Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.
Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.
Brazil airline Gol Linhas Aereas Inteligentes said Wednesday it will receive a total of 2.4 billion reais ($412.03 million) from Boeing Co as compensation for the grounding of the 737 MAX plane, which has not flown in over a year.
Dow and S&P futures turned negative on Wednesday as Federal Reserve Chairman Jerome Powell warned of a prolonged U.S. recession due to the coronavirus outbreak in his prepared remark before the address.
Tesla Inc can take additional steps ahead of a potential reopening of its California assembly plant as soon as Monday after Chief Executive Elon Musk had vowed to defy authorities and won the backing of President Donald Trump, officials said.
(Bloomberg) — The human cost of producing 99-cent chickens and affordable burgers during a pandemic is pushing U.S. meatpackers to eye major operational changes that will likely make American meat more costly.Some plants are already running slower than normal to adhere to social distancing. But companies are also considering how best to redesign their operations to prevent infections, including by automating some lines altogether. The likely result: higher costs for an industry dominated by the likes of Tyson Foods Inc. and JBS SA that’s been very efficient at pumping out cheap meat.The changes are arriving as concerns mount over mega-plants …read more […]
Powell said in prepared remarks Wednesday that the depth and length of a recession can “leave behind lasting damage,” suggesting that those inside the Fed see slim chances of a V-shaped recovery. …read more […]
U.S. stock index futures rose on Wednesday, after Wall Street’s main indexes fell sharply in the previous session, with markets also awaiting comments from Federal Reserve Chairman Jerome Powell amid recent speculation over negative interest rates.
Six months ago, disturbing liver biopsies suggesting some patients in an FDA Phase 2b study of CymaBay Therapeutics (CBAY) suffered inflamed and destroyed liver cells forced the company to suspend nonalcoholic steatohepatitis (NASH) treatment trials of its seladelpar liver treatment drug — and cost CymaBay stock 75% of its market cap. Six months later, a new study just showed no evidence that seladelpar causes liver damage, giving CymaBay the all-clear to proceed with its trials, and more than doubling the stock’s share price on Tuesday.Analysts rushed to hail the results, and as of today, every one of the six analysts …read more […]
Swedish-Danish airline SAS said on Wednesday wearing a face mask would be compulsory on all its flights through to the end of August to reduce the risk of coronavirus contagion.
Qatar Airways, one of the Middle East’s biggest airlines, is in talks with Airbus and Boeing to defer aircraft orders for several years, its chief executive was quoted as saying on Wednesday.
Mitsubishi Heavy Industries (MHI) said it was more than halving the annual development budget for its SpaceJet regional jet as the coronavirus pandemic squeezes profit, and will suspend plans for a possible variant seen as key to winning future orders, particularly from U.S. airlines.
Shipping group CMA CGM has obtained a 1.05 billion euro ($1.1 billion) loan to be 70% guaranteed by the French government as it seeks to bolster its cash position during the coronavirus pandemic, which has hammered international trade.
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