,then,toreachagree- viaproxies.Ifitishisfatetowatchthe manipulatingthebalanceofpower.
OnMonday,MrRomneyurgedthe inglacialprogress(lookatpublicopin- care,noonedoes.MrSandershaslived ment,ifnotconsensus,onlargerand US embrace bigger government, but MrNetanyahu,or“KingBibi”tohis
governmenttopay$1,000toeachand iononhealthcare,onwealthtaxes)has longenoughtoseethenormalisationof moreactivegovernment.Eventheleft undertheleadershipofothers,thereare adoringfans,maybefinallyontheway
everyAmericanadult.Besidesthisheli- acceleratedinanatmosphereofemer- hisonce-weirdviews. cannotsquanderthishistoricopening. worsenichesinhistory.Hewillnothave out.Israel’sArabcoalitionlookshereto
coptermoney,thesenatorwantstohelp gency.Thecrisishasbeenthemakingof Weareintheearlystagesofoneof Tomyknowledge,thereisnoclassical towait16yearstoseeit. stay.
thevirus-strickeneconomywithmore theSandersworldview. history’speriodicdiscontinuitiesineco- termfortheinverseofaPyrrhicvictory:
paid leave, unemployment insurance Britain is going to fiscal extremes nomicthought.Thesharpest,perhaps, adefeatfromwhichoneendsupprofit- [email protected] [email protected]
MARCH 19 2020 Section:Features Time: 18/3/2020 - 18:22 User: alistair.hayes Page Name: COMMENT USA, Part,Page,Edition: USA, 9, 1
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10 ★ FINANCIAL TIMES Thursday19March2020
General Motors: a well-engineered bailout
Thecoronavirusoutbreakhasmadeaslewofcorporationsvulnerabletocollapse.Asgovernmentsrush
topropupbusinesses,policymakersareturningtothefinancialcrisis-erarescueofGeneralMotorsasa
blueprint.TheUScarmakersurvivedbuthassinceunderperformeditssector.
General Motors has underperformed the sector Previous US car sector bailout
Twitter:@FTLex
Share prices (rebased) Tarp funding ($bn)
180 100
80
UKsupermarkets: capsmaybenecessaryforsome BT/homebroadband:
products.Homedeliveriesmayhaveto 160 60
domentionthewar MSCI World Autos index ingloriousisolation
bereservedforthesickandtheelderly.
40
Healthysuburbanitesfacethe 140
20
TheTokyoOlympicsisnottheonly indignityofforagingforvitalsupplies Workingfromhome,onceaperk,has
competitionsomepeoplethinkshould ofolivesandpolentainphysicalstores. 0 becomethenormforwhite-collar
120
becancelledbecauseofcoronavirus. 2008 10 12 14 16 18 20 toilers.Ascountrieslockdownbecause
WmMorrisonsaystheUKshouldlift Shareholder returns since GM relisted ofcoronavirus,workersneedaccessto
100
rulesthatstopgrocerscolluding. UKgambling: fast,reliableinternetconnections.
% change since Nov 2010
Shoppers,facedwithpaying70pfor KoreanandChineseprofessionalsare
atoiletrollatonesmallstorechain, abustedflush 80 wellequipped.Theircountrieshave
Toyota
willbesceptical.Particularlyafter General Motors investedheavilyinfibreand5G
Fiat Chrysler
sharesinMorrisons,abigsupermarket AllbetsareofffortheUKgambling 60 wirelessnetworks.Manyhomesin
MSCI World Autos
group,rallied10percentasitreported sector—quiteliterallywhenitcomes Britainstillrelyonacrankylocal
General Motors
strongsalesbecauseofpanicbuying. tofootball’sEuro2020ortheGrand networksofcopperwires.
40 Daimler
Thegovernmentshouldponderwhat Nationalhorserace.Aslewofevents Canthesecopewithsurgingdemand
2011 12 13 14 15 16 17 18 19 20 Ford
Morrisonsissuggesting,evenso. havebeenpostponedorcancelled. fromhomeworkers?UsersinSpainare
Ministersmayneedtodirectfood High-streetbettingshopsareclosingas FT graphic Sources: Refinitiv; Tarp reports -50 0 50 100 150 alreadybeingaskedtorationusage.UK
distributionifsuppliesaredisrupted puntersstayathome.Coronavirushas telecomsgiantBTGroup,which
badly.Aweird,hopefullyshortlived, deliveredabodyblowtoanindustry AsGeneralMotorsgoes,sogoes themarket’sswoon—hadhardly pensionobligations).Bothplanswere fendedoff fullseparationofits
resumptionofthewartimecommand hammeredbytougherregulationand America.Thatappliedinthe movedsinceits2010IPO.Yet,sowhat? meanttoaddressthis. infrastructurearm,claimsthenetwork
economywouldnotworkifgrocery techdisruption. carmaker’sheyday,butnotanymore. Anybailed-outairlineorcasinoshould Yet,GMhashardlybeenmiserly. isuptothejob.BThadbetterberight.
chainsremainbannedfrom Flutter,ownerofPaddyPower GM’suninspiringshareprice alsomaintainstrictfinancialdiscipline Between2015and2019,itreturned Internetconnectivitycanbeabsentor
communicating,howeverindirectly. Betfair,isheavilyexposedtosports performancesinceitsgovernment whateverpressureisappliedby $22bnviadividendsandbuybacks, slowoutsidecities.Bandwidthisslim
Rationingisalreadyback,albeit betting.Thisismainlyonfootballin bailoutadecadeagohintsatthenew ordinaryshareholders. roughlyitsfreecashflowtotal.Itleft eveninsomesuburbs.BT’serstwhile
imposedbysupermarketsratherthan theUK,wheresomehorseracing reality.Thatrescuecouldyetform IthasnotbeeneasyforGM.In2015 the$20bnofbalancesheetcash chiefexecutive,footballfanGavin
Whitehall.JSainsbury,forexample, continues.Sportsbettingaccounts thetemplateforUSgroupsbattered oneactivistinvestor,HarryWilson, essentiallyuntouched.GMmaynow Patterson,chosetobetbillionsof
hasatwo-itemlimitonsomeproducts. foralmost80percentofFlutter’s bytheimpactofcoronavirus. previouslyattheUSTreasurywhen needthatmoney,alongwithitsnear poundsofshareholdercapitalon
Thedeliveryservicesonwhichmany £2.1bninrevenues.Thegroup OnereasonforGM’ssluggishnessis GMwasitsward,demandedthatthe $20bnofbankcreditlines. mediarightstoEnglishsoccer.
self-isolatedBritsrelyonarebooked estimatedthisweekthatrestrictions itsovercapitalisedbalancesheet, companypayoutfromitscashhoard. WhentheTreasurysolditsholding CurrentchiefPhilipJansen,whohas
solidforweeksahead. onsportingeventsuntiltheendof including$20bnofcash.Debtand Twoyearslater,DavidEinhorn’s inGMin2014,ithadlostabouta unfortunatelycontractedcoronavirus,
Thisleavesbossespolitically Augustwouldreduceebitdaby£90m- pensionobligationsmakeupjusta GreenlightCapitalproposedcreating fifthofits$50bnbailout.Butifthe willhavecatchinguptodowhenhe
exposed.Theyhavetobalancepublic £110m,orabout25percent. fewbillionmorethanitscashstore. twoclassesofGMshares:onetoactlike governmenthascreatedasense returnstowork.Adependenceon
andshareholderinterestsshrewdly. However,Flutterlooksmore Somefrustratedshareholderswant asafebondandtheotheragrowth ofparanoiawithitsexecutivesabout copperwirestoconnectmanyhomes
Thefirstareservedbyhelpforseniors resilientthanrivals,asimpliedbya thatmoneyfortheirownpockets. stock.EvenasGMbenefitedafterwards fiscalrectitude,thatlossiswell tothenetworkmeansslowerinternet
andwagepledgesforstaff.Thesecond mere38percentsharepricedropsince ButGMknewithadtosavefora fromarecoveryincarsales,generating worthit. connections.Full-fibreconnectionsare
havebeenbolsteredbygovernment mid-February.Ithasalowtrailingnet rainyday.Itsinvestment-gradecredit severalbillionsannuallyinfreecash Anynewsetofgroupsknockingon coming,butthepaceinBritainhas
advicethatBritsshouldstopeatingout. debttoebitdaratioof0.7times.Butits ratingremainsforthatreason.No flow,itsenterprisevaluenevertraded UncleSam’sdoor,hatinhand,should beenslow,withBTfavouringshort-
SharesinMorrisonshaverallied21 freecashflowisskinnyat£260m, surprisethatitsshareprice—before abovefivetimesebitda(adjustedfor beforcedtofollowGM’sprecedent. termfixes.
percentsinceMonday.Incredibly,the accordingtoS&PGlobal.Abighitto Onepotentialproblemisthedata
stockisnowwellaboveitspriceof earningswouldleaveitneedingto flowthathomeworkingrequires.
