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'No one in their right minds would want to be where we are now:' Former Obama official
Ex-Obama official says President Trump should take more of a military approach to the outbreak. …read more […]
Month: April 2020
Business News
Chinese buyers snap up U.S. oil purchases at widest discounts ever
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.
Business News
Markets fall as virus woes strike again
World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities.
Business News
Oil falls to $25 as oversupply fears mount with U.S. inventory rise
Oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns.
Business News
Glencore’s chrome joint venture in South Africa with Merafe declares force majeure
Glencore’s chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.
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Don't Expect a Crisis to Be Good for Gold
(Bloomberg Opinion) — Here’s another factor to add to the gyrations in the gold price over the past few weeks: The biggest players in the market may be losing their buying appetite.Russia’s central bank, one of the world’s largest gold buyers in recent years, is halting all purchases of the metal. It’s not alone: Uzbekistan and Kazakhstan, whose central banks have also been reliable consumers of late, have also slowed down. Rolling three-month additions to official sector gold holdings (those held by central banks and international institutions such as the International Monetary Fund) in January amounted to just 67 metric …read more […]
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HSBC, StanChart Tumble After Regulators Push to Axe Payouts
(Bloomberg) — The British banking regulator pressed firms including HSBC Holdings Plc to scrap dividends and cash payouts for its top staff as the coronavirus pandemic upends the industry.HSBC and Standard Chartered Plc shares tumbled after they and Royal Bank of Scotland Group Plc, Barclays Plc and Lloyds Banking Group Plc canceled outstanding dividends and buybacks and said there would be no payments in 2020.The move comes as the Prudential Regulation Authority wrote to lenders asking them to cancel payments, adding that it “expects banks not to pay any cash bonuses to senior staff, including all material risk takers.” The …read more […]
Business News
France’s Carrefour teams up with Uber Eats for lockdown deliveries
French supermarket retailer Carrefour and Uber Eats announced a new delivery service on Wednesday, aimed at helping Parisians buy essential goods and food during the nationwide lockdown triggered by the coronavirus crisis.
Business News
Mother of invention: the new gadgets dreamt up to fight coronavirus
Driving to work at his factory to the west of London last week, designer Steve Brooks had coronavirus on his mind. What could he make that would let him open a door without touching the handle?
Business News
Oil skids as oversupply fears pile up with U.S. inventories growth
Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.
Business News
Dollar rallies as investors brace for global downturn
The dollar gained broadly against riskier currencies on Wednesday, with markets staring at what is likely to be one of the worst economic contractions for decades as the world locks down to fight the coronavirus pandemic.
Business News
Tariff pain turns to gain: U.S. computer, toy stockpiles help meet virus rush
As the coronavirus outbreak forced classes online, Boston Public Schools ordered 20,000 laptops and had them in hand in four days – an unusually fast turnaround made possible by a build-up of inventory prompted by the U.S.-China trade war.
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Zoom Shares Pull Back As Company Sued For Personal Data Breach
Popular video-conferencing company Zoom Video Communications (ZM) is facing a privacy suit for allegedly disclosing personal data to third parties without full user consent. Shares pulled back 3.6% in trading on March 31. The complaint states that Zoom’s “wholly inadequate program design and security measures have resulted, and will continue to result, in unauthorized disclosure of its users’ personal information.” Robert Cullen of Sacramento alleges that Zoom violated California’s Consumer Privacy Act. He is looking to represent a class of users harmed by the breach, and is seeking damages under the act and punitive damages.Indeed, tech publication Motherboard recently disclosed …read more […]
Business News
Exclusive: KKR shelves $2 billion sale of Singapore-based Goodpack due to market slump: sources
KKR & Co has shelved a plan to sell Singapore-based Goodpack, which provides shipping containers and logistics services, after the coronavirus outbreak hit valuations, sources with knowledge of the matter said on Wednesday.