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Updated: 11 hours 47 min ago

Wall Street hammered by fears of spurt in virus infections, economic worries

Thu, 06/11/2020 - 23:04
U.S. stocks slumped on Thursday with the Dow shedding over 5% and the index on track for its sharpest one-day decline since March 18, as investors fretted over a resurgence in coronavirus infections and a grim economic outlook from the Federal Reserve.

U.S. Democratic candidate Biden calls on Facebook to change political speech rules

Thu, 06/11/2020 - 23:03
Democratic presidential candidate Joe Biden's campaign published an open letter to Facebook Chief Executive Mark Zuckerberg on Thursday, calling for the company to fact-check politicians' ads in the two weeks ahead of the U.S. presidential election in November.

France's 'Generation COVID' faces bleak future with jobs scarce

Thu, 06/11/2020 - 23:02
In September, Eugenie Fillon should begin a two-year master's degree in luxury hotel management that combines academic studies with a salaried apprenticeship. The problem: during the worst economic downturn in decades, hotels in France aren't hiring.

Russia charges Arctic city mayor with bungling fuel spill response

Thu, 06/11/2020 - 22:59
Russia said on Thursday it had charged the head of the remote Arctic city of Norilsk with criminal negligence over what investigators said was his bungled response to a major environmental disaster.

India sets out proposals for tighter governance at banks

Thu, 06/11/2020 - 22:56
The Reserve Bank of India (RBI) proposed on Thursday stricter governance rules for commercial banks, following a series of financial and governance problems at lenders in recent months.

Jobs gone, investments wasted: Africa's deserted safaris leave mounting toll

Thu, 06/11/2020 - 22:52
When Khimbini Hlongwane spent most of his small safari tour company's savings on the deposit for a new minibus in February, it seemed like a safe bet.

U.S. layoffs easing, labor market distress persists

Thu, 06/11/2020 - 22:51
The number of Americans seeking jobless benefits fell last week, but millions laid off because of COVID-19 continue to receive unemployment checks, suggesting the labor market could take years to heal from the pandemic even as hiring resumes.

Unilever picks Britain as best option as it ends Anglo-Dutch era

Thu, 06/11/2020 - 22:46
Unilever proposed on Thursday to ditch its dual Anglo-Dutch legal structure and create a single company in Britain to give it more flexibility for mergers and acquisitions as the coronavirus pandemic overwhelms businesses worldwide.

Britain closes Euribor enquiry, withdraws arrest warrants

Thu, 06/11/2020 - 22:45
Britain's Serious Fraud Office (SFO) has withdrawn European Arrest Warrants against three German traders and one Frenchman after closing an eight-year investigation into allegations that bankers manipulated global Euribor interest rates.

Stock market rally of hope pauses as virus worries mount

Thu, 06/11/2020 - 22:44
The reality that the coronavirus crisis is far from over is threatening a blistering equity market rally that had taken some world indexes to fresh highs.

U.S. household wealth fell 5.6% in Q1 2020 as coronavirus hit

Thu, 06/11/2020 - 22:42
U.S. household wealth fell 5.6% to $110.8 trillion in the first quarter of this year as U.S. stock markets were hammered by the escalating novel coronavirus epidemic, which has since pushed the United States into recession.

Thai rice prices hit 1-month peak on strong baht, supply woes

Thu, 06/11/2020 - 22:40
Thai rice export prices rose to their highest in about a month this week due to a strong baht currency and persistent supply concerns, losing out to cheaper offers from other Asian hubs.

U.S. auto suppliers cheer as carmakers relaunch, but long-term worries remain

Thu, 06/11/2020 - 22:37
Auto parts suppliers across North America said they are encouraged as major automakers accelerate production after coronavirus pandemic shutdowns, but are holding back on hiring and investment because of longer-term uncertainty.

U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

Thu, 06/11/2020 - 22:37
A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery can move ahead with the case.

Oil prices slump as virus-related demand concerns resurface

Thu, 06/11/2020 - 22:34
Oil prices tumbled more than $3 a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States.

'Sold!' Auctioneers race to unload oil equipment as U.S. drilling dries up

Thu, 06/11/2020 - 22:34
Fast-talking auctioneer Greg Highsmith sung out dozens of prices - "seventy-five-hundred now, $10,000 now, be able to get 15,000?" - before a North Dakotan buyer paid $27,500 for a used Caterpillar oil swabbing rig on Friday.

Instacart valued at nearly $14 billion in latest funding amid online sales boom

Thu, 06/11/2020 - 22:33
Instacart said on Thursday it had raised $225 million in a new funding round, valuing it at $13.7 billion, as the grocery delivery company cashes in on a surge in online shopping due to the COVID-19 pandemic.

Think inside the cardboard box for your post-lockdown work station

Wed, 06/10/2020 - 23:23
Want to get back to work? Put your staff in a cardboard box.

Ocado boosts firepower with 1 billion pounds capital raise

Wed, 06/10/2020 - 23:11
Ocado, the British online supermarket and technology group, plans to raise 1 billion pounds ($1.3 billion), giving it more firepower to capitalise on the rapid growth of the online grocery market triggered by the coronavirus crisis.

U.S. economy has hit turning point - White House's Kudlow

Wed, 06/10/2020 - 23:03
White House Economic Adviser Larry Kudlow said on Wednesday it appears that the U.S. economy, plunged rapidly into a recession by the coronavirus pandemic about three months ago, has already hit a turning point.