The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.
(Bloomberg) — Boeing Co. and its suppliers moved one step closer to a federal rescue that would provide at least $60 billion to help ride out the coronavirus pandemic, people familiar with the planemaker’s thinking said.The aerospace industry including Boeing would be eligible to tap a slice of the roughly $500 billion to be distributed by Treasury Secretary Steven Mnuchin under a $2 trillion economic stimulus package passed by the Senate late Wednesday. Boeing could also claim part of $17 billion in loans for companies deemed critical for national security.Boeing executives combed through the legislation before passage while evaluating proposals …read more […]
The company said it may suspend operations at more facilities, adding that it continues to run the majority of its U.S. domestic operations and plans to continue operations in other parts of the world . Caterpillar said it was executing business continuity plans and warned of likely supply constraints, and that it could use alternative sources to redirect orders to other distribution centers. Caterpillar in January said it expected adjusted profit in 2020 in the range of $8.50 to $10 per share on the back of a further decline in equipment sales. …read more […]
Ford Motor Co said on Thursday it planned to restart production at some plants in North America as early as April 6, bringing back its most profitable vehicles at a time when U.S. demand has slumped and the No. 2 U.S. automaker is conserving cash to survive the coronavirus pandemic.
Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic.
The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.
Governments stepped up efforts on Thursday to help airlines hammered by a virus-induced travel slump, with the United States offering $58 billion in aid, Singapore promising to keep its carrier aloft, and Australia easing competition rules.
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Pioneer Natural Resources Company (NYSE:PXD) stock is about to trade ex-dividend in 3 days time. If you purchase the… …read more […]
The United States “may well be in recession” but progress in controlling the spread of the coronavirus will dictate when the economy can fully reopen, Federal Reserve chair Jerome Powell said Thursday in an interview on NBC’s Today Show.
Initial jobless claims skyrocketed last week as the U.S. economy feels the pain of the COVID-19 pandemic. …read more […]
Fast-food chain Wendy’s Co said on Thursday it would defer rent and ease royalty and marketing fee payments for franchisees, amid growing pressure in the restaurant industry due to coronavirus-related outlet closures.
Governments stepped up efforts on Thursday to help airlines hammered by a virus-induced travel slump, with the United States offering $58 billion in aid, Singapore promising to keep its carrier aloft, and Australia easing competition rules.
Share markets across the world fell on Thursday as nerves over jobs data likely to lay bare the economic carnage from the coronavirus pandemic outweighed a $2 trillion U.S. stimulus package.
The union representing British pilots has described the government’s scheme to retain jobs through the coronavirus outbreak as confusing, lacking detail and taking too long to help those who are being laid off now.
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