Business & Finance News
U.S. employers maintained a robust pace of hiring in February, giving the economy a boost heading into the coronavirus outbreak, which has stoked fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.
The number of people infected with coronavirus across the world surpassed 100,000 on Friday as the outbreak reached more countries and the economic damage intensified, with business districts beginning to empty and stock markets tumbling.
U.S. stocks opened sharply lower on Friday, as the global tally of coronavirus infections surpassed 100,000 and jittery investors took cover in perceived safe havens such as bonds and gold.
OPEC’s plans for deep and prolonged oil cuts were derailed on Friday as non-OPEC Russia refused to support the move arguing that it was too early to predict the impact of a coronavirus outbreak on global energy demand, sources told Reuters.
The Trump administration may take targeted steps to stimulate the U.S. economy amid the coronavirus outbreak that is likely to temporarily drag down some sectors, White House economic adviser Larry Kudlow said on Friday, adding that more information was needed first.
European Union officials are considering temporarily suspending its rules on state subsidies and financial support to economic segments hit hardest by the coronavirus outbreak, an official said on Friday.
“It’s fake! It’s fake!” residents high up in an apartment complex in the central Chinese city of Wuhan shouted down as a senior government official led an inspection tour below of how people were coping during the coronavirus lockdown.
The number of people infected with the new coronavirus across the world surpassed 100,000 on Friday as the economic damage intensified, with business districts beginning to empty and stock markets tumbling.
The European Commission is considering various steps to help member states with the economic impact of the coronavirus outbreak, including targeted waivers on state aid rules, an official of the EU executive said on Friday.
Policymakers have taken a range of approaches to deal with the economic fallout from the coronavirus, from emergency interest rate cuts and big spending packages to a wait-and-see-stance and pledges of action if required.
Traders are betting the Federal Reserve will deliver another, bigger reduction in borrowing costs at its mid-March policy meeting, as worries about the spread of the new coronavirus trumped data showing robust hiring by U.S. employers last month.
The world’s largest coffee chain Starbucks Corp has stopped accepting reusable cups from customers to prevent the spread of coronavirus, though it will still honor the promised discount for anyone carrying one.
State Bank of India , the country’s largest lender, will take a 49% stake in Yes Bank , the Reserve Bank of India (RBI) said late on Friday as it laid out a plan for the rescue of the troubled private lender.
OPEC’s plans for deep and prolonged oil cuts were derailed on Friday as non-OPEC Russia refused to support the move arguing that it was too early to predict the impact of a coronavirus outbreak on global energy demand, sources told Reuters.
The U.S. trade deficit narrowed more than expected in January as imports declined, and further decreases are likely as the coronavirus outbreak disrupts the flow of goods and services.
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