U.S. consumer sentiment near 3-1/2-year low, spending tepid

Latest Business News - Fri, 03/27/2020 - 22:58
U.S. consumer sentiment dropped to near a 3-1/2-year low in March as the coronavirus epidemic upended life for Americans, and consumer spending was sluggish in February, strengthening economists' expectations of a deep recession.

Exclusive: Two Indian refiners declare force majeure to curb Mideast oil supply

Latest Business News - Fri, 03/27/2020 - 22:55
India's top refiners Indian Oil Corp and Mangalore Refinery and Petrochemicals Ltd have declared force majeure as local fuel demand is hit due to a nationwide lockdown to stem the spread of coronavirus, according to documents seen by Reuters.

Toyota to make face masks in U.S. to aid coronavirus battle

Latest Business News - Fri, 03/27/2020 - 22:53
Toyota Motor Corp's North American unit said on Friday it would produce face shields, ventilators and respirators, as the death toll from the coronavirus exceeds 1,200 in the United States.

Oil traders book more tankers for sea storage as global crude glut builds - sources

Latest Business News - Fri, 03/27/2020 - 22:51
Traders have chartered at least five supertankers in the past day with options to store oil at sea as global stocks mount after the United States ditched plans to purchase oil for its emergency reserve, shipping sources said on Friday.

H&M starts protective face mask production at Chinese supplier

Latest Business News - Fri, 03/27/2020 - 22:50
Sweden's H&M, the world's second-biggest fashion retailer, said on Friday it had started production of protective face masks for hospital staff and would ship the first batches to Spain and Italy.

Vedanta CEO Venkatakrishnan resigns; zinc unit head named interim chief

Latest Business News - Fri, 03/27/2020 - 22:50
Diversified miner Vedanta Ltd said on Friday Chief Executive Officer S Venkatakrishnan has resigned due to personal reasons, less than two years after he took the helm.

IMF says world already in recession, emerging markets need $2.5 trillion

Latest Business News - Fri, 03/27/2020 - 22:41
The coronavirus has already plunged the global economy into recession, IMF Managing Director Kristalina Georgieva said on Friday, adding immense pressure on emerging markets suffering from lost commerce, reduced exports and massive capital outflows.

Fed working to bolster credit during 'self-mandated' recession: Kaplan

Latest Business News - Fri, 03/27/2020 - 22:40
A raft of programs from the U.S. central bank and a $2 trillion rescue bill nearing approval in Congress are aimed at providing relief during a "self-mandated" recession "so that when the virus is defeated we can walk, we can run, and then we can sprint out of this," Dallas Federal Reserve bank President Robert Kaplan said on Friday.

Bosch develops Corona test tool to detect virus in under 3 hours

Latest Business News - Fri, 03/27/2020 - 22:36
Robert Bosch on Thursday said it has developed a diagnostic tool for detecting the coronavirus SARS-CoV-2 in under three hours, potentially aiding the challenge of understanding how far the virus has spread.

'Maximum bearish': funds in record rush to cash in past week

Latest Business News - Fri, 03/27/2020 - 22:35
Investors rushed into cash and out of bonds at a record pace over the past week as the coronavirus pandemic caused mayhem in markets, BofA said on Friday, though it noted a key positioning signal at "maximum bearish" could signal a big rally ahead.

Newly jobless Americans worry about making ends meet

Latest Business News - Fri, 03/27/2020 - 22:35
Optician Ali Nelson sent the final few orders of eyeglasses to clients last week before her Washington D.C.-based store closed to help prevent the spread of the coronavirus.

U.S. weekly jobless claims soar to record 3.28 million

Latest Business News - Fri, 03/27/2020 - 22:35
The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in U.S. history.

U.S. not bailing out airlines, Boeing not using federal money - Treasury Secretary

Latest Business News - Fri, 03/27/2020 - 22:30
U.S. Treasury Secretary Steve Mnuchin said on Friday that the coronavirus economic stimulus bill before Congress is not an airline bailout and that taxpayers will be compensated for relief given to companies hobbled by the global pandemic.

Three of China's big banks beat profit estimates, warn of coronavirus impact

Latest Business News - Fri, 03/27/2020 - 22:29
Three of China's listed state-owned banks reported forecast-beating fourth-quarter results on Friday, as non-performing loan ratios held steady.

Virus-led supply woes plague market; India trading stalls

Latest Business News - Fri, 03/27/2020 - 22:26
Physical gold dealers struggled to meet surging safe-haven demand this week, especially in Singapore, as the coronavirus outbreak choked global supply chains, while massive discounts were offered in India amidst a lockdown.

Global accounting body tells banks to use judgement over virus losses

Latest Business News - Fri, 03/27/2020 - 22:26
The International Accounting Standards Board said on Friday its rule forcing banks to provision for losses on loans should not be applied in a mechanistic way during the coronavirus epidemic.

Oil plunges more than 5% despite stimulus efforts

Latest Business News - Fri, 03/27/2020 - 22:24
Oil prices plunged more than 5% on Friday and were on track for a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.

Saudi Arabia says no talks on new oil deal as Moscow suggests larger OPEC+

Latest Business News - Fri, 03/27/2020 - 22:23
Saudi Arabia said on Friday it was not in talks with Russia to balance oil markets despite rising pressure from Washington to stop a price rout amid the coronavirus pandemic and an attempt by Moscow to fix a rift with the de facto OPEC leader.

Trump blasts GM, Ford over ventilators; could order action

Latest Business News - Fri, 03/27/2020 - 22:22
U.S. President Donald Trump blasted General Motors Co and Ford Motor Co on Friday, calling on the two U.S. automakers to quickly build badly needed ventilators for COVID-19 patients and suggesting he might invoke the Defense Production Act to force the companies to move faster.

U.S. House aims to push through $2 trillion coronavirus bill as holdout insists on formal vote

Latest Business News - Fri, 03/27/2020 - 22:16
The U.S. House was poised on Friday to pass a $2.2 trillion coronavirus relief package, with Democratic and Republican aides saying enough members had flocked to the Capitol to override a holdout Republican lawmaker who threatened to delay passage.