Business & Finance News
U.S. Treasury Secretary Steven Mnuchin said on Thursday he believes the U.S. economy will “bottom out” in the second quarter and start to improve with the third quarter, with a “gigantic increase” in fourth quarter activity.
Morgan Stanley’s Chief Executive Officer James Gorman told shareholders on Thursday that it is too early for him or anyone on the board of directors to consider reinstating the bank’s share buyback program.
Uber Technologies Inc on Thursday for the first time detailed how much it has spent to support its ride-hail drivers and food delivery workers during the coronavirus crisis, which has battered the company and forced it to lay off thousands of employees.
Unemployment payments jumped to at least $16.2 billion in April, up more than five-fold from February, as layoffs attributed to the coronavirus pandemic swept through the economy.
BlackRock Inc said all of its 16 director nominees received strong investor support at its annual meeting on Thursday, at which Chief Executive Laurence Fink defended the size of the company’s large board.
Morgan Stanley’s Chief Executive Officer James Gorman told shareholders at its annual meeting on Thursday that it is too early for him or the board of directors to consider reinstating bank’s share buy back program.
Michigan Governor Gretchen Whitmer said on Thursday she signed a series of executive orders re-opening sectors of the economy across the state, including allowing retail and auto showrooms to resume operations by appointment.
The number of Americans claiming unemployment benefits rose again last week as backlogs in processing claims continue to be cleared and disruptions from the novel coronavirus unleash a second wave of layoffs, pointing to another month of staggering job losses in May.
The S&P 500 index was largely unchanged on Thursday as growing U.S.-China trade tensions and concerns about a rebound from a coronavirus-led economic slump were offset by an upbeat outlook from retailer TJX.
U.S. home sales logged their biggest drop in nearly 10 years in April as the novel coronavirus pandemic upended the labor market and broader economy, undercutting demand for housing.
Amazon.com Inc is scheduling its annual Prime Day shopping event for September and allowing unlimited shipments of non-essential goods to warehouses, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Best Buy Co Inc said on Thursday it expects profit margins to be under pressure in the second quarter, as it spends more on expanding delivery services to support a surge in online shopping from people staying at home due to the COVID-19 pandemic.
The U.S. continued its cautious reemergence from a coronavirus-linked shutdown over the past week, with measures of retail foot traffic slowly increasing but broader indexes of economic activity still stalled.
U.S. stock indexes edged lower at the open on Thursday as growing Sino-U.S. tensions and mixed retail earnings added to worries about the pace of a recovery from a coronavirus-fueled economic slump.
TJX Cos Inc said it was seeing very strong sales at its stores reopened post-coronavirus lockdowns, offering hope of a swift recovery after a huge quarterly loss due to closures and a resulting decline in sales, sending its shares up 6% on Thursday.
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