Business & Finance News
Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
The top U.S. retail banks said on Wednesday they would provide relief to customers who had overdrawn checking accounts, so that they could reap the full benefits of the federal government’s cash stimulus program.
A flight to safety bid pushed the dollar higher against its peers on Thursday after dire retail and factory data showed the severity of the collapse in U.S. economic activity caused by the novel coronavirus pandemic.
Royal Caribbean Cruises Ltd said on Wednesday it would lay off or furlough about 26% of its workforce in the United States, affecting nearly 1,300 of its more than 5,000 employees in the country, as the coronavirus chokes international travel.
New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart expected pressure from U.S. President Donald Trump to move more rapidly, state government sources told Reuters on Wednesday.
The International Monetary Fund is looking to triple its concessional financing for the poorest countries to over $18 billion to help them respond to the novel coronavirus pandemic, Managing Director Kristalina Georgieva said on Wednesday.
Asian stocks look set to tumble on Thursday, as fears that the world is in its worst recession since the 1930s were heightened by data showing U.S. retailers suffered a record sales collapse in March due to the coronavirus outbreak.
U.S. retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts’ views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the spread of the novel coronavirus shut down the country.
After closing their doors to prevent the spread of the coronavirus, many small businesses face an uncertain future following government-ordered lockdowns.
U.S. President Donald Trump said on Wednesday that data suggested the country had passed the peak on new coronavirus infections, and said he would announce “new guidelines” for reopening the economy at a news conference on Thursday.
Alphabet Inc’s Google will slow hiring for the rest of the year, Chief Executive Officer Sundar Pichai told the company’s staff in a memo on Wednesday.
Warehouse operator Costco Wholesale Corp on Wednesday raised its quarterly dividend by about 8%, joining a small but growing list of companies to do so at a time when most of corporate America is suspending shareholders returns in order to shore up liquidity as the coronavirus crisis deepens.
Mylan NV on Wednesday named Chairman Robert Coury to the role of executive chairman to help steer the drugmaker through the coronavirus pandemic and its delayed merger with Pfizer Inc’s off-patent branded drug unit, Upjohn.
Amazon.com Inc’s vice president of the European Union segment, Roy Perticucci, has stepped down, the company confirmed on Wednesday.
Costco Wholesale Corp said on Wednesday it would raise its quarterly dividend by 7.7% to 70 cents per share, at a time when several major companies have suspended cash returns to shareholders to shore up liquidity.
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