A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns.
Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world’s poorest countries through the end of the year, a move quickly matched by a group of hundreds of private creditors.
Harley-Davidson Inc said on Wednesday it had temporarily laid off most of its global production employees and implemented salary cuts in a bid to lower costs as the coronavirus pandemic has hurt its business.
(Bloomberg) — The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. demand for Canadian crude, leaving pipelines struggling to stay full. After more than a year of rationing space, Enbridge Inc. announced it had additional space on its Mainline pipeline system for both heavy and light crude in April. TC Energy Corp. also issued a call for crude on its Keystone pipeline running …read more […]
A trade group says homeowners are jumping on rates that have dropped to a new low. …read more […]
Numerous major U.S. airlines are preparing to apply this week for a $25 billion U.S. government loan program after winning billions in federal payroll grants, people familiar with the matter said.
U.S. companies have been battered by the fallout from the novel coronavirus outbreak as economic activity “contracted sharply and abruptly across all regions,” a report by the Federal Reserve released on Wednesday showed.
After the news broke that the Trump administration was ordering that the president’s name appear on stimulus checks, the question focused on whether the move would delay the checks actually being disbursed. …read more […]
The one company heading into the coronavirus outbreak in a bad position was Boeing (BA). The passenger airplane manufacturer was already dealing with 737 Max problems and now faces a global economic shutdown and greatly reduced air travel. The stock is down $200 from early 2020 highs, but too many questions still exist to buy the stock on weakness.Weakened CustomersDespite all of the problems with the 737 Max and questions of when the airline could finally delivery 100s of parked aircraft, Boeing still had nearly unlimited demand for airplanes due to global travel demand. The company started the year with …read more […]
Ryanair is steeling for an airline price war that it expects to win once coronavirus restrictions are lifted and passengers flock back to tourist destinations, Chief Executive Michael O’Leary told Reuters on Wednesday.
Automotive company Tesla saw a jump in shares after Goldman Sachs analyst gave the company a ‘buy’ rating in the midst of the coronavirus pandemic. Yahoo Finance’s Rick Newman discusses. …read more […]
The coronavirus pandemic should be Amazon’s moment to shine. Instead, Whole Foods has been overwhelmed. Amazon Prime subscribers, who pay $119 a year for free delivery, are having difficulty finding Whole Foods delivery windows, according to interviews with a dozen customers and numerous posts on social media. …read more […]
Amazon’s moves to reduce strain on its grocery businesses by putting new online shoppers on wait lists and switching more Whole Foods resources to filling orders, is unmasking limitations at the company that was expected to upend the supermarket industry.
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