Business & Finance News
It is not too late for small and medium-sized U.S. businesses to benefit from the Federal Reserve’s “Main Street” lending program, Chair Jerome Powell said on Wednesday, even though its launch in the coming days will be nearly three months after the central bank announced the nearly $600 billion program.
The U.S. dollar would probably come under further pressure if the Federal Reserve adopts targets for U.S. Treasury yields that would limit their rise and ensure that interest rates remain near zero for some time.
The dollar slid to a three-month low and a gauge of global stocks fell on Wednesday after the Federal Reserve projected a more sluggish recovery than the market expected, but the Nasdaq hit a fresh high on expectations of low interest rates past 2022.
Nikola Corp , a maker of hydrogen-fueled vehicles, is in the process of picking a partner to produce its Badger pickup truck, while also aiming to start deliveries of its electric commercial big rigs next year, founder Trevor Milton said on Wednesday.
The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.
Lufthansa admitted on Wednesday that the positions of up to 26,000 employees are surplus to requirements, suggesting many more jobs will be cut at the German carrier than a figure of more than 10,000 flagged a few weeks ago.
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after declining to offer concessions to allay EU antitrust concerns about their planned $50 billion merger, people familiar with the matter said on Wednesday.
Ford Motor Co said on Wednesday it will recall 2.15 million U.S. vehicles with potentially faulty door latches.
The Dow and S&P 500 ended a choppy session lower on Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.
ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.
The U.S. Federal Reserve on Wednesday signaled it would provide years of extraordinary support for an economy facing a torturous slog back from the coronavirus pandemic, with policymakers projecting a 6.5% decline in gross domestic product this year and a 9.3% unemployment rate at year’s end.
Oil rebounded from earlier losses on Wednesday, even as U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand.
U.S. Treasury Secretary Steven Mnuchin said on Wednesday he would seriously consider more direct payments to individuals in the next phase of coronavirus rescue legislation, adding that funds should also be targeted to help sectors struggling to reopen, including hospitality and tourism.
Fiat Chrysler and Peugeot maker PSA face a lengthy EU antitrust investigation after they declined to offer concessions in a bid to allay EU antitrust concerns about their planned $50 billion merger, people familiar with the matter said on Wednesday.
U.S. consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic.
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