Business & Finance News
President Donald Trump on Thursday opened the door to a radical shift in the U.S. government’s relationship to private industry as the coronavirus outbreak upends the nation’s economy, saying he would back the government taking stakes in certain companies.
U.S. President Donald Trump on Thursday said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for U.S. consumers even as they were hurting the industry.
The U.S. Centers for Disease Control and Prevention (CDC) on Thursday reported 10,491 cases of coronavirus, an increase of 3,404 from its previous count, and said the death toll had risen by 53 to 150, the biggest one-day jump so far.
Wall Street tried to bounce back on Thursday from dramatic losses in the previous session, as policymakers around the world pulled out all the stops to try and stave off a deep and lasting coronavirus-driven recession.
Italian carmakers Ferrari and Fiat Chrysler are in talks with the nation’s biggest ventilator manufacturer to help to boost production of the life-saving machines that are urgently needed in the coronavirus crisis, company officials said on Thursday.
The U.S. Department of Energy said on Thursday it will buy up to 30 million barrels of crude oil for the Strategic Petroleum Reserve by the end of June as a first step in fulfilling President Donald Trump’s directive to fill the emergency stockpile to help domestic crude producers.
U.S. oil prices rose 20% on Thursday, recouping some losses from a sell-off that drove prices to near 20-year lows, but analysts saw the rebound as a brief reprieve, anticipating more weakness as the coronavirus outbreak takes its toll on global demand.
The world’s wealthiest nations poured unprecedented aid into the traumatized global economy on Thursday as coronavirus cases ballooned in the current epicentre Europe even as they waned at the pandemic’s point of origin, China.
Some banks in Britain are struggling to provide financial support to homeowners and businesses battered by the coronavirus pandemic, with demand surging after the government announced a series of aid measures including an emergency lending scheme.
The Federal Reserve is “aggressively” tackling problems with market functioning and liquidity as it sees them arise, with programs like the Term Auction Facility for banks not deemed necessary yet but still “on the table,” Richmond Federal Reserve president Thomas Barkin said in an interview.
The U.S. Federal Reserve opened the taps on Thursday for central banks in nine additional countries to access dollars in hopes of preventing the coronavirus epidemic from causing a global economic rout.
Prince Albert of Monaco has tested positive for coronavirus but his health “is not a cause for return”, his office said on Thursday.
Ford Motor Co on Thursday moved to hoard cash on its balance sheet, drawing down $15.4 billion from two credit lines and suspending its dividend, in a move to bolster reserves to ride out damage to its business from the coronavirus pandemic.
The world’s wealthiest nations poured unprecedented aid into the traumatized global economy on Thursday as coronavirus cases ballooned in the current epicentre Europe even as they waned at the pandemic’s point of origin, China.
The U.S. Federal Reserve on Thursday opened the taps for central banks in nine new countries to access dollars in hopes of preventing the coronavirus epidemic from causing a global economic rout.
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