Iconic youth brand Forever 21&nbsp;Inc. has filed for bankruptcy protection, joining the ranks of other&nbsp;big fashion merchants who couldn&rsquo;t cope with high rents and heavy competition, as e-commerce platforms slice into their sales.&nbsp;
Forever 21&nbsp;has estimated liabilities of between $1 to $10 billion. A Chapter 11 filing allows the LA based company to keep operating, while it works out a plan to pay its creditors and turn around the business.
Forever 21&nbsp;plans to exit most of its&nbsp;international&nbsp;locations in Asia and Europe, but stores will honor gift cards, returns and exchanges.

Iconic youth brand Forever 21 Inc. has filed for bankruptcy protection, joining the ranks of other big fashion merchants who couldn’t cope with high rents and heavy competition, as e-commerce platforms slice into their sales. Forever 21 has estimated liabilities of between $1 to $10 billion. A Chapter 11 filing allows the LA based company to keep operating, while it works out a plan to pay its creditors and turn around the business. Forever 21 plans to exit most of its international locations in Asia and Europe, but stores will honor gift cards, returns and exchanges.

International Monetary Fund Managing Director&nbsp;Kristalina Georgieva&nbsp;on Monday said&nbsp;that the world will face a recession that could be as bad as the 2008 economic meltdown, or even worse.&nbsp;However, the&nbsp;IMF expects recovery in 2021. Speaking at a conference call of G20 nations,&nbsp;Kristalina&nbsp;said that to get there, it is paramount to prioritise containment and strengthen health systems everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be, she added.
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JP Morgan Chase on Wednesday told employees it will temporarily close about 20% of its branches and reduce staffing in response to the coronavirus pandemic.&nbsp;The biggest US bank said that non-teller personnel including financial advisers and mortgage bankers could work from home starting March 19. It will also reduce the hours of operation of branches that are open.

After collapsing about 40% in the last two weeks, crude oil prices rose on Friday as&nbsp;US President Donald Trump hinted that he may intervene in the price war between Saudi Arabia and Russia. The US WTI crude rose&nbsp;3.7% to $26.14 a barrel and Brent crude futures&nbsp;climbed 2% to $29.04 per barrel.

US space agency NASA said it is temporarily closing two rocket production facilities starting Friday after an employee working at one of the sites tested positive for coronavirus. There is a rising number of Covid-19 cases in the local areas where the facilities are located.&nbsp;The closure could affect the agency&rsquo;s plans to send Americans to the moon by 2024.

Walmart plans to hire 1.5 lakh people to meet increased demand during the coronavirus crisis and will pay out $365 million in bonuses, the US retail giant said. The hiring drive comes as travel restrictions and lockdown measures in various US states and cities to curb the spread of the virus have led people to stock up on basic foodstuffs and order more online. Amazon has also announced plans to recruit an additional 1 lakh workers in the United States to cope with the surge in internet shopping.
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The Indian rupee on Thursday fell 90 paise to record low of 75.12 against the US dollar. The dollar has begun its relentless climb against major currencies as investors are selling what they can to keep their money in dollars due to&nbsp;wild financial market volatility and worries over tightening liquidity triggered by the coronavirus pandemic. The dollar index is hovering around a three-year high level. Sterling crashed near the lowest since 1985 against the greenback. The Australian dollar plunged to a 17-year low, while the New Zealand dollar crashed to an 11-year low as investors dumped riskier assets. The euro initially rose after the ECB announced a stimulus package, but the currency pair erased gains later.

Even as most central banks are providing stimulus to help curb the adverse economic impact due to coronavirus&nbsp;pandemic, panic among global investors does not seem to reduce. Investors contemplate months of economic hardship with countries around the world in lockdown to prevent the spread of Covid-19, which has now infected more than 2 lakh people and killed almost 9,000. US markets have hit circuit breakers four times in the last two weeks. Dow Jones closed below 20,000 on Wednesday.&nbsp;The New York Stock Exchange will temporarily close floor trading and move to fully electronic trading from Monday after a trader and a NYSE employee tested positive for COVID-19.&nbsp;The pan-European&nbsp;Stoxx 600&nbsp;closed down 4% despite multi-billion stimulus. Japan&rsquo;s Nikkei 225 index gave up 0.7%, while in South Korea, the Kospi sank 6.5%. Hong Kong&rsquo;s Hang Seng index slipped 4% and the Shanghai Composite index shed 1.9%. Australia&rsquo;s S&amp;P ASX/200 declined 2.3%. Indian markets have shed more than 30% from the beginning of 2020.

The pound on Wednesday fell to its lowest level against the dollar in over three decades on the shocks caused by the coronavirus.&nbsp;Sterling fell as much as 1.9% to&nbsp;$1.18 against the US dollar, close to its 1985 levels.&nbsp;The&nbsp;currency pair&rsquo;s sell-off was primarily driven by&nbsp;investor fears that&nbsp;the&nbsp;worst is yet to&nbsp;come for&nbsp;the&nbsp;UK&nbsp;as&nbsp;coronavirus cases rise. Investors considered&nbsp;the&nbsp;government&rsquo;s measures as&nbsp;being inadequate&nbsp;to&nbsp;contain the&nbsp;spread of&nbsp;the&nbsp;coronavirus. Sterling has also suffered due to heightened global demand for the greenback.

