Business & Finance News
Morgan Stanley Chief Executive Officer James Gorman told shareholders on Thursday he “can promise” the bank will miss its medium-term financial targets again in the current quarter, as the economic shutdown caused by the novel coronavirus will continue to upend the global and U.S. economy.
Oil prices rose on Friday with Brent gaining nearly 3% after President Donald Trump laid out guidelines on reviving a U.S. economy ravaged by the coronavirus pandemic that has punched a huge hole in global demand for crude and refined products.
President Donald Trump’s plan for reopening the U.S. economy following the novel coronavirus pandemic “makes sense” and is consistent with the advice of health experts, Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview with Fox News Channel on Thursday.
Asian stocks look set to bounce on Friday to recover towards a one-month high as investors, following Wall Street’s lead overnight, sought silver linings in a run of data that showed the world is in its worst recession in decades.
Shares of Gilead Sciences Inc soared 15% on Thursday after a media report suggested that severe COVID-19 patients were positively responding to the drugmaker’s experimental treatment remdesivir.
U.S. President Donald Trump proposed guidelines on Thursday under which U.S. state governors could act to revive the U.S. economy from its coronavirus shutdown in a staggered, three-stage process.
President Donald Trump rolled out his guidelines for how the United States can reopen businesses and schools shut down by the coronavirus Thursday evening.
Uber Technologies Inc said on Thursday it expected an impairment charge of about $1.9 billion to $2.2 billion against some of its minority equity investments, due to the impact of the coronavirus outbreak on the value of those entities.
Boeing Co said it will resume commercial airplane production next week in Washington State after suspending operations last month in response to the COVID-19 pandemic.
World stock markets edged higher on Thursday on surging shares of Netflix and Amazon.com as investors anticipated big earnings from the coronavirus-induced slowdowns keeping people at home, while bond yields fell as data reflected record U.S. joblessness.
U.S. small businesses may need up to $500 billion a month to ensure their survival through the coronavirus crisis, the head of the Atlanta Federal Reserve Bank said on Thursday as Fed officials voiced concern over the speed and breadth of the country’s fiscal response to an unprecedented economic slowdown.
The novel coronavirus may do to U.S. office rentals what e-commerce did to malls, or so goes a line of thinking running through commercial real estate circles.
Facebook Inc said on Thursday it would start notifying users who had engaged with false posts about COVID-19 which could cause physical harm, such as drinking bleach to cure the virus, and connect them to accurate information.
U.S. stocks rose on Thursday as Amazon.com Inc and Netflix Inc surged to record highs, although trading was choppy as investors worried about the impact of the coronavirus pandemic on first-quarter earnings.
Neiman Marcus Group skipped a debt payment due this week, the latest sign of a cash crunch pushing the U.S. luxury department store chain to the brink of a possible bankruptcy after it temporarily closed stores amid the coronavirus pandemic.
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