Business & Finance News
The Federal Reserve completes its latest policy meeting on Wednesday with attention turning from its massive response to the coronavirus pandemic and toward its still-developing plans to strengthen and lengthen a nascent economic recovery.
Oil prices fell on Wednesday after data showed a rise in crude and fuel stockpiles in the United States, reviving concerns about oversupply and falling fuel demand in the world’s largest crude consumer amid the coronavirus outbreak.
Shares of Cathay Pacific Airways Ltd surged as much as 18.7% on Wednesday, reaching their highest level since Feb. 24, after the carrier announced a HK$39 billion ($5 billion) recapitalisation plan led by the Hong Kong government.
China’s producer prices fell by the sharpest rate in more than four years, underscoring pressure on the manufacturing sector as the COVID-19 pandemic reduces trade flows and global demand.
Asian stock markets eked out a 10th consecutive session of gains on Wednesday, but momentum ebbed as doubts about the global recovery from the pandemic returned ahead of the U.S. Federal Reserve meeting.
The dollar nursed losses against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.
Fujifilm Holdings Corp will spend $928 million to double capacity at a drug manufacturing facility in Denmark, which it has pledged to use in producing COVID-19 treatments, as the Japanese company steps up its pivot towards healthcare.
Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world’s largest crude consumer.
Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the world’s largest crude consumer.
The U.S. dollar is unlikely to make significant moves higher in the near term because of the ballooning budget deficit, Jeffrey Gundlach, the billionaire chief executive of DoubleLine Capital, said on a webcast presentation on Tuesday.
Shares of Cathay Pacific Airways Ltd were set to open sharply up 18.7% on Wednesday after it announced a HK$39 billion ($5 billion) recapitalisation plan led by the Hong Kong government to help it weather the coronavirus pandemic.
The dollar nursed losses against most currencies on Wednesday amid some speculation the U.S. Federal Reserve could take steps to curb a recent rise in bond yields at its policy meeting.
Chinese companies are putting off plans for U.S. listings as tensions between the world’s top two economies rise, lawyers, bankers, accountants and regulators involved in what has been a major capital-raising route told Reuters.
Cathay Pacific Airways Ltd said it expects to repay the Hong Kong government for HK$19.5 billion ($2.52 billion) of preference shares over a three to five year period.
Asian equities slipped on Wednesday after most U.S. stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day at a record high as oil prices rose.
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