Business News

By Silvia Ognibene, Riccardo Bastianello, Silvia Aloisi

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Wall Street banks and brokers are in “robust” talks with regulators to secure rule-waivers that would allow thousands of traders to operate from home as the coronavirus spreads in New York, the chief executive of a top industry group told Reuters.

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U.S. cash crude prices plunged on Monday, with popular export grades sliding to their weakest levels in more than a year and a half, following a collapse in benchmark futures in the biggest daily price rout since the 1991 Gulf War.

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Twitter Inc said on Monday that it will name three new directors to its board in an agreement with activist investor Elliott Management and private equity firm Silver Lake.

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The coronavirus will accelerate a Darwinian shakeout in Europe’s overcrowded airline industry that ultimately benefits Ryanair and British Airways owner IAG, industry experts predict.

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Ryanair on Monday said it would make further cuts to domestic and international flights to and from Italy until April 8 after the Italian government imposed travel restrictions in the north of the country to limit the spread of the coronavirus.

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Global stock markets plunged on Monday and crude oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia, sending investors already spooked by the coronavirus outbreak fleeing for the safety of bonds and the Japanese yen.

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Wall Street’s main stock indexes plummeted and the Dow Jones Industrials crashed 2,000 points on Monday as a 20% slump in oil prices and the rapid spread of the coronavirus amplified fears of a global recession.

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Oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector.

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Oil titans Russia and Saudi Arabia have accumulated vast financial cushions that will help them weather a lengthy price war. It’s a battle of nerves – so who will blink first?

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Goldman Sachs named top trader Michael Daffey as global markets chairman on Monday, with a remit to strengthen key client relationships as the Wall Street giant tries to remodel its trading business in Europe after Brexit.

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Wall Street’s main stock indexes plummeted and the Dow Jones Industrials crashed 2,000 points on Monday as a 22% slump in oil prices and the rapid spread of the coronavirus amplified fears of a global recession.

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U.S. President Donald Trump blamed a fight for oil market share between Saudi Arabia and Russia, as well as unspecified “Fake News,” for a precipitous drop in U.S. stock prices on Monday, amid sliding demand for crude due to the coronavirus.

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Wall Street’s main indexes dropped 7% and the Dow Jones Industrials crashed 2,000 points in what would be its biggest one-day fall ever, as trading resumed on Monday following a 22% slump in oil prices.

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Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already awash with crude after their three-year supply pact collapsed.

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