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Explainer: How the coronavirus crisis is affecting food supply
The coronavirus pandemic has disrupted global food supplies and is causing labour shortages in agriculture worldwide.
Year: 2020
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Trump says 3M 'will have a big price to pay' over face masks
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks. At a White House briefing on the coronavirus pandemic earlier on Thursday, Trump announced he had signed a Defense Production Act order for 3M to produce face masks. …read more […]
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Trump’s Push for Huge Deal to Cut Oil Supply Draws Disbelief
(Bloomberg) — With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.After the president’s social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. — the world’s three biggest producers — are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.It’s unclear whether it’s feasible — or even legal — for such a coalition to …read more […]
Business News
Trump says 3M ‘will have a big price to pay’ over face masks
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks.
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Boeing to temporarily suspend Philadelphia area operations amid coronavirus outbreak
Boeing Co said on Thursday it will temporarily suspend production at facilities in Ridley Township, Pennsylvania, amid the ongoing coronavirus pandemic, adding that the suspension will last two weeks, with work to resume on April 20.
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Airbnb lowers internal valuation to $26 billion as coronavirus hits bookings: source
Airbnb lowered its internal valuation by 16% to $26 billion, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.
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Exclusive: Neiman Marcus advances bankruptcy preparations – sources
Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.
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Boeing Sees Thousands of Workers Exiting Amid Travel Market Rout
(Bloomberg) — Boeing Co. expects several thousand workers to retire or accept a buyout offer as the planemaker races to shrink its operations amid a historic unraveling of global travel from the coronavirus pandemic, said a person familiar with the company’s plans.The manufacturer will start by offering the exit package in the U.S., while selectively hiring for critical programs such as defense and space, said the person, who asked not to be named because the discussions are confidential. Boeing is also weighing a production cut for wide-body jets as demand falls, although no changes have been made as yet, the …read more […]
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Oil futures pare record gains as doubts creep in on Trump's Saudi-Russia output deal
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. U.S. West Texas Intermediate (WTI) crude futures fell 5.2%, or $1.32, to $23.98 a barrel, after having surged 24.7% on Thursday. Trump told reporters at the White House late on Thursday he had made no offer to cut U.S. output. …read more […]
Business News
Oil futures pare record gains as doubts creep in on Trump’s Saudi-Russia output deal
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.
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U.S. crude futures trim record gain
Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut.
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Uber to start shipping car disinfectants to drivers
Uber Technologies Inc will begin shipping disinfecting car spray to selected drivers in areas most affected by the coronavirus outbreak, an executive said on Thursday.
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Healthcare stocks show their defensive allure in ailing market
The coronavirus pandemic is throwing a spotlight on stocks in the U.S. healthcare sector, home to the companies that could develop treatments, vaccines and improved diagnostics needed to tackle the greatest public health crisis in a century.
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Airbnb lowers internal valuation to $26 billion as coronavirus hits bookings: FT
Airbnb lowered its internal valuation by 16% to $26 billion, as the home rental firm deals with a sharp drop in bookings due to the global spread of the coronavirus pandemic, the Financial Times reported on Thursday.
Business News
Dollar strength consolidates as global recession looms
The dollar edged toward an almost 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic.