Chaos and scrambling in the U.S. oil patch as prices plummet

NEW YORK — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state’s savings as oil revenue dries up. The global economic crisis caused by […]

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How one Silicon Valley factory keeps running in the age of coronavirus

(Reuters) – The managers at Green Circuits — a small Silicon Valley electronics factory — thought they would have to close when the San Francisco Bay Area directed non-essential businesses to shut almost three weeks ago. But messages soon flowed in from customers telling them their parts were needed for things like medical and defense equipment. One customer is now […]

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Mexican president calls on Russia, Saudi Arabia to end oil price war

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador on Saturday called on Russia and Saudi Arabia to reach a deal soon and end their oil price war to avoid deepening the oil price crisis. Mexico and others have seen the prices for their crude exports battered in recent weeks after the fallout from the new coronavirus eroded demand […]

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U.S. businesses swarm coronavirus bailout fund after days of confusion

(Reuters) – Like many small business owners, New York City restaurateur Dan Kluger spent his Friday scrambling to apply for a loan under the U.S. government’s $349 billion small business bailout fund, which officially launched in the morning. Kluger’s regular banker at First Republic Bank had told him on Thursday it could not process his application due to uncertainty over […]

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Richmond Fed's Barkin: Employment numbers to get worse before getting better

(Reuters) – U.S. employment numbers will get worse amid the ongoing coronavirus outbreak before getting better, Richmond Federal Reserve President Thomas Barkin said in an interview with Bloomberg News. U.S. employers cut 701,000 jobs last month, ending a record 113 straight months of employment growth, as a patchwork of state-ordered closures aimed at curbing the spread of the novel coronavirus […]

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JPMorgan says now accepting applications for federal loan program

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N), the largest U.S. lender by assets, started accepting at Friday midday applications for loans from the federal government’s paycheck protection program, according to a post on the bank’s website. The bank said applicants must not have any outstanding applications for the same type of loan pending with another financial institution. The […]

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OPEC+ debates biggest-ever oil cut as virus destroys demand

DUBAI/LONDON/MOSCOW (Reuters) – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday, […]

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U.S. small banks have processed more than 700 small business relief loans for $2.5 million: Mnuchin

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small business loans aimed at shoring up the economy amid the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism. “The system is up and running. Community banks have already processed over 700 […]

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