Business & Finance News
U.S. solar panel maker SunPower Corp on Monday said it had temporarily stopped production at all of its factories in five countries as the coronavirus outbreak ravages demand for its products.
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 50% to less than $8 a barrel and opening the widest gap ever between it and the next contract with storage rapidly filling.
Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market.
The five-member Federal Communications Commission has unanimously voted to approve an order to allow Ligado Networks[MOSAV.UL] to deploy a low-power nationwide 5G network despite objections from the U.S. Defense Department, other federal agencies and major U.S. airlines.
The U.S. Supreme Court on Monday threw out a lower court ruling that had allowed litigation by Montana landowners to proceed against BP Plc unit Atlantic Richfield Co seeking a more extensive cleanup of a hazardous waste site than the federal government had ordered.
U.S. restaurants are on track to lose $50 billion in April, with losses mounting to an estimated $240 billion by the end of 2020, as the coronvirus crisis ravages the industry, according to a National Restaurant Association survey released on Monday.
The markets are much less confident about Europe and the United States getting back to business ahead of the summer, a Deutsche Bank investor survey showed on Monday, even as some countries begin gradually re-opening their economies.
Standard Chartered said on Monday it had agreed with Indonesian conglomerate PT Astra International to sell their stake in Indonesia’s PT Bank Permata to lender Bangkok Bank PCL at a reduced price.
An extreme situation has developed in the U.S. crude oil futures markets, as the current front-month May contract expiring on Tuesday has dropped by a whopping 40%, opening up the widest gap ever between it and the next contract, nearly $11 a barrel.
Plunging U.S. crude oil prices pulled global equity markets lower Monday, kicking off a busy week of data and earnings that will further reveal the economic damage of the coronavirus pandemic.
The Russian energy ministry has told domestic oil producers to reduce oil output by around 20% from their average February levels, two industry sources told Reuters on Monday, which would bring Moscow in line with its commitment under a global deal.
United Airlines said on Monday it expects to report a pretax loss of about $2.1 billion for the first quarter, hurt by a precipitous drop in travel demand from the coronavirus outbreak which has weighed on its investments in Latin America.
United Airlines said on Monday it expects to report a pre-tax loss of about $2.1 billion for the first quarter, hurt by a precipitous drop in travel demand from the coronavirus pandemic.
U.S. Democrats and Republicans were near agreement on Monday for extra money to help small businesses hurt by the coronavirus pandemic, a top Republican lawmaker said, but he accused Democrats of holding up a deal.
The crisis sparked by the spread of the novel coronavirus is the worst since the Great Depression, IMF Managing Director Kristalina Georgieva said on Monday.
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