Money


Oil up as countries ease lockdowns, but U.S.-China spat weighs Oil up as countries ease lockdowns, but U.S.-China spat weighs
- May 04, 2020

The Wall Street bank raised its 2021 forecast for global benchmark Brent to $55.63 per barrel from $52.50 earlier. The market found support last week as major oil producers led by Saudi Arabia and Russian Federation were set to begin cutting production on May 1, while the top two US producers, Exxon Mobil Corp and Chevron Corp, each said they would cut output by 400,000 barrels per day this quarter. (more...)
Coronavirus sends Hong Kong economy to steepest plunge on record
- May 04, 2020

The figure of the first quarter reflected that Hong Kong economy has fallen into deep recession, Financial Secretary of HKSAR government Paul Chan on Monday said at a press conference held after the government released statistics. China accounts for about 76 percent of tourism to Hong Kong, according to the government. "These early interventions succeeded in slowing the spread of the virus", wrote Julian Evans-Pritchard, senior China economist at the research firm Capital Economics. (more...)
Flaring US-China tensions send European markets lower Flaring US-China tensions send European markets lower
- May 04, 2020

But big tech stocks, whose momentum has been almost unstoppable in recent years, continued to rally and helped the market trim its early losses. Although the dragon nation terms the accusations as a bluff to fool the U.S. was working with major Indo-Pacific nations-Australia, India, Japan, New Zealand, South Korea and Vietnam-to "move the global economy forward". Beijing has repeatedly pushed back on US accusations that the outbreak was China's fault. (more...)
Warren Buffett's Berkshire Hathaway sells all airline stocks amid pandemic
- May 04, 2020

He also said he decided that he "made a mistake " investing in USA airlines, and that this accounted for some of the net $6.1 billion of stocks that Berkshire sold in April. Also on Saturday, Berkshire reported a net loss of almost 50 billion dollars for the first quarter as the COVID-19 outbreak heavily hit its stock investments. (more...)
Airline sector battered after Buffett dumps holdings Airline sector battered after Buffett dumps holdings
- May 04, 2020

Berkshire Hathaway revealed that its cash pile has grown to $137 billion in the first quarter, reflecting this challenge of finding anything good to invest in, and reported a record $49.75 billion net loss, due to huge unrealized losses on stock holdings amid the market meltdown. (more...)
J Crew files for bankruptcy protection
- May 04, 2020

Operations at J.Crew will continue throughout a restructuring, and clothing will still be available to purchase online. Anchorage Capital Group, Blackstone Group Inc's BX.N GSO Capital Partners and Davidson Kempner Capital Management hold significant portions of J. (more...)
Uber is developing a way to tell if drivers are wearing masks Uber is developing a way to tell if drivers are wearing masks
- May 04, 2020

Visit Business Insider's homepage for more stories . While Uber in South Africa has required that drivers wear masks and sanitise their vehicles since the implementation of lockdown, that doesn't seem to have been the policy in every country as The Verge reports that Uber in the United States may soon require drivers wear face masks while operating. (more...)
Africa's oil producers impacted by OPEC production cut Africa's oil producers impacted by OPEC production cut
- May 04, 2020

American benchmark West Texas Intermediate (WTI) was at $18.59 a barrel at the same time for a 6.02% loss after ending Friday at $19.78 per barrel. It rallied nearly 17% over the five previous sessions, the first weekly gain in a month. "Price recovery last week could be next to nothing unless there is a dramatic turnaround in economic fundamentals", he said. Demand destruction is expected to be about 30 million barrels per day. (more...)
PMI: Manufacturing Activity In April Falls To All-Time Low PMI: Manufacturing Activity In April Falls To All-Time Low
- May 04, 2020

Survey responses are collected in the second half of each month and indicate the direction of change compared to the previous month. IHS Markit said the combined effect of lower production requirements and longer vendor delivery times led to a sharpest drop in purchasing activity in the survey history, and stocks of inputs also fell markedly as firms tightened their inventories to contain costs. (more...)
Warren Buffett Says Coronavirus Cannot Stop America, Despite Huge Berkshire Loss Warren Buffett Says Coronavirus Cannot Stop America, Despite Huge Berkshire Loss
- May 04, 2020

Airline stocks have been hard hit by the near collapse in United States travel demand amid the coronavirus crisis. In light of the plummeting demand for air travel, the US government recently offered 25 billion dollars in direct aid to passenger airlines so that they could continue paying salaries and benefits to their employees in the next few months. (more...)
Westpac half-year profits tumble more than 60pct Westpac half-year profits tumble more than 60pct
- May 04, 2020

