Goldman Sachs’s Marcus, CIT, Citibank, Ally, and many more popular online savings banks have lowered their rates, responding to the Fed’s historic rate cut in March. …read more […]
The United States on Tuesday reported a record $738 billion budget deficit in April, as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic put it deeply into the red.
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told the U.S. Senate on Tuesday that the U.S. was still lagging in its response to the pandemic. …read more […]
Shares in home-fitness cycling company Peloton Interactive (PTON) have surged 10% in trading on May 12, bringing the stock’s year-to-date gain to over 65%. That’s after the company informed investors that it surpassed 1 million aggregate Connected Fitness subscribers.And now Andrew Left of Citron Research argues that enough is enough and investors should put Peloton into perspective: “This is retail mania – you can love the product, but stock has peddled its way to stupidity” tweeted the well-known activist short seller on May 12.As Left points out Peloton’s market cap has surged $5B this year; and with 300K connected subscribers …read more […]
The S&P 500 dipped in choppy trading on Tuesday as the risks of reopening the economy too soon overshadowed hopes of a jump-start to a battered global economy, following an easing of virus-led business shutdowns.
(Bloomberg) — Two months into the deepest slump in decades, some of Latin America’s major economies are close to losing their main recession-fighting tool — interest rate cuts.Peru and Chile have already lowered borrowing costs almost to zero, and are being forced to consider new tactics to rescue their crashing economies. Brazil and Colombia may soon be in the same boat.The so-called liquidity trap, when monetary policy loses its traction as interest rates get close to zero, has plagued rich countries for years. Nobel-Prize winning economist Paul Krugman says it has now spread to some emerging markets as well.“There’s nothing …read more […]
U.S. consumer prices dropped by the most since the Great Recession in April, weighed down by a plunge in demand for gasoline and services including airline travel as Americans stayed home during the coronavirus crisis.
A group of 13 U.S. attorneys general asked Amazon.com on Tuesday to provide data on coronavirus-linked infections and deaths among its workforce, along with evidence of the company’s compliance with paid sick leave laws.
Uber Technologies Inc is in advanced talks to buy online food delivery company GrubHub Inc in an all-stock deal, according to a person familiar with the matter.
Luckin, a major rival to Starbucks in China, revealed in April that much of its 2019 sales of about 2.2 billion yuan ($310.77 million) were fabricated by its COO and other employees, who had been suspended while the company carried out its investigation. Jenny Zhiya Qian and Jian Liu, who were CEO and COO respectively, will also exit the company’s board. Meanwhile, Luckin’s chairman, Charles Zhengyao Lu, and Qian handed over shares in the coffee chain to lenders after a company controlled by Lu’s family defaulted on a $518 million margin loan. …read more […]
China is committed to its Phase 1 trade deal with the United States and is working towards meeting its promise to boost U.S. purchases, even though the pace of buying has been restrained by the coronavirus outbreak, three Chinese sources said.
A group of 13 U.S. attorneys general asked Amazon.com on Tuesday to provide data on infections and deaths among its workforce along with evidence of the company’s compliance with paid sick leave laws amid the coronavirus crisis.
Chinese coffee chain Luckin Coffee Inc fired its chief executive and chief operating officers following an internal probe on fabrication of annual sales numbers, the company said on Tuesday.
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