£1.83inmid-February.Investorshave drawdownacreditfacility. Videoconferencingrequiresgreater
rediscoveredthedefensivequalitiesof GVChashighernetdebttoebitdaat usedtosayingambling,onlythe recentoilpricecollapsehaswalloped isatthetopofthecapitalstructureand bandwidthfordatasubmission,say
supermarkets.Cashflowsarefarsafer 2.6times,thoughcovenantsarealofty bookieseverwon.Thesedays,theodds thesharesofmanyregionallenders. alsosecuredbycollateral.Assuch,a critics.Theyclaimnetworksare
thaninalmostanyothersector. fourtimes.Freecashflowof£460m favourdistressed-debtinvestors. BOK’sstockhasfallenmorethan40 bank’sloanlossesaremitigatedwhen configuredtomaximisedownloads
Morrisonsisastrongerfortressthan providessomeprotection.Sodoesits percentinthepastmonth.Itsmarket comparedwithaclient’sjunior ratherthanuploads.Downloadspeeds
largerrivalsTescoandSainsbury’s.It rangeofonlinecasino-stylebrandslike value,about$3.3bn,isunderhalfits creditorsandshareholders.Theyarein aretypicallyaboutseventimesfaster
farmsandprocessesfood,reducing FoxyBingo. USregionalbanks: 2018peak.Foralltheindebtedness thefirstlossposition. thanuploadspeeds,theyadd.
scopeforsupplyshocks.Itownsfour- WilliamHill,meanwhile,lookslike amongenergycompanies,banks,by Thatsafetyisgoodfordepositorsand BTdisputessuchclaims.Itsays
dustbowlballad
fifthsofstores,aheftyassetbase.Free thekindofhorsewhosecondition definition,remainthemostleveraged othercreditors.Asforshareholders, daytimetrafficisstillonlyaquarterof
cashflowwastripleinterestcostsof promptscallstotheRSPCAratherthan companiesintheeconomy. theoutlookisdicier.Theratioofassets eveningbroadbandusage,whenpeople
£111mlastyear.Netdebtisatolerable thebookie.ThiswasoncetheUK’s “We’restillenergised,ifyouwill, Regionallendersfacedoubletrouble. toequityforBOKisroughly8.5times. startstreamingentertainment,and
2.5timesforwardebitda. strongestgamblingbusiness.Because aroundenergy,”enthusedStacyKymes, Eveniftheirdirectexposuretothe Evensmalllossescanreverberatefor systemsarecopingeasily.Customers
ChiefexecutiveDavidPottscorrectly ofmismanagement,itisnowoneofthe anexecutiveatBOKFinancial,onan commoditypricecrashisfractional, shareholders,eveniftheinstitution’s willhavetohopetheseassurances
highlightsproblemsthatcompetition weakest.WilliamHillistippedto analystcalllastmonth.BOKisa thespillovereffectsforallbusinessesin survivalisassured. provebetter-foundedthanthegrowth
rulescouldcreateintheepidemic.But default,draggeddownbyitsretail regionalbankinOklahoma,theheart localeconomiesheightentheirrisks. However,leverageworksinboth planoftheill-fatedMrPatterson.
hemustguardagainstcommitted estateanddebtstakenontofunditsUS ofUSshaleandfrackingcountry. Inthefourthquarter,BOKsaidthat directions.BOKsharesdoubledfrom Otherwise,strugglingbusinessesmay
thinkingtoo.Onlinedeliveries,into expansion.Thegroupisintalkswith Regionallendersfillthegaps its“potentialproblemloan”balance early2016totheendof2018.Could sufferseriousdisruption.
whichMorrisonsisplunging,areno itsbanks.Itssharesaredownabout betweenWallStreetmegabanks.BOK hadrisenfrom$143mto$160m.Based sucharallyensuenow?Thatdepends
sure-firesolution.Theytieuptoo three-quarterssincemid-February. hasthedistinctionofhavingthelargest ondatafromKBWanalysts,BOKhas onthebust’sduration.InOklahoma
muchofadwindlingworkforce. WithmoreUSstatessettoopenup proportionalexposuretotheoiland about$5bnofenergyloans—roughly manylocalbusinesseswouldbehit. Lexontheweb
Fornotesontoday’sbreaking
Ministersshouldnotsuspend sportsbetting,WilliamHillcouldbean gassector.Nearlyafifthofitsloan thevalueofitscommonequity.BOK’s Thatwouldruleoutaswiftshareprice
storiesgotowww.ft.com/lex
antitrustruleswithouttrade-offs.Price enticingbuyforabottom-fisher.They bookisdedicatedtothatsector.The commentarymadeakeypoint:lending recoveryforBOKanditsilk.

