News

U.S. senators scrutinize meat packers’ big profits during pandemic

By Tom Polansek CHICAGO (Reuters) – U.S. senators are calling for investigations of record profit margins for beef processors like Tyson Foods <TSN.N> and Cargill, after ranchers complained surging meat prices due to coronavirus hoarding did not translate into higher cattle prices. Futures prices for cattle have tumbled during the outbreak, worrying farmers as the […]

News

Macy’s, Kohl’s to furlough employees as virus crisis keeps stores shut

By Aishwarya Venugopal (Reuters) – Department store operators Macy’s Inc <M.N> and Kohl’s Corp <KSS.N> said on Monday they would furlough thousands of employees as U.S. retailers keep their stores shut to curb the spread of the coronavirus outbreak. The furlough will impact a majority of its about 130,000 employees, Macy’s said, while all workers […]

News

IMF working with Georgia on additional financing to combat pandemic

WASHINGTON (Reuters) – The International Monetary Fund on Monday said it was working closely with authorities in Georgia to provide additional financing for the South Caucasus country as it works to cushion the human and economic impact of the coronavirus pandemic. “The IMF is working closely with the authorities to provide support under the Extended […]

News

U.S. dollar gains as global easing gives temporary respite

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar advanced on Monday, snapping a week of declines, as investors braced for prolonged uncertainty and governments tightened lockdowns and launched monetary and fiscal measures to fight the coronavirus pandemic. China’s offshore yuan fell after the Chinese central bank cut a key interbank interest rate, while Singapore’s […]