Business & Finance News
U.S. Democrats and Republicans in Congress feuded on Monday over who was responsible for delay even as they worked on details of a possible $450 billion-plus deal to provide more aid to small businesses and hospitals hurt by the coronavirus pandemic.
Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.
Wall Street fell sharply on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.
Energy traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.
U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
U.S. retailers and other business groups on Monday welcomed a move by the Trump administration to allow importers to defer for three months any tariff payments they owe the government, but said they needed more tariff relief to deal with the pandemic.
U.S. crude futures plunged more than 85% on Monday to the lowest price on record as storage space for U.S. crude was filling up, discouraging buyers even as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
U.S. stocks headed lower on Monday following a strong two-week rally as oil prices crashed, while investors turned cautious over what is expected to be a disappointing week for earnings and economic data.
Energy traders bailed out of the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract to a record of almost $1 a barrel, as few buyers are willing to take delivery of actual physical barrels of oil because there is no place to put the crude.
United Airlines said on Monday it expects to report a pre-tax loss of about $2.1 billion for the first quarter, after the coronavirus outbreak smothered its growth aspirations in Latin America and led the company to seek another $4.5 billion in government aid.
A U.S. Senate Republican and a Democrat proposed a $500 billion rescue package for state and municipal governments on Monday, as it became increasingly clear that the next coronavirus relief bill will not include money for reeling local authorities.
Energy traders bailed out of the expiring May U.S. oil futures contract in a frenzy on Monday, as the contract dropped by more than 70% to less than $5 a barrel and opening the widest gap ever between it and the next contract with storage rapidly filling.
United Airlines said on Monday it expects to report a pretax loss of about $2.1 billion for the first quarter, after the coronavirus outbreak smothered its growth aspirations in Latin America and led the company to seek another $4.5 billion in government aid.
Carrefour , Europe’s largest retailer, said on Monday it was halving its 2019 dividend to 0.23 euros per share and that CEO Alexandre Bompard would waive 25% of his fixed salary for a period of two months due to the coronavirus outbreak.
HSBC has cut a number of top management roles in its investment bank, memos seen by Reuters showed, a sign that Chief Executive Noel Quinn is pressing on with plans to shake up the group despite having put a wider job cut programme on hold.
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