Business & Finance News
Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian counterpart Vladimir Putin agreed to talks on stabilising energy markets, with benchmarks climbing off 18-year lows, though the coronavirus-related demand hit capped gains.
Last week’s record-setting U.S. jobless claims number will be quickly surpassed, economists and state officials predict, as local labor offices digest a pile of pending applications, and the new stimulus bill extends benefits to the self-employed.
Furniture giant IKEA is producing face masks and other protective gear for hospitals, joining a growing list of companies branching out of their normal business areas to help meet equipment shortages in the fight against coronavirus.
British aero-engine maker Rolls-Royce will likely have to slash its 2020 cash flow target after airline customers parked hundreds of planes due to the coronavirus pandemic, analysts said.
Walt Disney Co’s video streaming service, Disney+, will launch in India on April 3 through its local partner Hotstar, the Economic Times reported https://economictimes.indiatimes.com/magazines/panache/amidst-lockdown-disney-plus-makes-it-way-to-india-users-can-start-streaming-from-april-3/articleshow/74913298.cms on Tuesday.
Wall Street was set to open lower on Tuesday, with the S&P 500 headed for its worst first quarter since 1938 as evidence grew of the scale of the damage caused by the collapse in oil prices and business activity due to the coronavirus.
The U.S. Transportation Department on Tuesday proposed minimum flight requirements for passenger airlines receiving aid from the government’s $50 billion grant and loan fund.
The International Monetary Fund said on Tuesday its board approved a new, three-year framework for bilateral borrowing agreements, ensuring that its full $1 trillion lending capacity will be maintained as member countries battle pressures from the coronavirus outbreak.
The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases.
U.S. stock index futures rose on Tuesday at the end of one of Wall Street’s worst first quarters on record, as an unexpected expansion in Chinese factory activity raised hopes of a more stable economic recovery from the coronavirus pandemic.
Russian gas producer Gazprom said on Tuesday that the Bovanenkovo airport, shut due to a coronavirus scare, has partially resumed operations to handle industrial cargoes and food, though there are no plans to rotate staff at the gas field.
Deutsche Bank is set to ink a sponsorship deal with the local soccer team Eintracht Frankfurt, two people with knowledge of the matter said on Tuesday.
Japan Display said on Tuesday it has finalised a deal to raise $200 million from “an overseas customer,” which sources have said is Apple.
The world’s biggest advertising company WPP has pulled its dividend and share buyback and withdrawn its 2020 guidance after the coronavirus pandemic sparked the most uncertain time in its 35-year history.
Vivendi closed on Tuesday the sale of a 10% stake in Universal Music Group (UMG) – home to Taylor Swift and The Beatles – to a Tencent-led consortium, in a deal giving UMG an enterprise value of 30 billion euros ($33 billion).
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