WINNIPEG, Manitoba (Reuters) – Canadian Prime Minister Justin Trudeau said on Saturday that he would look at possible ways to help airlines further, but announced no new measures after the country’s biggest airline Air Canada said it would lay off most of its workers. Trudeau said in a briefing in Ottawa that Canada has already […]
WASHINGTON (Reuters) – The U.S. Federal Reserve warned Friday that the financial sector faces “significant” vulnerabilities due to the coronavirus pandemic, as businesses and households grapple with fragile finances for the foreseeable future. In its latest report on financial stability, the Fed said the global pandemic imposed sweeping risks. While policy actions from the Fed […]
WASHINGTON (Reuters) – The U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, two people with knowledge of the matter told Reuters. The previously unreported subpoenas […]
NEW YORK(Reuters) – J.C. Penney Co Inc (JCP.N) filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the COVID-19 pandemic drive a final stake through long-troubled businesses. The U.S. department […]
NEW YORK (Reuters) – Wall Street’s three major indexes closed higher after swinging between gains and losses on Friday as investors weighed worries about Sino-U.S. trade relations and weaker-than-expected U.S. economic data against growing optimism that easing coronavirus restrictions would boost activity this month. Economic data painted a grim picture on Friday as U.S. retail […]
For much of fiscal 2020, the global apparel company VF Corporation was producing results above its long-term goals for growth, “then the whole world changed,” company executives said in a call Friday. The global coronavirus pandemic’s toll on the Denver-based corporation is clear in the newly released fourth-quarter earnings. Revenue decreased 11% to $2.1 billion, […]
WASHINGTON (Reuters) – White House Economic Adviser Larry Kudlow on Friday floated the idea of cutting the corporate tax rate in half for U.S. companies who bring their operations back from other countries. “Why not provide a 50% discount for the corporate tax rate if you’re moving from outside the U.S. to the U.S.?” Kudlow […]
TOKYO (Reuters) – Asian stocks edged up on Friday but were on course to end the week lower as deteriorating U.S.-China relations add to uncertainties over how fast economies can recover as they start to emerge from lockdowns. Worries about confrontations between the two largest economies in the world eclipsed Chinese economic data, which showed […]
SINGAPORE (Reuters) – Europe’s biggest bank, HSBC (HSBA.L) has cut already bleak global growth forecasts even further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending. The bank lowered its 2020 global gross domestic product forecast to a contraction of 4.8%, according to a note […]
(Reuters) – U.S. stock index futures edged lower on Thursday following two sessions of sharp declines, as investors worried that the current economic downturn maybe be here for longer than initially presumed. The stock market’s sharp rebound from March lows was driven by hopes of a pick up in business activity as several U.S. states […]