Intro

Oil soared nearly 50 per cent at one point on Thursday in its biggest ever one-day rally after US president Donald Trump stoked hopes of a supply cut deal, German biotech groups are urging regulators to ease restrictions when it comes to testing a coronavirus vaccine, and bankers are raising doubts about whether the US government’s small business loan programme will begin today, as scheduled. 

Plus, banks were admonished over their role in causing the 2008 financial crisis. The FT’s David Crow explains how banks can rehabilitate themselves in the coronavirus crisis by distributing unprecedented amounts of stimulus.

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