Asia-Pacific economic growth for the year will more than halve to less than 3% as the global economy enters a recession, according to S&amp;P Global Ratings.&nbsp;An enormous first-quarter shock in China, shutdowns across the US and Europe, and local virus transmission guarantees a deep recession across Asia-Pacific, the ratings agency said.&nbsp;The agency's estimate of permanent income losses is likely to at least double to more than $400 billion. S&amp;P lowered its growth forecast for China, India, and Japan for 2020 to 2.9%, 5.2%, and negative 1.2%, respectively.

The Philippine Stock Exchange has suspended trading starting Tuesday to ensure the safety of employees and traders in light of the escalating cases of the coronavirus disease. On Monday, the country&rsquo;s benchmark PSE Composite Index plunged almost 8%. The&nbsp;Philippines has reported 142 confirmed coronavirus cases as of Monday noon, according to its Health Department.

Faced with a growing economic shutdown from the global coronavirus pandemic, the US Federal Reserve announced drastic emergency measures to shore up confidence and keep the financial sector running. The Fed on Sunday made its second emergency rate cut in less than two weeks, cutting the benchmark borrowing rate to a range of 0-0.25 percent, where it was during the 2008 global financial crisis. The US central bank pledged to keep rates there "until it is confident that the economy has weathered recent events." President Donald Trump, who has been critical of the Fed for not acting more aggressively, praised the move.

Beijing-based businesses are asked to provide individual support of at least 3,080 yuan&nbsp;or $440&nbsp;a month for employees stranded in Hubei and are unable to work,&nbsp;the Chinese capital&rsquo;s municipal government announced late Wednesday. Businesses contributing to the government&rsquo;s social insurance plan can apply for subsidies to cover half of the payout, CNBC&nbsp;reported.

Air passenger traffic in China plunged 84.5% year-over-year in February to 8.34 million trips,&nbsp;according to the country&rsquo;s aviation authority. The civil aviation industry lost $3.5 billion in February alone, of which airlines lost $3.03 billion, the largest single-month loss on record, according to the Civil Aviation Administration of China.

As the&nbsp;coronavirus-led death toll surged, Italy has tightened its nationwide lockdown further. The government has ordered&nbsp;that supermarkets and pharmacies will be the only retailers to remain open in Italy. However, public services remain in place and industrial production is allowed to continue on condition that companies adopt safety measures to protect workers.

Auto sales in China plunged 79% in February as the&nbsp;coronavirus outbreak hit demand, data from the country's largest auto industry association showed on Thursday.&nbsp;This is,&nbsp;reportedly, their biggest ever monthly decline.&nbsp;The world's biggest auto market has been badly hurt due the outbreak that has killed more than 3,100 people in the country.

Prime Minister of Australia Scott Morrison unveiled a 17.6 billion Australian dollar or over ₹84,000&nbsp;crore stimulus package to tackle the economic impact of the coronavirus by keeping people employed and helping small and medium-sized companies stay in business. Morrison said up to 6.5 million individuals and 3.5 million businesses would be directly supported by the measures.

The Bank of England on Wednesday announced an emergency cut in interest rates in an attempt to limit the economic impact from the new coronavirus. The central bank of UK&nbsp;reduced bank rate by 50 basis points to 0.25%. The announcement follows a similar decision by the US Federal Reserve last week.

In a bid to counter potential economic risks that are likely to evolve due to coronavirus,&nbsp;the Federal Reserve decided on Tuesday to lower the federal funds rate by 50 basis points&nbsp;to range between 1 and 1.25%. This was the biggest cut since the financial crisis.&nbsp;The fundamentals of the US economy remain strong, it added.&nbsp;The Fed reiterated that it's closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy. The US central bank has not made an emergency move like this since late 2008. Stocks in the United States rallied after the Fed said it would cut interest rates. After opening lower at the start of trading, the S&amp;P 500 spiked more than 1% immediately after the cut was announced.

The government on Tuesday put export restrictions on 26 pharma ingredients and medicines, including Paracetamol, vitamin B1 and B12, as there would be an increase in demand for these products in the country. On Monday, India reported two new cases of the coronavirus, including one in the national capital Delhi. The outbreak has killed more than 3,000 people globally. The&nbsp;Directorate General of Foreign Trade notified that export of specified APIs&nbsp;is restricted with immediate effect and till further orders.&nbsp;India is heavily import dependent for APIs from China.
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In a bid to preserve stability in the financial markets, the Reserve Bank of India on Tuesday said that it is monitoring global and domestic developments closely and is ready to take appropriate actions. The world's major powers - G7 countries, are considering a coordinated response to shield the global economy from further fallout after the last trading week ending Friday proved to be one of the worst since the 2008 global financial crises. US Treasury Secretary Steven Mnuchin and Fed Chair Powell will lead a phone call with other Group of Seven leaders later today in the evening to decide the further course of action.
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Forever 21 files for bankruptcy, stores in Asia & Europe to be shut

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