Business
Iraq supports Saudi Arabia’s call for emergency OPEC+ meeting to balance oil market
Iraq supports the call for an OPEC+ emergency meeting to restore oil market balance and stop oil prices collapsing, an oil ministry spokesman said in a statement on Thursday. The statement added that Iraq is confident that a positive agreement can be reached at the next OPEC meeting to help restore
Gulf insurers’ earnings under threat from coronavirus: S&P
The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions. “Most insurers we rate in the GCC region benefit from robust capital buffers and should be ab
FTSE 100 posts largest quarterly fall since Black Monday aftermath
The FTSE 100 has posted its biggest quarterly fall for more than three decades amid the financial panic caused by the coronavirus, as the economic costs of the global health pandemic continue to mount. The leading index of UK company shares plunged by 25% in the three months to the end of March, th
Apple supplier Foxconn’s profit down 24% in last quarter of 2019
Taiwanese electronics manufacturer Foxconn reported a 23.7 percent fall in profit in the last three months of 2019 on Monday as it braces for the impact from the coronavirus pandemic that has hit demand from key customers such as Apple.Foxconn, which assembles iPhones at factories in China, reported
Wall Street executive dies from coronavirus complications
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments this weekend related to the global economy, the work place and the spread of the virus.WALL STREET EXECUTIVE DIES: An executive at New York-based investment firm Jefferies Fi
GM Cutting White-Collar Pay By 20 Percent, Execs Even More
From individuals to businesses, Coronavirus is not only affecting physical health but financial health as well. General Motors is reportedly taking steps to try and weather the downturn with a fresh round of furloughs and salary cuts in its white-collar workforce. According to Automotive News, the m
Fed’s Powell Says U.S. Must Get Virus Under Control Before Economy Restarts
Jerome H. Powell, the Federal Reserve chair, said during a rare television interview on Thursday that the United States “may well” be in a recession already, but that it should get the coronavirus under control before getting back to work. “The first order of business will be to g
Major energy firms slash spending amid oil price war, coronavirus pandemic
Oil and gas companies are cutting spending plans in response to the new coronavirus and a push by Saudi Arabia and Russia to ramp up output. International benchmark prices have more than halved since the start of the year, falling to around $25 a barrel. North American oil and gas producers have c
US loses 500,000 millionaires in record time
At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ultra-low interest rates and tax cuts. Fast forward just a few months and it’s a starkly different picture. The number of households in the US above
Boeing suspending Washington state production due to coronavirus risks
Boeing Co (BA.N) said on Monday it would halt production at its Washington state twin-aisle jetliner factory as a temporary measure to help fight the coronavirus outbreak.Confirming an earlier Reuters report, and after a similar move by European rival Airbus SE (AIR.PA), Boeing said a temporary oper
Germany preparing $160 bln supplementary budget
German finance minister Olaf Scholz said on Saturday that the government was readying a supplementary budget of 150 billion euros ($160 billion), as part of a broader funding package to tackle the economic impact of the coronavirus outbreak. “A hundred and fifty billion is a large amount, but
Cautious optimism on Wall Street, markets rise with aid hope
Stocks capped a wobbly day on Wall Street with solid gains Thursday, reflecting cautious optimism among investors that emergency action by the U.S. government and central banks will cushion the global economy from a looming recession caused by the coronavirus pandemic. The swings in the market were
S&P 500 sinks 8% on recession fears as virus cases climb
The S&P 500 tumbled 8.5% Wednesday, wiping out the optimism and big gains sparked the prior day by Washington’s promises for massive aid for the economy. Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the coronavir
US Treasury to pump in $10 bln in new coronavirus credit facility
The US Treasury Department said on Tuesday it has approved a new Federal Reserve commercial paper funding facility to help American businesses manage their short-term liquidity through the economic slowdown caused by the coronavirus outbreak. US Treasury Secretary Steven Mnuchin said in a statement
Apple hit with record €1.1bn fine in France
France's competition authority has imposed a record €1.1bn (£1bn; $1.2bn) fine on US tech giant Apple for what it sees as anti-competitive practices. It is the biggest fine ever imposed by the French regulator. The firm and two of its wholesalers in France were found to have an unfair a
Europe ramps up support for ailing firms
European authorities are increasing efforts to try to stave off the economic effects of coronavirus. The European Union (EU) will put a package of measures in place including a €37bn euro (£33bn) investment initiative. And German finance minister Olaf Scholz said his country could part
Economic crisis may pave way for reforms to Lebanon's sponsorship system
Reforms to Lebanon’s “kafala” sponsorship system for importing migrant domestic workers from Africa and Asia have long been sought by advocates who say the current system is rife with human rights violations. Over the past year, the reform efforts have found high-level support in
Stocks bounce on stimulus hopes
Wall Street clawed back some losses on Friday after its biggest one-day decline in three decades, as investors set their hopes on more global fiscal stimulus to stem a coronavirus-driven global recession.All three main indexes jumped more than 6% in early trading before paring gains on reports Presi
