Month: April 2020

American Airlines (AAL) has announced that the U.S. Department of the Treasury has approved $5.8 billion in financial assistance from its Payroll Support Program (PSP).The funds, which are targeted to support team member salaries and benefits, will come in two forms: a direct grant of $4.1 billion, and a low-interest rate loan of $1.7 billion.What’s more, in addition to the $5.8 billion, American revealed that it is planning to separately apply for a loan from the U.S. Treasury of approximately $4.75 billion.Following the approval, American Airlines CEO Doug Parker stated “The Payroll Support Program recognizes the extraordinary dedication of our …read more […]

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(Bloomberg) — Stocks in Europe edged lower while American equity-index futures retreated as investors scoured corporate earnings to gauge the impact of the coronavirus outbreak. The dollar ticked higher and Treasuries rose.The Stoxx Europe 600 index declined for the first time in five trading days. ASML Holding NV, a crucial supplier to Samsung Electronics Co., reported a 40% drop in first-quarter earnings and refrained from providing guidance for the next three months amid uncertainty caused by the pandemic. Contracts on all three major U.S. gauges fell after the S&P 500 closed at a one-month high on Tuesday, following earnings from …read more […]

(Bloomberg) — Gold traded near the highest close in more than seven years, supported by predictions for the deepest global recession in generations; expectations for prolonged, debt-fueled intervention by central banks and governments; and another charge by investors into bullion-backed funds.Spot bullion held its ground after a four-day surge, with the International Monetary Fund twinning a warning that the pandemic-induced global recession will be the deepest since the Great Depression with a plea for more even more stimulus. Later Wednesday, U.S. retail sales data for March will add more detail on the damage from the outbreak as earnings season rolls …read more […]

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Tesla (TSLA) has now settled a lawsuit with California-based robotics company Zoox, Reuters reports. In March 2019, Tesla lawyers filed a lawsuit against four former employees and Zoox.The company claimed that these employees stole proprietary information and trade secrets for developing warehousing, logistics and inventory control operations.“Zoox acknowledges that certain of its new hires from Tesla were in possession of Tesla documents pertaining to shipping, receiving, and warehouse procedures when they joined Zoox’s logistics team,” Zoox said.According to the settlement, Zoox will now pay Tesla an undisclosed amount and undergo an audit checking that none of its employees have retained …read more […]

(Bloomberg) — Volatility in stocks and bonds has ebbed to levels that could boost markets rather than fuel more turbulence, according to JPMorgan Chase & Co.Price swings are getting muted as central banks and governments around the world provide unprecedented packages of stimulus to cushion the economic hit from Covid-19. That’s improving conditions in funding markets, market liquidity and deleveraging by value-at-risk sensitive investors — three key areas for volatility — according to strategists led by Nikolaos Panigirtzoglou.“Following the deterioration in market functioning and liquidity in March, with liquidity conditions in some markets worse than during the financial crisis, there …read more […]