On a cash earnings basis, net interest margin - an important gauge of profitability - was 2.13 per cent, marginally higher than past year. Looking forward, the bank said it will 'continue to review dividend options over the course of this year.' However, no further specifics, or an exact timeline was provided. (more...)
Sask. producers welcome re-opening of major beef processor in Alberta Sask. producers welcome re-opening of major beef processor in Alberta
- May 04, 2020

OTTAWA, April 30 ― Prime Minister Justin Trudeau said yesterday he was following with "interest and concern" the challenges facing Canada's meat industry after coronavirus outbreaks at two major packing plants. It would also provide buses with protective barriers to reduce the need for carpooling. "Everybody can get hit by this virus, [it] doesn't matter who you are, if you are white or black, or anyone", he said. (more...)
Warren Buffett's company Berkshire Hathaway sells United States airline shares Warren Buffett's company Berkshire Hathaway sells United States airline shares
- May 04, 2020

This crisis is different, Buffett said. The Standard & Poor's 500 slid 20% in the first quarter but there were steeper falls in several large Berkshire holdings including American Express, Bank of America, Wells Fargo, and four airlines - American, Delta, Southwest, and United. (more...)
Maine Department of Labor prepares for a surge of PUA applications Maine Department of Labor prepares for a surge of PUA applications
- May 04, 2020

People who applied for benefits on or after April 5 and were deemed ineligible will get additional application information from the DEO. This week, the Department of Economic Opportunity said that nearly all of the more than 200,000 Floridians who were deemed ineligible for state unemployment benefits over the weekend should reapply. (more...)
European Central Bank holds euro zone interest rates steady European Central Bank holds euro zone interest rates steady
- May 04, 2020

The dire warning comes after Eurostat figures today showed that the locked-down euro zone economy was estimated to have shrunk by 3.8% in the first quarter. Weak data suggest the European Central Bank can not avoid doing more: figures showed the eurozone economy shrank by 3.8% in the first quarter, underperforming expectations for a 3.5% drop, even before the biggest impact of the lockdown was felt. (more...)
Worcester Walmart Shut Down After 23 Employees Test Positive for COVID-19 Worcester Walmart Shut Down After 23 Employees Test Positive for COVID-19
- May 04, 2020

The city's medical director, Michael Hirsh, who ordered the store closure is said to be figuring out how best carry out those tests. The store must remain shuttered until it has been professionally cleaned, sanitized and signed off on by health department inspectors, city officials said during a daily briefing yesterday. (more...)
Berkshire Hathaway AGM: Warren Buffett says 'nothing can stop America'
- May 04, 2020

But he maintained his usual optimism that the United States would weather it successfully, citing its emergence from crises such as World War Two and the influenza pandemic a century ago. "We made that decision in terms of the airline business". Buffett said the airline industry's outlook has changed dramatically in just a few months. (more...)
Powerful House Committee Demands Jeff Bezos Testify After 'misleading' Statements Powerful House Committee Demands Jeff Bezos Testify After 'misleading' Statements
- May 03, 2020

In a statement, Amazon said it did not believe the claims put forward in the Wall Street Journal report were factual, but the company did not say whether Bezos would agree to testify. Rep. David N. Cicilline, D-R.I., who chairs the antitrust subcommittee, said Amazon previously has been caught misstating the facts. "It's vital to the Committee, as a part of its crucial work investigating and understanding competitors points within the digital market, that Amazon reply to those and ... (more...)
Elon Musk calls stay-at-home orders 'fascist' Elon Musk calls stay-at-home orders 'fascist'
- May 03, 2020

Musk, who has often made outspoken and even inflammatory comments on conference calls and on Twitter , said in comments to analysts on Tesla Inc's earnings call that it was "fascist" to say people can not leave their homes. It's reported that the audio feed for the earnings call was cut off in the wake of the comments, which came as Musk was questioned about the extension of "shelter at home" orders now in place in much of California . (more...)
Emergency remdesivir use approved Emergency remdesivir use approved
- May 03, 2020

Fauci said the data represented "a very important proof of concept" - showing that a drug could, in fact, "block" COVID-19. Critical care specialists in India said it is too early to predict the impact of the the US FDA decision on emergency use authorisation on India's policy on the drug. (more...)

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