Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.
The Saudi Arabia Monetary Authority (SAMA) injected $13.3 billion into the economy; Saudi banks deferred loan payments for all public and private healthcare personnel for three months.
Battered by the coronavirus pandemic, Airbus announced last month that it must eliminate 15,000 jobs, or more than 10% of its global workforce, to safeguard its future and warned of more thin years ahead.
The new forecasts see the eurozone economy bouncing back by 6.1 per cent in 2021, still leaving the region worse off than before the countries were forced to implement lockdowns in an attempt to contain the spread of COVID-19.
While several countries are suffering a fresh surge in infections — particularly the United States — the ongoing easing of lockdown measures and reopening of economies has been the key driver of a months-long surge across equities.
France is faring worse than Germany, Europe’s largest economy, which on Thursday reported a 10.1% plunge in GDP during the April-June period as its exports and business investment collapsed.
The group, which had posted a year-earlier net profit of €806 million, also unveiled plans for a capital increase of up to €2.75 billion in a results statement, as it seeks to navigate fallout from the deadly COVID-19 crisis.
The contraction, triggered by one of Europe's strictest coronavirus lockdowns, was worse than the 16.6% expected by analysts. It came after a 5.2% drop in the first quarter, dragging Spain into its steepest recession ever, at a record pace.
The company has hundreds of retail stores worldwide, including 42 in China that closed or operated with reduced hours at the height of the country's outbreak.