Dollar strength consolidates as global recession looms

SINGAPORE (Reuters) – The dollar edged toward an almost 2% weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic. The gains consolidate the dollar’s strength after a topsy-turvy end to last month, which had the dollar soaring in a scramble for cash, then […]

Read more

U.S. small business bailout starts Friday. Is the government ready?

(Reuters) – Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence. The Lake Mary, Florida-based non-bank lender is just one of thousands of financial institutions across the country preparing to dole out $349 billion in government-backed loans and […]

Read more

Trump says he brokered deal with Saudi, Russia for huge oil cuts

DUBAI/MOSCOW (Reuters) – U.S President Donald Trump said on Thursday he had brokered a deal with top oil producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid a global coronavirus pandemic, sending crude prices up by 45%. Trump said he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, and […]

Read more

Virus forces Luxottica to break Italian August holiday tradition

MILAN (Reuters) – Eyewear maker Luxottica said it would cut to just one week its customary August closure, a move which other firms may seek to replicate to relaunch production after the forced shutdown in the current coronavirus crisis. The decision by the Italian arm of eyewear giant EssilorLuxottica (ESLX.PA) impinges on the sacredness of the traditional August shutdown, when […]

Read more

U.S. light vehicle sales in March fall 27% on month as virus outbreak intensifies

(Reuters) – Light vehicle sales in the United States fell nearly 27% in March compared with a month earlier, data released by an automotive research group showed on Wednesday, as the coronavirus outbreak intensified and shuttered dealerships across much of the country. Last month, 992,392 light vehicles were sold, down from about 1.4 million in February, according to Wards Intelligence. […]

Read more

Volkswagen to extend U.S. production halt until April 12

WASHINGTON (Reuters) – Volkswagen AG (VOWG_p.DE) said on Wednesday it is extending a production halt at its Chattanooga, Tennessee, assembly plant until April 12 because of the coronavirus pandemic. The German automaker began a production halt at its U.S. assembly plant on March 21. The company said on Wednesday Volkswagen brand sales in the United States in March fell 42%. […]

Read more

U.S. factory activity contracts in March; orders tumble to 11-year low: ISM

WASHINGTON (Reuters) – U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists’ views that the economy was in recession. The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity fell to a reading of 49.1 last […]

Read more

Explainer: Euro zone mulls package to support economy against coronavirus

BRUSSELS (Reuters) – With the euro zone economy in need of help during the coronavirus epidemic, officials have until April 9 to design a package that satisfies members with completely opposing views: those calling for joint debt issuance and those fiercely against it. Mutualising debt has always been a red line for Germany, the Netherlands, Finland and Austria, but France, […]

Read more

Singapore banks may see worst-case hit of 14-18% on revenue over consumer loan relief: Jefferies

SINGAPORE (THE BUSINESS TIMES) – In a worst-case scenario, Singapore banks may see a 14 to 18 per cent hit to their revenue in 2020 following the latest coronavirus relief measures for consumers, said Jefferies Research in a report on Wednesday (April 1). The Monetary Authority of Singapore (MAS) on Tuesday announced measures that showed how financial institutions should allow […]

Read more
1 33 34 35 36 37