Business & Finance News
Tech firms at Malaysia’s one-time Silicon Valley of the East, swimming in orders from customers fleeing trade war-hit China, have seen fortunes turn again in the space of just a year as the coronavirus outbreak cuts them off from Chinese suppliers.
Oil prices bounced around 6% on Tuesday, but analysts saw little chance of a major recovery from the biggest daily rout in nearly 30 years after top producers Saudi Arabia and Russia launched a price war.
Shares of Boeing Co dropped more than 12% on Monday amid a broader market plunge as pressure mounted on global aviation from the spread of the coronavirus and U.S. regulators said they disagreed with Boeing’s argument about the safety of wiring bundles on the grounded 737 MAX jet.
Asian shares bounced and bond yields rose from historic lows on Tuesday as speculation of coordinated stimulus from global central banks and governments calmed panic selling.
William Ackman’s publicly traded hedge fund gained nearly 3% this year, though the billionaire investor warned of volatility ahead as world markets reel under the economic hit from the coronavirus epidemic.
Oil prices jumped more than 6% on Tuesday, clawing back some ground on hopes that a price war by top producers Saudi Arabia and Russia that sparked the biggest daily rout since the 1991 Gulf War will not be sustained.
Boeing Co said late on Monday an employee at its Everett facility in Washington state has tested positive for the coronavirus and has now been quarantined.
Qantas Airways Ltd has asked Airbus SE for an extension to a March-end deadline to order up to 12 A350-1000 planes capable of the world’s longest commercial flights from Sydney to London, the airline’s CEO said on Tuesday.
Qantas Airways Ltd will cut its international capacity by nearly 25% over the next six months and delay an order for Airbus A350 planes as part of sweeping changes in response to a coronavirus-led plunge in passenger demand.
Oil prices rose by more than $1 on Tuesday after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 Gulf War, but investors saw little chance of a quick price recovery as the coronavirus cuts demand.
Asian markets skidded again on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, but the selling was restrained by hopes for coordinated policy action to quell the panic.
The Trump administration on Monday accused “state actors” of touching off an historic slump in global oil prices, and urged Russia’s ambassador to the United States to consider the importance of calming the markets.
Asian markets were set for a fraught session on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, piling pressure on policy makers globally to short-circuit the panic.
Trading in options on Wall Street’s fear gauge was impossible in the first minutes of Monday’s session due to an absence of prices from the market makers on whom trading depends, a representative of index operator CBOE Global Markets Inc said.
New Zealand’s Commerce Commission said on Wednesday that it has issued a warning to HSBC Holdings Plc over its failure to comply with the information disclosure requirements.
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