Asia equities face a bumpy session on Friday after Wall Street pared early gains as optimism over a rebound in oil prices and prospects for further government stimulus were offset by stark economic data showing the toll of the coronavirus pandemic.
U.S. companies on Thursday began refusing government loans they were just awarded, after the Treasury Department said that publicly traded firms would have a hard time proving they really needed the coronavirus relief funds.
Several brokerages, including discount giant TD Ameritrade Corp are restricting customers from buying new positions in certain crude oil contracts after an unprecedented sell-off that sent prices below negative-$40 on Monday.
Intel Corp on Thursday forecast second-quarter earnings below Wall Street views as it cited the cost of readying a new PC chip and said it could not make a forecast for the full year because of economic uncertainty caused by the coronavirus pandemic.
Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday.
Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday. The Estero, Florida-based company, whose largest shareholder is billionaire investor Carl Icahn, is reeling from the impact of the pandemic on global travel. Hertz has enlisted restructuring experts at law firm White & Case LLP and investment bank Moelis & Co to help it address a cash crunch that has made its $17 billion debt pile potentially unsustainable, the sources said. …read more […]
All United Airlines flight attendants must wear a face covering or mask while on duty starting April 24, it said on Thursday, in the first such rule by a major U.S. carrier.
Ruth’s Hospitality Group Inc, owner of the Ruth’s Chris Steak House chain of restaurants, on Thursday said it would quickly repay $20 million of federal rescue loans it received to help maintain payroll through the coronavirus crisis, a program aimed at small businesses.
Ruth’s Hospitality Group Inc, owner of the Ruth’s Chris Steak House chain of restaurants, on Thursday said it would quickly repay $20 million of federal rescue loans it received to help maintain payroll through the coronavirus crisis, a program aimed at small businesses. The announcement came after the U.S. Treasury said a highly valued public company would have a hard time getting a coronavirus relief loan in the next round of funding. …read more […]
The U.S. House of Representatives overwhelmingly approved a $484 billion coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3 trillion.
A preliminary survey of New York state residents found that nearly 14% of those tested had antibodies against the novel coronavirus, suggesting that some 2.7 million may already have been infected, Governor Andrew Cuomo said on Thursday.
There is no question that the economy is in a far worse place today than it was a year ago. The numbers we are seeing are beyond belief…
Gross domestic product estimates from analysts for the second quarter range from horrifying (down 20%) to catastrophic (down 40%). Oil is selling for less than $10 per barrel.
Unemployment is projected to hit 32%, which is worse than it was at the peak of the Great Depression.
It really is terrifying economic data.
But against the economic nightmare that the country is now facing, amazingly, the S&P 500 Index hasn’t dropped over the past year. Instead, …read more […]
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