Business & Finance News
The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic.
Teck Resources Ltd’s surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada’s climate policy, underscores a global struggle to balance energy growth with environmental concerns.
U.S. government officials are still considering ways to further curb sales to China’s Huawei Technologies [HWT.UL], despite President Donald Trump’s tweets and comments last week in support of sales to China, according to people familiar with the matter.
Stocks across the globe fell by the most since mid-2016 on Monday and oil prices tumbled as a jump in coronavirus cases outside of China drove investors to the perceived safety of gold and government bonds on fears of the impact on the global economy.
Centennial Resource Development Inc said on Monday shale pioneer and Chief Executive Officer Mark Papa would retire at the end of May.
Boeing Co on Monday nominated Steve Mollenkopf and Akhil Johri to its board and said two of its directors will retire.
JPMorgan Chase & Co executives plan to announce new climate-change initiatives on Tuesday, including restrictions on financing coal mining and Arctic drilling, as well as a $200 billion target to provide financing for sustainable projects.
HP Inc said on Monday it would step up efforts to slash costs and buy back stock, as it seeks investor support to defend against a $35 billion takeover offer from U.S. printer maker Xerox Holdings Corp .
The Dow Jones Industrials was on track for its biggest daily decline in two years and the S&P 500 fell more than 3% on Monday, as investors fled riskier assets as fears about the global economic impact of the coronavirus intensified after a surge in cases outside China.
Oil prices slumped by nearly 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.
Stocks across the globe were on track to fall by the most in two years on Monday and oil prices tumbled as a jump in coronavirus cases outside of China drove investors to the perceived safety of gold and government bonds on fears of the impact to the global economy.
Bank of America has appointed Jérôme Morisseau as its head of investment banking for France as it seeks to bolster its Paris franchise and win more business from large French clients, a memo seen by Reuters said.
The company has begun confidential discussions with creditors and is considering placing its U.S. generic drug business into bankruptcy to address the debt maturities and liabilities arising out of the opioid crisis, the report said.
As fears about the coronavirus catch up to U.S. markets, investors are watching closely to see if the outbreak freezes global supply chains and spreads far enough to be called a pandemic.
As concerns over the spreading coronavirus outbreak hammered U.S. stocks, one corner of the market was confronted with another potentially game-changing prospect: a Bernie Sanders nomination.
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