CROSSWORD ACROSS 5 Mean to prevent missing the last
No. 16,429 Set by PETO 1 Oral surgeon’s first name revealed time (7)
in Punch? Just the opposite (6) 6 Reportedly forbidden to use
4 Whip animal to gain speed? Not at lorries right away as ammunition
first (8) carriers (10)
(cid:20) (cid:21) (cid:22) (cid:23) (cid:24) (cid:25) (cid:26) (cid:27)
10 Thus deleting conclusion of article 7 Letters from Amundsen seditious
(cid:28) before getting a word of warning in opinion (5)
(9) 8 Without getting minister to reach
(cid:20)(cid:19) (cid:20)(cid:20) 11 Not one tenor in this group of out (6)
performers (5) 9 Knight leaving to switch
12 Indifferent when sailor’s grabbed allegiance in secret (6)
by drunk? Not entirely (2-2) 14 Wildly extravagant design of
(cid:20)(cid:21) (cid:20)(cid:22)
13 Hurry up with denial over backing fragile pot (10)
(cid:20)(cid:23) pal employed by Gove earlier 17 In agreement with social worker
(3,1,4,2) about working with boy at first (9)
(cid:20)(cid:24) (cid:20)(cid:25) (cid:20)(cid:26) 15 Jog right around in turn stopping 18 Morally corrupt rebel feeding a
to take rest at the end (7) negative effect (8)
(cid:20)(cid:27) 16 Reveal fellow needing no 20 Abridgement of largely impressive
introduction at church (6) book (7)
(cid:20)(cid:28) (cid:21)(cid:19) (cid:21)(cid:20) 19 Prevent small fairy taking it back 21 Humiliate in game (6)
(6) 22 Split up mischievous sons before
(cid:21)(cid:21)
21 Unusual compass found on street start of recital (6)
(cid:21)(cid:22) (cid:21)(cid:23) (cid:21)(cid:24) (7) 24 Large raise to join top firm (5)
23 Girl in retrospect almost lay with 26 A rich source of Vitamin B? Not
(cid:21)(cid:25) old American wanton (10) half (4)
25 Star turn close to Virginia (4)
(cid:21)(cid:26) (cid:21)(cid:27) 27 Taken from weevil larvae
discovered in house (5) Solution 16,428
28 Persistent noise bat produces
(cid:21)(cid:28) (cid:22)(cid:19) over time (9) (cid:38)(cid:36) (cid:50) (cid:36)(cid:47) (cid:50)(cid:53)(cid:43) (cid:36) (cid:39)(cid:56)(cid:50) (cid:55) (cid:50)(cid:43) (cid:36) (cid:48)(cid:40) (cid:40) (cid:54)(cid:55)
29 Soldiers considered being paid off (cid:39)(cid:50)(cid:53) (cid:39) (cid:50)(cid:42)(cid:49) (cid:40) (cid:42)(cid:53) (cid:36) (cid:49) (cid:55) (cid:36)
(8) (cid:39) (cid:42) (cid:49) (cid:36) (cid:49) (cid:54) (cid:36) (cid:60)
30 Scarper when up to something (cid:44) (cid:54) (cid:40) (cid:53) (cid:40) (cid:58)(cid:43) (cid:44) (cid:55) (cid:40) (cid:49) (cid:44) (cid:47) (cid:40)
JOTTER PAD criminal on the borders of Belize (cid:40) (cid:37) (cid:36) (cid:42) (cid:43) (cid:39)
(cid:48)(cid:40) (cid:53) (cid:54) (cid:40) (cid:60) (cid:43)(cid:58)(cid:36) (cid:49)(cid:42)(cid:43)(cid:50)
(4,2) (cid:36) (cid:40) (cid:48) (cid:44) (cid:53) (cid:49)
DOWN (cid:51) (cid:36) (cid:53) (cid:53) (cid:40) (cid:55) (cid:55) (cid:48)(cid:56) (cid:53) (cid:53) (cid:36) (cid:60)
1 Save or discard? (3-5) (cid:51) (cid:36) (cid:36) (cid:40) (cid:55) (cid:48)
2 Concerned with anything that is (cid:40) (cid:56) (cid:51) (cid:43) (cid:53) (cid:36) (cid:55) (cid:40) (cid:54) (cid:47) (cid:50) (cid:44) (cid:53) (cid:40)
(cid:36) (cid:56) (cid:55) (cid:40) (cid:54) (cid:50) (cid:55) (cid:49)
seen as supervision (9) (cid:53)(cid:50) (cid:55) (cid:43) (cid:40) (cid:53) (cid:48) (cid:44) (cid:54) (cid:54) (cid:50)(cid:56) (cid:53) (cid:44)
3 Always part without a hint of (cid:40) (cid:44) (cid:54) (cid:36) (cid:40) (cid:39) (cid:36)
sadness (4) (cid:39)(cid:50)(cid:49) (cid:40) (cid:55) (cid:54) (cid:38) (cid:43) (cid:40) (cid:53)(cid:58)(cid:40) (cid:47) (cid:47)
MARCH 19 2020 Section:FrontBack Time: 18/3/2020 - 18:41 User: julian.summers Page Name: 1BACK, Part,Page,Edition: EUR, 10, 1