Global equity benchmarks edged higher Thursday as investors weighed an ongoing rebound in oil prices against stark economic data from Europe and the United States that further illustrated the worldwide toll from the coronavirus pandemic.
U.S. business activity plumbed new record lows in April as the novel coronavirus severely disrupted manufacturing and services industry production, pushing the economy into uncharted waters.
On Thursday morning, the U.S. Labor Department shared new economic data around the impact of the COVID-19 crisis. For the week ending April 18, another 4.427 million Americans filed for unemployment benefits. Frances Donald, Manulife Investment Management, joins Yahoo Finance to discuss. …read more […]
Ma Xinli has shut four of his clothing stores and expects to close another three by mid-June. Unsold winter stock is now hard to sell, there’s no money to buy summer clothing, and rent and staff salaries still need paying.
A stunning 26.5 million Americans have sought unemployment benefits over the last five weeks, confirming that all the jobs gained during the longest employment boom in U.S. history have been wiped out as the novel coronavirus savages the economy.
(Bloomberg) — Blackstone Group Inc. saw asset values across most of its business segments plunge in the first quarter because of the economic fallout from the coronavirus.Reflecting the speed of the turmoil caused by the pandemic, the declines come just months after private equity managers said they were struggling to do deals because prices were too high. Despite the declines, which mirrored the fall in public markets, the firm’s leadership struck a bullish tone.“We built a business that’s designed to ride through a difficult environment,” Jonathan Gray, president of the firm, said in an interview. “Blackstone ultimately emerged much stronger …read more […]
Air France-KLM Chief Executive Ben Smith will give up his 2020 bonus, the airline group said on Thursday as it negotiates financial aid from the French and Dutch governments.
Wall Street headed for a higher open on Thursday as jobless claims declined for the third straight week, raising hopes that the worst of the coronavirus pandemic’s impact on the labor market might be over.
Eli Lilly and Co raised the top-end of its 2020 profit forecast on Thursday and beat quarterly estimates, benefiting from customers stocking up medicines such as diabetes drug Trulicity amid the coronavirus pandemic.
Jaguar Land Rover plans to restart some European production from May 18, beginning with one of its three British car factories, a central English engine site in Wolverhampton and its plant in Slovakia.
Expedia Group on Thursday said it appointed Peter Kern CEO, secured $3.2 billion in financing from two prominent private equity companies, and announced that it will be implementing furloughs and reduced work hours. The company also stated that it will be eliminate issuing dividends to shareholders until its business recovers from the coronavirus crisis. Kern, […] …read more […]
Hundreds of members of the U.S. House of Representatives will gather in Washington on Thursday to pass a $484 billion coronavirus relief bill, bringing the unprecedented total of funds approved for the crisis to nearly $3 trillion.
Fresh data Thursday morning from the U.S. Labor Department showed the coronavirus’ continued damage on the U.S. labor market. …read more […]
President Donald Trump’s plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration’s strategy to shield drillers from a meltdown in energy demand – but company officials and industry groups say the program will not be enough.
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