The U.S. economy likely shed jobs in March, abruptly ending a historic 113 straight months of employment growth as stringent measures to control the coronavirus pandemic shuttered businesses and factories, confirming a recession is underway.
The economic crisis spawned by the coronavirus pandemic has produced a wave of grim U.S. data, with likely more to come as millions lose jobs, businesses shutter and spending stops.
International seat capacity has dropped by almost 80% from a year ago and half the world’s airplanes are in storage, new data shows, suggesting the aviation industry may take years to recover from the coronavirus pandemic.
Recent negotiations involving leaders from major oil-producing nations and the United States will prove irrelevant for oil prices, which are low because of depressed demand, the chief executive of Brazil’s Petrobras said on Thursday evening.
Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. With the coronavirus pandemic raising the risk of a prolonged global downturn, investors continued to seek the safety of the U.S. dollar and government bonds, pushing U.S. Treasuries yield near their lowest in three weeks. U.S. West Texas Intermediate (WTI) crude lost $1.14, or 4.5% to $24.18 a barrel in early Asian trade after having surged a record 24.7% on Thursday. …read more […]
Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered.
The coronavirus pandemic has disrupted global food supplies and is causing labour shortages in agriculture worldwide.
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks. At a White House briefing on the coronavirus pandemic earlier on Thursday, Trump announced he had signed a Defense Production Act order for 3M to produce face masks. …read more […]
(Bloomberg) — With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.After the president’s social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. — the world’s three biggest producers — are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.It’s unclear whether it’s feasible — or even legal — for such a coalition to …read more […]
President Donald Trump slammed 3M Co in a tweet late on Thursday after earlier announcing he was invoking the Defense Production Act to get the company to produce face masks.
Boeing Co said on Thursday it will temporarily suspend production at facilities in Ridley Township, Pennsylvania, amid the ongoing coronavirus pandemic, adding that the suspension will last two weeks, with work to resume on April 20.
Airbnb lowered its internal valuation by 16% to $26 billion, as the U.S. home rental firm grapples with a slowdown in bookings due to the global spread of the coronavirus pandemic, a source familiar with the matter told Reuters on Thursday.
Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.
(Bloomberg) — Boeing Co. expects several thousand workers to retire or accept a buyout offer as the planemaker races to shrink its operations amid a historic unraveling of global travel from the coronavirus pandemic, said a person familiar with the company’s plans.The manufacturer will start by offering the exit package in the U.S., while selectively hiring for critical programs such as defense and space, said the person, who asked not to be named because the discussions are confidential. Boeing is also weighing a production cut for wide-body jets as demand falls, although no changes have been made as yet, the …read more […]
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. U.S. West Texas Intermediate (WTI) crude futures fell 5.2%, or $1.32, to $23.98 a barrel, after having surged 24.7% on Thursday. Trump told reporters at the White House late on Thursday he had made no offer to cut U.S. output. …read more […]
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