The world this week
Global markets had a turbulent week amid heightened concern about the economic impact of the coronavirus outbreak. The S&P 500 index dropped by 3.4% in a day, its worst daily performance in two years; over a week it was down by 8% from the record high it had recently attained. Stockmarkets in Europe and Japan also swooned. As investors piled into safe assets, the yield on the ten-year us Treasury bond closed at its lowest-ever point. The vix index, a measure of stockmarket volatility, spiked to its highest level in two years.
Oil prices also fell sharply, as the coronavirus led forecasters to lower their projections for demand sharply. Brent crude traded below $53 a barrel, a big dip from the almost $70 it had reached at the start of the year. Curtailed travel because of the outbreak could cost the airline industry alone $29bn in lost revenue, according to one estimate.
A long list of companies warned about the impact of coronavirus on their business, including Microsoft, Anheuser-Busch InBev and Rio Tinto. The latter is a big provider of iron ore to China, where dozens of blast furnaces have been closed because of restrictions on movement.
Wells Fargo agreed to pay $3bn to settle with America's Department of Justice and Securities and Exchange Commission over a mis-selling scandal. Between 2002 and 2016 thousands of employees at the bank who were under pressure to meet sales targets created millions of fake accounts for customers. The scandal dented the image of Wells Fargo, one ofthe few banks to emerge from the financial crisis with its reputation intact.
Mexico's gdp shrank by 0.1% in 2019,the first full year in power for President Andrés Manuel López Obrador. Mr López Obrador came to office promising to turbocharge growth through a mixture of spending and investment, but last year was the economy's worst performance in a decade. The central bank cutits forecastfor growth this year.
Sales from recorded music in America hit $11bn last year,the mostin over a decade,though still some way short ofthe $14.6bn chalked up in1999, when cds ruled the charts. Four-fifths of music revenue now comes from streaming.
Although he has announced and then delayed his departure four times as Disney's chief executive, Bob Iger took markets, and employees, by surprise when he stepped down from the job with immediate effect. After taking the reins in 2005 Mr Iger expanded Disney's content catalogue by acquiring several film studios (culminating in 21st Century Fox last year), turning Disney into an entertainment behemoth. Mr Iger is staying on as executive chairman until 2021 to focus on the creative side of the business. Bob Chapek, the new ceo, fresh from running Disney's theme parks, will report to Mr Iger.
1.short of 缺少
Government forces are running short of ammunition and fuel.
2.settle with 清算
The groups had historic scores to settle with each other.
3.step down 辞职
Judge Ito said that if his wife was called as a witness, he would step down as trial judge...
4.chalk up 取得
For almost 11 months, the Bosnian army chalked up one victory after another...