Business & Finance News
The dollar edged toward a 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic.
Mexico’s Grupo Modelo said on Thursday it will temporarily stop brewing Corona beer and other brands exported to 180 countries after its business activities were declared non-essential under a government order aimed at curbing the spread of the coronavirus.
The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway.
The economic crisis spawned by the coronavirus pandemic has produced a wave of grim U.S. data, with likely more to come as millions lose jobs, businesses shutter and spending stops.
International seat capacity has dropped by almost 80% from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry may take years to recover from the coronavirus pandemic.
Recent negotiations involving leaders from major oil-producing nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil’s Petrobras said on Thursday evening.
Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered.
The coronavirus pandemic has disrupted global food supplies and is causing labour shortages in agriculture worldwide.
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks.
Boeing Co said on Thursday it will temporarily suspend production at facilities in Ridley Township, Pennsylvania, amid the ongoing coronavirus pandemic, adding that the suspension will last two weeks, with work to resume on April 20.
Airbnb lowered its internal valuation by 16% to $26 billion, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.
Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.
Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil production cut.
Uber Technologies Inc will begin shipping disinfecting car spray to selected drivers in areas most affected by the coronavirus outbreak, an executive said on Thursday.
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