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Trump ‘torn’ over U.S.-China trade deal as officials push to fulfill its terms
U.S. President Donald Trump said on Friday he was “very torn” about whether to end the so-called Phase 1 U.S.-China trade deal, just hours after top trade officials from both countries pledged to press ahead with implementing it despite coronavirus economic wreckage.
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Kingsoft Cloud Jumps in First Big U.S. IPO Since Luckin Fall
(Bloomberg) — Kingsoft Cloud Holdings Ltd. rose 40% in the first major trading debut by a Chinese company since the accounting scandal at Luckin Coffee Inc.The affiliate of Hong Kong-listed Kingsoft Corp. raised $510 million in its initial public offering, pricing its shares at the midpoint of a $16 to $18 targeted range. The shares closed at $23.84 in New York trading Friday, giving the company a market value of $4.77 billion.The Beijing-based cloud computing service company, which had marketed 25 million shares, increased the sale to 30 million American depositary shares.The IPO is the biggest by a Chinese company …read more […]
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Southwest to raise $815 million through sale and leaseback of 20 planes
Southwest Airlines Co will sell and lease back 20 planes for gross proceeds of about $815 million, the company said in a regulatory filing on Friday.
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Southwest to raise $815 million through sale and leaseback of 20 planes
The move will help Southwest save cash at a time when U.S. airlines collectively burn more than $10 billion a month. Last month, rival United Airlines agreed to sell and lease back 22 planes to aircraft investor Bank of China Aviation. United, however, did not specify the size of the deal. …read more […]
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Oil Crash Busted Broker’s Computers and Inflicted Big Losses
(Bloomberg) — Syed Shah usually buys and sells stocks and currencies through his Interactive Brokers account, but he couldn’t resist trying his hand at some oil trading on April 20, the day prices plunged below zero for the first time ever. The day trader, working from his house in a Toronto suburb, figured he couldn’t lose as he spent $2,400 snapping up crude at $3.30 a barrel, and then 50 cents. Then came what looked like the deal of a lifetime: buying 212 futures contracts on West Texas Intermediate for an astonishing penny each.What he didn’t know was oil’s first …read more […]
Business News
Explainer: Fed funds futures market sees negative rates by next April
The fed funds futures market is pricing in negative U.S. interest rates next year, a scenario the Federal Reserve has said it wants to avoid as many doubt that it would be an effective tool to stimulate growth.
Business News
California county says Tesla may not reopen vehicle factory, stifling Musk’s plans
Tesla Inc “must not reopen” its vehicle factory in the San Francisco Bay area as local lockdown measures to curb the spread of the coronavirus remain in effect, the local county health department said on Friday.
Business News
Chipotle secures $600 million credit line amid coronavirus crisis
Chipotle Mexican Grill Inc has secured a new year-long $600 million revolving credit line, a regulatory filing showed https://bit.ly/2SOtm6L on Friday, as the restaurant chain looks to deal with the fallout from the COVID-19 pandemic.
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Musk planned to reopen Tesla factory. Alameda County says otherwise
Tesla must follow the same rules that apply to other non-essential businesses, Alameda County officials said. …read more […]
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California country official says no ‘green light’ for Tesla’s planned factory reopening
Tesla Inc has not been given permission to resume operations at its vehicle factory in the San Francisco Bay area as local lockdown measures to curb the spread of the coronavirus remain in effect, a county health official said on Friday.
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Market Recap: Friday, May 8
On Friday, the major averages ended near session highs, after new data revealed the coronavirus pandemic sparked a historic labor market collapse in the world’s largest economy last month, but at a pace below expectations.Jen Rogers, Myles Udland and Rick Newman break down the day’s market action. …read more […]
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Coronavirus latest: Friday, May 8
Moderna CEO Stephane Bancel stated that the company’s new coronavirus vaccine, which was clear for a phase 2 trial on Thursday by the FDA, would not be ready for immediate release to the public and that the distribution of the potential vaccine would need to be handled carefully between Moderna and the White House. Yahoo Finance’s Anjalee Khemlani joins The Final Round panel to break down the latest news about the coronavirus. …read more […]
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Business News
Wall Street jumps as historic job losses fewer than feared
Major U.S. stock indexes jumped on Friday and logged solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared.