Business News
Mini-bull, tired bear, or something in-between
Investors could be forgiven for doing a double-take: Wait, we’re back in a bull market?
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Oil Industry Braces for Biggest Idling of Wells in 35 Years
(Bloomberg) — Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering just $1.75 a barrel for Wyoming sweet crude.With more than two billion people on virus lockdown from India to California, energy demand has plunged. In corners of the U.S., Canada, Russia and China, oil prices at the well-head are collapsing under the weight of an unprecedented glut.And with it, the industry is bracing for something that last happened on this scale 35 years ago: producers shutting down their …read more […]
Business News
Oil gains as governments pledge support amid coronavirus chaos
Oil prices rose on Friday as governments around the world pledged a huge injection of funds and other measures to limit the economic fallout from the coronavirus pandemic, despite fears the outbreak will destroy demand for oil.
Business News
Olympics delay deals setback to Samsung’s plans to win over Japan market
For Samsung Electronics Co Ltd, the 2020 Tokyo Olympics were going to be its springboard to attain a long-held goal – making significant inroads into Japan’s lucrative smartphone market where Apple Inc dominates.
Business News
U.S. airlines to dash for cash grants, not loans, even with potential government stake
U.S. airlines are preparing to tap the government for up to $25 billion in grants to cover payroll in a sharp travel downturn triggered by the coronavirus, even after the government warned it may take stakes in exchange for bailout funds, people familiar with the matter said.
Business News
World’s ailing airlines appeal for aid as U.S. offers $58 billion
Global airlines urged the world’s major economies to act quickly to prevent irreversible damage to an industry that has seen demand decimated almost overnight by the coronavirus crisis.
Business News
Singapore Airlines latest to get massive rescue amid coronavirus crisis
Singapore Airlines Ltd said it had secured up to S$19 billion ($13 billion) of funding to help see it through the coronavirus crisis and expand afterward, in a sign of confidence travel demand will eventually return.
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The Airlines Most in Danger of Going Under During the Crisis
(Bloomberg) — The global airline industry has never had it so bad. Not even after the 9/11 terrorist attacks.Airlines could lose a quarter of a trillion dollars in revenue this year, according to the International Air Transport Association, as travel comes to a standstill with countries locked down to fight the coronavirus. Most carriers will go bankrupt by the end of May if they can’t find support, Sydney-based CAPA Centre for Aviation said last week.“In this very difficult period, it will only be the survival of the fittest” – Qatar Airways CEO Akbar Al BakerWhich airlines are most at risk? …read more […]
Business News
Factbox: Coronavirus cases reported at 13 of Amazon’s U.S. warehouses
Amazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while about half the population faces government stay-at-home orders.
Business News
U.S. banks borrow at discount window after Fed offers stigma relief
With encouragement from the Federal Reserve, U.S. banks have turned to a long-shunned lending facility known as the discount window to borrow $50.8 billion, according to data the central bank released on Thursday.
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U.S. Futures Dip After Rally, Asia Comes Off Highs: Markets Wrap
(Bloomberg) — U.S. futures dropped after the first three-day rally in American equities since mid-February, and Asian stocks came off their highs Friday as investors assess whether the worst is over for the rout in risk assets.The S&P 500 rose more than 6% Thursday after the U.S. Senate passed a $2 trillion fiscal package. Equity benchmarks were up about 2% in Tokyo, Hong Kong and Seoul, while early gains in Australia gave way to a modest retreat. The MSCI All Country World Index is on course for a 13% rise this week, following a crash that dragged stocks around the …read more […]
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U.S. Stock Futures Dip After Three-Day Rally on Stimulus Hopes
(Bloomberg) — American stock futures declined, cooling off after the first three-day rally since February as investors speculated whether government and central-bank aid will offset the pandemic’s damage to the economy.Contracts on the S&P 500 were down 0.9% at 2,585.50 as of 10:36 a.m. in Tokyo. The underlying gauge surged almost 18% over Tuesday-Thursday in the biggest rally since 1933, while the Dow Jones Industrial Average climbed 20% above its recent low, meeting the technical definition of a bull market.The U.S. overtook China for the most coronavirus cases worldwide, fueled by a large jump in infections in New York. Still, …read more […]
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Singapore Airlines Plunges After $6.2 Billion Rights Issue Plan
(Bloomberg) — Singapore Airlines Ltd. plunged after saying it would issue new shares and bonds in an effort to raise about S$8.8 billion ($6.2 billion) to contend with the devastating impact of the coronavirus pandemic. State investor Temasek Holdings Pte., the carrier’s biggest shareholder, said it would back the resolutions.The airline’s shares slid as much as 10% to S$5.82 Friday morning following a trading halt Thursday. They are down 35% this year.The carrier will issue S$5.3 billion in new stock at S$3 apiece, 54% lower than the last closing price on Wednesday, according to a statement released early Friday in …read more […]
Business News
Big banks reassure staff about potential job cuts
Big banks are postponing decisions about staff cuts as the coronavirus outbreak hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back.
Business News
U.S. House sets Friday debate for coronavirus aid bill
The U.S. House of Representatives will begin a two-hour debate on a sweeping, $2.2 trillion coronavirus aid bill at 9 a.m. (1300 GMT) on Friday but it was not clear whether the measure would be able to pass on a voice vote, the House Majority Leader’s office said late on Thursday.