Hong Kong’s Cathay Pacific Airways Ltd said on Friday it was closing its Vancouver cabin crew base, laying off 147 crew members, as part of an ongoing business review.
(Bloomberg) — India’s rupee weakened toward a record low and stocks tumbled after the central bank seized control of beleaguered Yes Bank Ltd., intensifying the risk-off mood fueled by the spread of coronavirus cases in India.The S&P BSE Sensex slid 3% to 37,322.59 in Mumbai at 10:35 a.m., entering correction zone. The rupee declined as much as 1.1% and was set for a record low of 74.4825 per dollar seen in 2018.“Investors have turned risk averse and the contagion is likely to hit smaller bank and non-bank finance companies,” said Abhimanyu Sofat, Mumbai-based head of research at IIFL Securities Ltd. …read more […]
U.S. job growth likely slowed in February, but the pace probably remained consistent with a healthy labor market despite the coronavirus outbreak, which stoked financial market fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.
(Bloomberg) — Exxon Mobil Corp. dismissed long-term pledges by some of its Big Oil rivals to reduce carbon dioxide emissions as nothing more than a “beauty competition” that would do little to halt climate change.Energy companies need to focus on global, systemic efforts to reduce greenhouse gases, rather than just replacing their own emissions-heavy assets with cleaner ones to make themselves look good, Chief Executive Officer Darren Woods said in New York on Thursday.“Individual companies setting targets and then selling assets to another company so that their portfolio has a different carbon intensity has not solved the problem for the …read more […]
(Bloomberg) — Markets aren’t prepared for how severe the fallout of the global spread of coronavirus could get and the turmoil has only just started, according to the manager of a peer-beating fund.The stark warning comes from Allianz Global Investors’ portfolio manager Mike Riddell, who oversees $4.7 billion for the company. “The speed of the market repricing has obviously been dramatic, however markets have only gone from pricing in no risk of anything to a moderate risk,” Riddell said in a phone interview. “Where we think markets can still move is in volatility.”Riddell’s Strategic Bond Fund, which he manages with …read more […]
HSBC Holdings PLC has sent home more than 100 staff in London after a worker tested positive for the coronavirus, the first known case at a major company in Europe’s main financial hub.
(Bloomberg) — Oil exports from the neutral zone between Kuwait and Saudi Arabia will resume from next month, adding more supply just as OPEC tries to cut output to stem a coronavirus-driven price rout.Kuwait Petroleum Corp. told customers that production at the Khafji field in the zone has already restarted, with exports on track from April, according to people who had seen a notice sent by the company. That came after the state-owned producer said in mid-February that output from the Wafra field, also in the zone, would start within three months.The neutral zone can pump a combined 500,000 barrels …read more […]
JPMorgan Chase & Co CEO and Chairman Jamie Dimon is recovering from emergency heart surgery done on Thursday morning, with two deputies taking over as he recuperates, the largest U.S. bank said. Dimon, 63, experienced a tear in his heart’s main artery, which was detected early and treated successfully, JPMorgan said, publicly releasing an internal memo. The bank did not disclose where Dimon is being treated. …read more […]
JPMorgan Chase & Co CEO and Chairman Jamie Dimon is recovering from emergency heart surgery done on Thursday morning, with two deputies taking over as he recuperates, the largest U.S. bank said.
An independent committee investigating a graft scandal at Kansai Electric Power Co , Japan’s second-largest utility, will release its findings on March 14, a representative of the committee said on Friday.
(Bloomberg) — Gold is heading for the biggest weekly gain since 2016, burnishing its credentials as an effective haven, as fearful investors struggle to assess the impact of the expanding global health crisis.Bullion’s up 5.3% since Monday, near seven-year highs, amid a rush away from risk. An epic collapse in bond yields is spurring gains, with concerns rising over the scale of the coronavirus outbreak and effectiveness of policy.The precious metal is one of the standout winners from the outbreak, with Goldman Sachs Group Inc. saying the commodity “has immunity to the virus.” Separately, money manager Jeffrey Gundlach told CNBC …read more […]
South Korea and Japan will hold export control talks originally planned for March 10 in Seoul via teleconference, the Jiji news agency reported on Friday, reflecting the widening impact of the coronavirus outbreak.
Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices.
Oil slid nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Brent crude fell 48 cents, or 0.96%, to $49.51 per barrel by 0337 GMT, while U.S. West Texas Intermediate (WTI) was down 38 cents, or 0.83%, at $45.52 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday pushed for crude output by OPEC and associated producers – a group known as OPEC+ – to be …read more […]
Asian shares and U.S. stock futures fell on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown. Yields on 10-year U.S. Treasuries fell to a record low and two-year yields fell to the lowest in more than three years as investors increased bets that the Federal Reserve will follow this week’s surprise 50 basis point rate cut with further easing to prevent corporate bond spreads from widening further. The spread of a new coronavirus has accelerated so much in Europe, Britain and …read more […]
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