SoftBank Group Corp said it sees a loss of around 700 billion yen ($6.6 billion) in the year ending March on the portion of its WeWork investment held outside the Vision Fund, as the virus compounds woes at one of the firm’s biggest bets.
Oil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
Massive stockpiling of gold by investors spooked by the coronavirus outbreak offset a collapse in jewellery production to keep global demand for the metal stable in the first three tumultuous months of 2020, the World Gold Council said on Thursday. “This is the biggest change to the market that I can remember,” said John Reade, the WGC’s chief market strategist. Over January-March, exchange traded funds (ETFs) storing gold on behalf of investors mainly in the United States and Europe added a whopping 298 tonnes worth some $16 billion to their hoard, the WGC said in its latest quarterly …read more […]
Millions more Americans likely filed claims for unemployment benefits last week, but the tide appears to be slowing, offering cautious hope of a peak in job losses from business closures and disruptions because of the novel coronavirus.
Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day. The news rallied Wall Street on Wednesday and lifted MSCI’s broadest index of Asia-Pacific shares, excluding Japan, by 0.8% to its highest since mid-March. Japan’s Nikkei, returning from a holiday on Wednesday, jumped 2.5% to a seven-week high as well, catching up on the week’s gains. …read more […]
Virgin Australia Holdings Ltd’s administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion ($4.58 billion).
Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered dueling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook’s Zuckerberg endorsing the measures while Tesla’s Musk condemned them as anti-democratic.
Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day.
New clinical data on Gilead Sciences Inc’s experimental antiviral drug remdesivir has raised hopes it might be an effective treatment for the novel coronavirus that has infected more than 3 million people and killed over 225,000 worldwide. On Wednesday, partial data from three different trials of the drug were released, creating both excitement and confusion. Much analysis and more studies are needed to understand which COVID-19 patients are most likely to benefit from the drug if it is deemed effective, under what circumstance it should be given, and whether it has any impact on the death rate. …read more […]
“We will maintain a solid balance sheet with ample capital, liquidity and loss allowance reserves that give us strong buffers to absorb external shocks,” DBS CEO Piyush Gupta said in a statement on Thursday. DBS was the first bank in Singapore to report earnings for the quarter. “This was largely due to the spike in provisions, which is likely higher than what the market expects but in fact included a large portion of general provisions which shows the bank wants to buffer ahead,” said Kevin Kwek, a senior analyst at Stanford C. Bernstein. …read more […]
Tyson Foods Inc is halting operations at a beef facility in Dakota City, Nebraska until May 4 to complete a deep cleaning of the plant amid the coronavirus outbreak, a unit of the largest U.S. meat supplier said on Wednesday.
Anthem Inc said on Wednesday that the COVID-19 pandemic could trigger a big shift in business mix and push more people into Medicaid or Obamacare health plans from employer-sponsored ones due to job losses across industries.
(Bloomberg) — The Trump administration is planning a Manhattan Project-style program to drastically cut the time it takes to develop a coronavirus vaccine. Gilead Sciences Inc. said its experimental treatment remdesivir helped patients recover faster, sending U.S. stocks higher.New York reported a fourth day of declining deaths and is ramping up testing as it moves toward reopening some regions. France and Spain took cautious steps toward lifting restrictions.U.S. economic data showed the country’s record-long expansion is over, with a recession under way. Japan’s industrial production fell less than expected in March but much steeper declines are likely ahead as a …read more […]
Tesla Inc’s outspoken CEO Elon Musk on Wednesday called sweeping U.S. stay-at-home restrictions to curtail the coronavirus outbreak “fascist” as the electric carmaker posted its third quarterly profit in a row.
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