Business News
Explainer: Trump has little power to restart U.S. economy
President Donald Trump said on Monday it was his decision when to reopen the U.S. economy, which has been largely shut down to slow the spread of the novel coronavirus.
Year: 2020
Business News
Wall Street set for gains as JPMorgan, J&J kick off earnings
Wall Street’s main indexes were set to open higher on Tuesday as the quarterly earnings season began in earnest with JPMorgan Chase and Johnson & Johnson offering the first glimpse of the coronavirus outbreak’s impact on corporate America.
Trading Ideas
The mystery behind the Fed’s refusal to suspend bank dividends
The $2.2 trillion stimulus bill recently passed by Congress sensibly restricts large companies getting help under that bill from distributing capital to shareholders or paying outsized executive compensation. …read more […]
Business News
Amazon ordered to limit France trade to essential goods within 24 hours
A French court on Tuesday ordered Amazon to limit its business to essential goods within 24 hours to allow for an assessment of epidemic risks, trade union Sud said on Tuesday.
Business News
Hyundai to provide COVID 19 tests, ‘drive through’ testing support in U.S.
Hyundai Motor Co’s North American unit will expand its support for “drive through” testing for the coronavirus and donate 65,000 tests to hospitals in the United States, the South Korean automaker said on Tuesday.
Trading Ideas
RBC: 3 Big 8% Dividend Stocks With Massive Upside Potential
All the news right now is about the coronavirus and its effect on the economy – and rightly so. The damage – from lockdowns, quarantines, trade and travel restrictions – is unprecedented. US unemployment claims have rocketed in recent weeks, and government data indicates that between 14 and 17 million Americans are unemployed due to the shutdowns. There is no longer any question about hitting a recession – it’s here. What matters now is, how deep will it go, how long will it last, and how steeply will it recover.Stock markets plummeted when the lockdowns began, but last week was …read more […]
Trading Ideas
Delta absorbs order for 10 Airbus A350 jets cancelled by Latam: sources
Delta Air Lines has taken over an order worth roughly $3 billion at list prices for 10 Airbus A350 jetliners from Latam Airlines Group ), two industry sources said. Airbus announced the cancellation of 10 A350 aircraft in a monthly order update last week. Industry sources said the order for the 10 planes had been transferred to Delta under plans anticipated when the two carriers forged an alliance in 2019. …read more […]
Business News
Spain says IMF outlook confirms view of strong, short-lived crisis
The Spanish government said on Tuesday the International Monetary Fund’s forecast of an 8% economic slump this year due to the coronavirus pandemic, to be followed by a recovery in 2021, confirmed the view that the crisis would be intense, but short-lived.
Business News
Coronavirus ‘Great Lockdown’ to shrink global economy by 3% in 2020: IMF
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Business News
Wells Fargo first-quarter profit decimated as coronavirus boosts provisions
Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic.
Business News
JPMorgan profit plunges as banks brace for coronavirus hit
JPMorgan Chase & Co’s profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Business News
Global airline hit from coronavirus rises to $314 billion: IATA
Global airlines will lose $314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry’s representative body IATA, which raised its estimate from the $252 billion figure given on March 24.
Trading Ideas
Wells Fargo first-quarter profit decimated as coronavirus boosts provisions
The U.S. government has poured trillions of dollars into financial markets and launched stimulus programs to support individuals and small businesses whose income has stalled due to the virus. “Our results were impacted by a $3.1 billion reserve build, which reflected the expected impact these unprecedented times could have on our customers,” Chief Financial Officer John Shrewsberry said in a statement. The fourth-largest U.S. lender’s quarterly profit fell to $42 million, or 1 penny per share, from $5.51 billion, or $1.20 per share, a year earlier. …read more […]
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Cisco offers big payment deferrals until 2021 as companies seek remote-work tools
Cisco Systems Inc on Tuesday launched a $2.5 billion financing program that lets its customers defer 95% of payments until 2021, giving companies additional leeway at time when some are facing a cash crunch but also need more remote-work tools. As the coronavirus forces many businesses to operate entirely online, many of them have adopted or boosted usage of video conferencing and virtual private network software, including Cisco’s Webex and AnyConnect. The surge in internet activity has also increased usage of networking equipment that Cisco also sells. …read more […]
Business News
Global stocks gain on China trade data, easing pandemic worries
World stocks gained on Tuesday after Chinese trade data came in better than expected and as some countries tried to restart their economies by partly lifting restrictions aimed at containing the coronavirus pandemic.