Asian shares looked set to pull back from a one-month high on Tuesday, as warnings of a deep recession dampened investor optimism that the slowing spread of the coronavirus could allow businesses to re-open.
Asian shares looked set to pull back from a one-month high on Tuesday, as warnings of a deep recession dampened investor optimism that the slowing spread of the coronavirus could allow businesses to re-open. The retreat from riskier assets followed the International Monetary Fund’s prediction on Tuesday that the global economy may shrink by 3% in 2020 due to the virus outbreak, in the worst downturn since the Great Depression of the 1930s. “The current market optimism may be premature because the global economy is in a deep recession,” said Kim Mundy, an analyst at Commonwealth Bank of …read more […]
Americans may see tax changes ahead after the global pandemic subsides, Todd Simmens, Rutgers Business School Professor, told Yahoo Finance’s On The Move last week. …read more […]
(Bloomberg) — One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to arrest free-falling oil prices.The stark pronouncement from Diamondback Energy Inc.’s finance chief stunned observers of Tuesday’s virtual hearing by the Texas Railroad Commission, which oversees oil output in the Lone Star state. At issue was whether the state should restrict crude output for the first time in roughly 50 years.The proposal has deeply divided an industry already grappling with a global oversupply, escalating financial losses and the …read more […]
Airbnb is in advanced talks for a new $1 billion debt deal just weeks after it closed a $1 billion investment from private equity firms, according to two sources.
Aid was expected but the companies had baulked at some of the terms. …read more […]
J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter.
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The post This $17 Stock Is Reporting Record User Engagement appeared first on Investment …read more […]
The U.S. Treasury Department said on Tuesday that major passenger airlines have agreed in principle to a $25 billion rescue package, ensuring airline workers jobs until October while the industry works to overcome its biggest-ever crisis.
(Bloomberg) — Oil clawed back some lost ground in Asia, holding above the $20 a barrel level, after more gloomy forecasts on the demand destruction wrought by Covid-19 saw prices tumble on Tuesday.Futures in New York rallied as much as 3.7%, after diving more than 10% on Tuesday as plunging demand and a massive supply glut overshadowed the deal struck between the world’s largest producers to curb output. The International Monetary Fund estimated that global gross domestic product will shrink 3% this year, a signal that energy demand may remain weak longer than anticipated, especially if the coronavirus lingers or …read more […]
(Bloomberg) — U.S. airlines reached preliminary agreements with the Treasury Department to access billions of dollars in aid as the government attempts to shore up one of the industries hardest hit by the coronavirus pandemic.The deal covers all major carriers, the Treasury said in a statement. American Airlines Group Inc., for example, said it would get $5.8 billion in total support while Southwest Airlines Co. said it would receive $3.2 billion. The government is doling out $25 billion in payroll assistance allocated for passenger carriers in the $2.2 trillion stimulus package signed into law March 27.“We welcome the news that …read more […]
J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter. The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because of the store closures, the sources said. …read more […]
Stock futures were roughly flat Tuesday evening as investors considered ongoing signs that coronavirus cases were leveling off in some hot spots in the U.S., helping brighten the prospects that social distancing measures would be lifted and business activity would eventually resume. …read more […]
Carnival Corp-owned Princess Cruises, whose three ships had become hotbeds for coronavirus infections, said on Tuesday it would cancel all voyages until June-end, after a “no sail order” from U.S. health officials.
General Motors Co will begin producing 1.5 million face masks a month at its plant in the Mexican city of Toluca at the end of April, it said on Tuesday, aiming for 9 million masks over six months to help curb the spread of the coronavirus.
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