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Updated: 16 hours 4 min ago

Vedanta CEO Venkatakrishnan resigns; zinc unit head named interim chief

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

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

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

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

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

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

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

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

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

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

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

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+

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

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

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.

IEA says global oil demand could drop 20% as 3 billion people in lockdown

Thu, 03/26/2020 - 23:27
Global oil demand could dive by 20% as 3 billion people are in a lockdown because of the coronavirus outbreak, the head of the International Energy Agency (IEA) said on Thursday as he called on OPEC leader Saudi Arabia to help stabilise oil markets.

Fresh produce in Europe set to be more scarce as coronavirus strikes

Thu, 03/26/2020 - 23:13
Fresh fruit and vegetables will become increasingly scarce in Europe, suppliers warn, as the coronavirus pandemic hampers the global movement of produce and of the people needed to gather crops.

Gazprom: 20 workers isolated at gas field for Nord Stream over coronavirus

Thu, 03/26/2020 - 23:05
Russian gas giant Gazprom said on Thursday 20 workers have been quarantined at Bovanenkovo gas field, which feeds the Nord Stream pipeline, after contact with a person who has coronavirus, while shifts were suspended and local airport shut.

Tata, Liberty Steel cut European output due to drop in demand

Thu, 03/26/2020 - 23:04
Tata Steel Europe and Liberty Steel have joined other European steel groups in cutting production after automakers and other firms slashed output due to the coronavirus outbreak.

ECB primes money-printing gun to combat coronavirus

Thu, 03/26/2020 - 23:04
The European Central Bank has ditched a cap on how many bonds it can buy from any single euro zone country, clearing the way for potentially unlimited money-printing as it scales up its response to the coronavirus outbreak.