Business & Finance News
Wall Street tumbled in a broad sell-off on Thursday, with the Dow plunging well over 5%, as a cautionary economic forecast from the U.S. Federal Reserve and the prospect of a possible resurgence of COVID-19 infections put investors in risk-off mode.
A month into efforts to broadly reopen the U.S. economy there is little clarity either on the pace and durability of the recovery, or on the ability to convincingly suppress the virus that has killed more than 112,000 Americans.
U.S. stocks slumped on Thursday with the Dow shedding over 5% and the index on track for its sharpest one-day decline since March 18, as investors fretted over a resurgence in coronavirus infections and a grim economic outlook from the Federal Reserve.
Microsoft Corp said on Thursday it would not sell its facial-recognition technology to police departments until there is a federal law regulating the technology.
Comcast Corp said on Thursday it reached a content carriage deal with comedian-turned media mogul Byron Allen, who withdrew a lawsuit about racial bias against channels owned by African Americans.
Apple Inc Chief Executive Tim Cook said on Thursday the iPhone maker will increase spending with black-owned partners in its supply chain and seek to increase minority representation among the firms it does business with.
Microsoft Corp will not sell its facial-recognition technology to police departments until there is a federal law regulating the tech, the Washington Post reported on Thursday, citing the software maker’s president, Brad Smith.
The corporate response to a wave of protests over the treatment of African Americans has included pledges to increase diversity, donations to civil rights groups and, in some cases, changes in policies or practices long sought by critics. Here is a sampling:
Food giant Nestle said it is exploring a potential sale of part of its North American water business, including its well-known Pure Life brand, as it moves to focus on the better performing brands in its water division.
The safe-haven Japanese yen and Swiss franc gained on Thursday while a gauge of global equity markets fell the most in seven weeks after the Federal Reserve’s sobering outlook cast doubt on hopes for a V-shaped recovery from the coronavirus pandemic.
The number of Americans seeking jobless benefits fell last week, but millions laid off because of COVID-19 continue to receive unemployment checks, suggesting the labor market could take years to heal from the pandemic even as hiring resumes.
The reality that the coronavirus crisis is far from over is threatening a blistering equity market rally that had taken some world indexes to fresh highs.
U.S. stocks deepened losses on Thursday, with the Dow on track for its biggest single day percentage fall since March 18, on fears of a resurgence in coronavirus infections and a gloomy economic forecast from the Federal Reserve.
Exxon Mobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said.
Fast-talking auctioneer Greg Highsmith sung out dozens of prices – “seventy-five-hundred now, $10,000 now, be able to get 15,000?” – before a North Dakotan buyer paid $27,500 for a used Caterpillar oil swabbing rig on Friday.
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