Amazon.com Inc said on Tuesday it had fired three critics of the company’s pandemic response for workplace violations, dismissals that drew sharp words from U.S. Senator Bernie Sanders and a labor coalition.
Oil prices rose on Wednesday as investors looked for bargains after the previous session’s slump and on hopes that consuming countries will look to fill their strategic reserves, although oversupply fears and warnings of a deep recession capped gains.
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 […]
Airlines are hopeful that U.S. passenger traffic, which has dropped by 95% due to the coronavirus pandemic, will begin to recover by October but have warned that the slowdown in air travel could extend into next year and even longer. It’s possible they will need another round of government bailouts to survive. Major carriers will receive 70% of the funds for payroll in cash assistance that will not need to be paid back, while smaller carriers receiving $100 million or less will not need to repay any funds. …read more […]
Glade Brook Capital Partners LLC, the venture capital firm led by Paul Hudson, is pitching a new fund to investors targeting the debt of private technology companies impacted by economic disruption from COVID-19.
Asian shares paused at one-month highs on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.
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 have jobs until October while the industry battles its biggest-ever crisis.
Benchmark U.S. crude rose more than 3% in early trade on Wednesday, recovering from a 10% slump the previous session on hopes for purchases by consumer countries for their strategic stockpiles on a scale not before seen. U.S. West Texas Intermediate (WTI) crude futures were up 3.43%, or 69 cents, at $20.80 at 2225 GMT, after having crashed 10.3% on Tuesday on fears that a record global output cut by producers would not offset plunging fuel demand hit by the coronavirus pandemic. The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries – …read more […]
Delta Air Lines Inc confirmed on Tuesday it had taken over an order for 10 Airbus A350 jets from Latam Airlines Group , but said it had deferred several of the near-term deliveries and was working with Airbus on options across its entire order book.
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 […]
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