Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market.
(Bloomberg Opinion) — A year ago Richard Branson was on his private island, Necker, when the former Twitter executive Adam Bain came to see him with a proposal for how to take Branson’s suborbital space travel company public.The bearded British billionaire is doubtless glad he took the meeting: After an unsteady start, Virgin Galactic Holdings Inc.’s valuation has rocketed. The stock has surged more than 400% since a low in December, valuing the company at close to $8 billion, or almost 2,000 times the revenues it’s estimated to have generated in 2019. (For comparison, Uber Technologies Inc. trades on about …read more […]
In the days after a new virus was identified in China on Dec. 31, global central bankers fell back on past experience for a comforting early analysis.
(Bloomberg) — Asian stocks, U.S. and European futures retreated Friday amid renewed concern about the impact of the coronavirus as cases outside of China increased. Treasuries and gold advanced.Shares in Korea and Hong Kong saw the steepest losses, with more modest declines in Australia. Japanese stocks closed little changed while those in China edged higher. The yield on 10-year Treasuries fell below 1.5% for the first time since September. Also hurting sentiment: gauges of manufacturing in Australia and Japan added to concern about slowing economic growth, while weak South Korean export data weighed on the won. The Dollar Index remained …read more […]
Samsung Electronics Co Ltd said on Friday it has named a non-executive director as board chairman for the first time, to increase transparency and independence.
Asian shares were under water on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lifting the dollar to three-year highs.
Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market.
(Bloomberg) — Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.The Department of Justice and Securities and Exchange Commission may announce penalties as early as Friday, the person said, asking not to be identified because talks are confidential. The company isn’t expected to plead guilty to a crime, the person said.Spokespeople for the company and Justice Department declined to comment. A spokeswoman for the SEC didn’t immediately respond to a …read more […]
Feb.20 — As the coronavirus continues to spread beyond China, concerns are being raised about its less developed neighbors and their ability to deal with a public health crisis. Mongolia has been singled out in particular by Fitch Ratings because of its 5,000 kilometer border with China and its economic dependence on Beijing. Bloomberg’s Terrence Edwards reports on “Bloomberg Markets: Asia.” …read more […]
Asian shares were under water on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lofting the dollar to three-year highs.
Telus Corp could cut 5,000 jobs and C$1 billion in investments over the next five years if the Canadian telecom operator is forced to slash prices by 25% or open its network to wireless resellers, The Globe and Mail reported https://tgam.ca/39JGaRY on Thursday.
Last month, U.S. regulator said it had banned former Chief Executive John Stumpf from the banking industry and charged him and seven other former executives combined more than $58 million in civil penalties for their roles in the bank’s multi-year sales practices scandal. The fourth largest U.S. lender has paid out more than $4 billion in fines and penalties since the 2016 revelation that the bank’s sales practices encouraged employees to open potentially millions of unauthorized bank accounts to hit lofty sales targets. …read more […]
Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market. Brent crude was down 28 cents, or 0.5%, at $59.03 a barrel by 0332 GMT, while U.S. crude was also off by 28 cents, or 0.5%, at $53.60 a barrel. On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. …read more […]
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