The job losses suffered in March as the U.S. economy shut down in the face of the novel coronavirus pandemic were widespread but still were disproportionately felt in a handful of employment sectors and by women, the young and the less educated.
(Bloomberg) — Russia would target a 1 million barrel-a-day cut in any new deal with other key oil producers, on condition the U.S. joins cuts, according to four people familiar with the sentiment in the industry.The country’s President Vladimir Putin, who said that a reduction in global oil production of about 10 million barrels a days is possible and the nation is ready to participate in this “on a partnership” basis, won’t agree for Russia to take more than one-tenth of the global cuts, according to one of the people, who spoke on condition of anonymity because the matter isn’t …read more […]
Amazon.com Inc has been in contact with the CEOs of two coronavirus test makers as it considers how to screen its staff and reduce the risk of infection at its warehouses, according to internal meeting notes seen by Reuters.
Saudi Arabia sharply criticized Russia on Saturday over what it described as Moscow blaming the kingdom for the collapse in global energy prices, showing the tensions ahead of an emergency meeting of OPEC and other oil producers. Oil prices sharply fell after the so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March. A price war began soon after, with Saudi Arabia threatening to pump at a record-breaking pace to seize back market share even as the coronavirus pandemic saw demand sharply drop as airlines worldwide halted flights. …read more […]
(Bloomberg) — To outsiders, the oil trade of the day is so astonishing that even President Donald Trump sounded flabbergasted when he described it.“There’s oil all over the oceans right now. That’s where they are storing oil; we have never seen anything like that,” Trump said this week from the podium of the White House. “Every ship is now loaded to the gills.”With oil demand in freefall, traders are resorting like never before to using the world’s fleet of supertankers as temporary floating storage facilities, filling them with millions of unsold barrels until better times. It’s an unusual trade, but …read more […]
Tesla Inc is cutting contractors from its U.S. car and battery plants, CNBC reported on Friday, citing workers and a contract staffing agency.
The electric carmaker is axing contractors at both its vehicle assembly plant in Fremont, California, and at its Gigafactory outside of Reno, Nevada, according to the CNBC report https://cnb.cx/2UZf5EH. “It is with my deepest regret that I must inform you that the Tesla factory shutdown has been extended due to the COVID-19 pandemic, and as a result, Tesla has requested to end all contract assignments effective immediately,” Balance Staffing, a workforce management company, said in a memo sighted by CNBC. …read more […]
Editor’s Note: Today, we’re excited to feature Julia Guth, CEO of Wealthy Retirement‘s publisher, The Oxford Club.
Below, she will reveal an investing strategy that most investors have overlooked…
But that is crucial for any portfolio – especially today.
Read on below to discover how Julia is adjusting her own portfolio in response to the current bear market.
– Mable Buchanan, Assistant Managing Editor
For more than 30 years, I’ve had access to the country’s best investment strategies.
As a result, I’ve employed the Club’s asset allocation… and certainly learned how to be a very successful stock investor.
But my portfolio is missing one very important investment…
One …read more […]
Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread.
The Saudi energy minister on Saturday rejected Russia’s remarks that the kingdom withdrew last month from a deal to cut output.
The Saudi foreign minister said early on Saturday that a statement attributed to Russia’s President Vladimir Putin about the kingdom’s withdrawal from the OPEC+ deal is not correct, and that Russia is the one that withdrew, state agency (SPA) reported.
The U.S. Securities and Exchange Commission’s lone Democratic commissioner on Friday called for a delay in pending rule changes due to the coronavirus outbreak, while cautioning against excessive regulatory relief in the rush to assist companies struggling with fallout from the pandemic.
The generous U.S. unemployment benefits rolled out to blunt the economic harm caused by the coronavirus could have an unintended effect: it may actually be an incentive for companies to choose layoffs rather than keep staff on their books.
Major U.S. airlines applied on Friday for payroll grants from the U.S. Treasury meant to keep workers employed during a sharp downturn from the coronavirus, though the terms of any aid were still unclear and some warned that funds would not be enough to help them through their toughest crisis ever.
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