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

Latest Business News - 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

Latest Business News - 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

Latest Business News - 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

Latest Business News - 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

Latest Business News - 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.

Deutsche Bank studies state aid for staff in coronavirus crisis

Latest Business News - Thu, 03/26/2020 - 23:03
Deutsche Bank is for the first time considering asking its German staff to cut their hours and take government money instead as it tries to navigate the coronavirus crisis.

Harley-Davidson withdraws outlook due to coronavirus disruption

Latest Business News - Thu, 03/26/2020 - 23:02
Harley-Davidson Inc on Thursday withdrew its financial forecasts as the coronavirus outbreak hurts its supply chain, and warned further disruptions could dent its ability to supply and sell motorcycles.

Planemaker Embraer posts fourth-quarter loss, suspends 2020 guidance due to coronavirus

Latest Business News - Thu, 03/26/2020 - 23:02
Brazilian planemaker Embraer on Thursday reported a net loss of $209.8 million for the fourth quarter of 2019, as the manufacturer grappled with the coronavirus pandemic that so far has led it to suspend production in Brazil.

Oil falls more than $1 as crimped demand outweighs stimulus hopes

Latest Business News - Thu, 03/26/2020 - 22:59
Oil prices lost more than $1 a barrel on Thursday as restrictions on travel worldwide slashed fuel demand, with U.S. crude futures plunging more than 6% after the United States scrapped plans to buy domestic oil for its emergency reserve.

Pelosi expects bipartisan U.S. House vote for $2 trillion coronavirus bill Friday

Latest Business News - Thu, 03/26/2020 - 22:59
U.S. House Speaker Nancy Pelosi said she expected the chamber to pass an estimated $2.2 trillion coronavirus relief bill when it meets on Friday, after the Senate overwhelmingly approved the unprecedented economic rescue legislation Wednesday evening.

Time to buy stocks again, market mavens say

Latest Business News - Thu, 03/26/2020 - 22:58
BlackRock and Credit Suisse reckon it is time to get back into equities after markets rallied this week following massive government and central bank stimulus packages to fight fallout from the coronavirus crisis.

China implementing $344 billion of mainly fiscal measures in coronavirus fight

Latest Business News - Thu, 03/26/2020 - 22:58
China is implementing $344 billion of mainly fiscal measures in its fight against the coronavirus outbreak, a Foreign Ministry official said on Thursday.

Morgan Stanley promises no job cuts in 2020 as coronavirus crisis grows

Latest Business News - Thu, 03/26/2020 - 22:57
Morgan Stanley on Thursday pledged to not cut any jobs this year, according to a memo seen by Reuters, as the Wall Street bank sought to reassure employees worried about their jobs during the coronavirus pandemic.

Exclusive: Cirque du Soleil explores options including bankruptcy - sources

Latest Business News - Thu, 03/26/2020 - 22:57
Cirque du Soleil Entertainment Group is exploring debt restructuring options that include a potential bankruptcy filing, after it was forced to cancel shows because of the coronavirus outbreak, people familiar with the matter said.

Ford to restart U.S. truck plants in April to combat pandemic-linked cash squeeze

Latest Business News - Thu, 03/26/2020 - 22:53
Ford Motor Co announced plans on Thursday to shore up its finances amid the coronavirus pandemic, aiming to generate more cash by resuming production next month of its most profitable vehicles while saving money through further cost cuts.

Bank of England ready to buy more bonds if needed to help limit coronavirus impact

Latest Business News - Thu, 03/26/2020 - 22:53
The Bank of England held off from taking fresh action to stop the coronavirus crisis from plunging Britain's economy into a long recession on Thursday, but said it was ready to ramp up its bond-buying programme further if needed.

In oil markets, it's back to 1998 crisis pricing

Latest Business News - Thu, 03/26/2020 - 22:52
Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s.

What's in the $2.2 trillion U.S. Senate coronavirus rescue package

Latest Business News - Thu, 03/26/2020 - 22:42
The U.S. Senate on Thursday unanimously approved an unprecedented stimulus package to alleviate the devastating economic impact of the coronavirus pandemic.

Global oil refiners to deepen output cuts as coronavirus destroys demand

Latest Business News - Thu, 03/26/2020 - 22:32
Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus.

Exclusive: U.S. prepares crackdown on Huawei's global chip supply - sources

Latest Business News - Thu, 03/26/2020 - 22:32
Senior cabinet officials in the Trump administration agreed to new measures to restrict the global supply of chips to China's Huawei Technologies, sources familiar with the matter said, as the White House ramps up criticism of China over coronavirus.

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