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Updated: 5 hours 37 min ago

Steroid drug hailed as 'breakthrough' for seriously ill COVID-19 patients

Tue, 06/16/2020 - 23:57
A cheap and widely-used steroid called dexamethasone has become the first drug shown to be able to save the lives of COVID-19 patients in what scientists said is a "major breakthrough" in the coronavirus pandemic.

U.S. economy starts long recovery as retail sales post record jump

Tue, 06/16/2020 - 23:22
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end.

U.S. bank profits plunge 70% on coronavirus loss provisioning

Tue, 06/16/2020 - 23:08
U.S. bank profits fell by 69.6% to $18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to data from a banking regulator.

Exclusive: CureVac becomes second company to test coronavirus vaccine in Germany - sources

Tue, 06/16/2020 - 23:07
Unlisted biotech firm CureVac, which is due to receive German state backing, will become the second coronavirus vaccine developer to launch human trials of an experimental immunisation in the country, two people familiar with the plans told Reuters on Tuesday.

Appeals court sides with exchanges in U.S. SEC fee row

Tue, 06/16/2020 - 22:59
A U.S. appeals court ruled on Tuesday that the Securities and Exchange Commission cannot force stock exchanges to conduct a costly experiment to see how the fees they charge and the incentives they offer affect brokers' trading habits.

China keen to seek benefits from pandemic, distressed U.S. assets - report

Tue, 06/16/2020 - 22:57
U.S. lawmakers and policymakers should be wary of China's moves to target vulnerable U.S. assets and expand its market share in the wake of the global economic crisis triggered by the novel coronavirus, according to a study prepared for a U.S. trade group and released on Tuesday.

Instructure names Steve Daly as new CEO

Tue, 06/16/2020 - 22:55
Instructure Inc has tapped Steve Daly as its chief executive officer, less than three months after selling itself to private equity firm Thoma Bravo and tangling with shareholders who had laid out a string of complaints long before the sale.

U.S. appeals court rejects rule requiring drug prices in TV ads

Tue, 06/16/2020 - 22:55
A U.S. appeals court on Tuesday upheld a ruling that struck down a Trump administration rule that required pharmaceutical companies to include the wholesale prices of their drugs in television advertisements.

Top UK bank lobbyist resigns over 2008 remarks about businesswoman

Tue, 06/16/2020 - 22:55
A senior British bank lobbyist has resigned over comments made in 2008 about businesswoman Amanda Staveley, who arranged billions of pounds of rescue financing for Barclays at the height of the credit crisis.

Fed corporate bond move relieves potential stigma for companies, say investors

Tue, 06/16/2020 - 22:53
The New York Federal Reserve's planned launch on Tuesday of a bond-buying facility could help ease the potential stigma for companies of asking for help and create an important framework for what the central bank steps in to purchase, analysts and investors said.

Actress Emma Watson joins board of French Gucci owner Kering

Tue, 06/16/2020 - 22:49
British actress Emma Watson, famed for playing Hermione in the Harry Potter film series, and former Credit Suisse boss Tidjane Thiam are set to join the board of French luxury group Kering as it pushes to raise its profile in areas such as sustainability.

Former Morgan Stanley diversity officer sues bank, alleging racial discrimination - filing

Tue, 06/16/2020 - 22:49
A former Morgan Stanley diversity officer filed a lawsuit against the bank on Tuesday, alleging the firm committed acts of racial discrimination and retaliation against her and violated equal pay laws, according to a court filing.

Fed's Harker says he expects 'sharp recession' in 2020 with growth next year

Tue, 06/16/2020 - 22:48
The U.S. economy could begin to recover from a sharp recession next year as the labor market recovers, but it may take time for the economy to return to the levels seen earlier this year, Philadelphia Federal Reserve Bank President Patrick Harker said Tuesday.

Royalty Pharma shares soar 57% in Nasdaq debut

Tue, 06/16/2020 - 22:46
Shares of Royalty Pharma Plc jumped 57.1% in their Nasdaq debut on Tuesday, another sign that demand for new stocks has recovered after the coronavirus crisis had stalled potential listings.

Did elite David Boies law firm get a pandemic bailout? It's a secret

Tue, 06/16/2020 - 22:46
When the U.S. government announced a multibillion-dollar bailout of struggling small businesses amid the coronavirus pandemic, one of the top U.S. law firms sensed an opportunity.

Hilton to cut 2,100 corporate jobs globally

Tue, 06/16/2020 - 22:45
Hotel chain Hilton Worldwide Holdings Inc said on Tuesday it would cut about 22% of its corporate workforce, or 2,100 jobs, following the coronavirus outbreak that has ravaged the global travel industry.

Wall Street jumps as May retail sales boost hopes of swift recovery

Tue, 06/16/2020 - 22:45
U.S. stocks advanced on Tuesday after a record surge in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.

Exclusive: Chesapeake Energy to file for bankruptcy as soon as this week - sources

Tue, 06/16/2020 - 22:44
Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak.

United Airlines pledges loyalty program for $5 billion loan

Tue, 06/16/2020 - 00:14
United Airlines said on Monday it is pledging its MileagePlus frequent flyer program for a new $5 billion loan aimed at further buffering its liquidity, even as its cash burn rate slows thanks to a steady improvement in demand.

What changes are companies making in response to George Floyd protests?

Mon, 06/15/2020 - 23:05
The corporate response to a wave of protests over the treatment of African Americans has included pledges to increase diversity, donations to civil rights groups and, in some cases, changes in policies or practices long sought by critics. Here is a sampling: