Business & Finance News
Smithfield Foods, the world’s biggest pork processor, said on Sunday it will shut a U.S. plant indefinitely due to a rash of coronavirus cases among employees and warned the country was moving “perilously close to the edge” in supplies for grocers.
OPEC, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil cut ever, amounting to 10 percent of global supply, after their initial efforts to support oil prices amid the coronavirus pandemic were blocked by Mexico.
Russian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
OPEC and its allies will hold a virtual meeting on Sunday evening in a bid to end a standoff that has prevented the finalisation of a global oil supply cut pact, six OPEC+ sources said.
As the U.S. Federal Reserve rolls out trillions of dollars to blunt the economic fallout of the coronavirus pandemic, there’s a notable difference to the last financial crisis: close to zero concern over “moral hazard” – the sticky business of bailing out those whose dilemma is of their own making.
The founders of Malaysia’s AirAsia Group Bhd will not take salaries and its staff has agreed to an as much as 75% cut in pay due to the impact of the novel coronavirus outbreak on the airline, its chief executive said late on Saturday.
Republican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had spoken with three officials from the kingdom and urged them to take concrete action to cut crude output.
Major U.S. airlines were urging Treasury officials and the federal government’s outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress to help keep workers on the payroll repayable in the form of low-cost loans.
Macy’s Inc has hired investment bank Lazard Ltd to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.
The biggest supply cut ever contemplated by the world’s top oil producers is hanging in the balance as a refusal by Mexico’s leftist leader to imperil his plans to rebuild state oil company Pemex has angered the Saudi prince who helped craft the deal.
JPMorgan Chase & Co , the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.
Republican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had spoken with three officials from the kingdom and urged them to take concrete action to cut crude output.
As U.S. authorities ordered shutdowns of non-essential businesses to fight coronavirus, retailer Nordstrom Inc closed hundreds of stores and gave in-store workers three weeks’ pay, calling their safety its top priority.
Air France KLM has requested several billion euros of emergency funds from the French state while it negotiates a loan package from banks, which would be guaranteed by France and the Netherlands, French business daily Les Echos reported.
Hackers have accessed the mailboxes of some employees at Italian state-owned bank Monte dei Paschi ‹BMPS.MI› and sent emails to clients, according to a notice to customers seen by Reuters.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
