Europe on brink of deep recession as Australian manufacturing crashes to worst level in 28 years

Europe is on the brink of a deep recession with the Eurozone economy contracting by 4.8 percent in the most recent quarter. 

European Central Bank president Christine Lagarde has warned of worst to come. 

Manufacturing in April crashed to worst level in 28 years according to a survey Australian Industry Group. 

AI Group chief executive Innes Willox tells ABC's Peter Ryan that employment will take years to recover from the economic lockdown. 

ANZ profit halves, flags loan impairments, Board defers dividend payment, CEO Shayne Elliott sees 3-5 years for full employment recovery

The ANZ Bank has become the latest major lender to reveal the impact of the pandemic on its bottom line. 

The bank's half year profit plunged 51 percent to $1.4 billion and the ANZ board has deferred its dividend payment to shareholders to keep cash on the balance sheet. 

Chief executive Shayne Elliott is bracing for profound economic fallout and says it could take 3 to 5 years for employment to fully recover.

Here's my analysis from The World Today

Coles sales surge as households hoard; CEO Steven Cain says restart of economy becoming urgent once COVID-19 is contained

Panic buying in the early phase of the COVID-19 restrictions has resulted in record sales for the Coles supermarket chain given the hoarding of toilet paper and more recently flour to feed a baking craze. 

While the behaviour of anxious shoppers have been great for the Coles bottom line, it's chief executive Steven Cain has become the latest business leader to say the time is getting closer to re-open the economy.

I spoke with Steven Cain after the sales results were released

Westpac reveals $2.2b coronavirus impairments, CEO Peter King says some businesses won't survive

The economic damage from COVID-19 is continuing to cut a swathe through the banking sector. 

Westpac has revealed $2.2 billion in impairments and says $1.6 billion is related to economic fallout from COVID-19. 

CEO Peter King says it's clear that not all businesses will survive.

Here's my report from The World Today

Toilet paper hoarding switches to baking craze as ALDI Australia boss Tom Daunt warns supply chains were initially pressured

From toilet paper and hand sanitizer hoarding - to the soaring demand for flour to feed Australia's home baking craze. 

Supermarket giant ALDI Australia managing director Tom Daunt says supply chains initially faced enormous pressure because of the unusual demand during the COVID-19 pandemic. 

Mr Daunt tells ABC's Peter Ryan he wants to see restrictions eased when the health crisis is contained and is cautiously leaving scrutiny of China's role in the pandemic to politicians.

NAB profit shredded, dividend slashed, as COVID-19 forces $3b capital raising

National Australia Bank has revealed a 51 percent fall in half year profit to $1.3 billion, attributing the plunge directly to fallout from COVID19. 

In the first move by any of the Big Four banks, the NAB will also slash its dividend to shareholders and is seeking to raise $3 billion to strengthen the bank's balance sheet as it confronts the deepest downturn since the Great Depression. 

ABC's Peter Ryan says NAB is predicting the jobless rate will peak at 11.7 percent.