Business

U.S. jobless claims dip below 2 million, road to recovery rocky

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19. Other data on Thursday showed a jump in the trade deficit in April as the […]

Business

ECB's super stimulus salvo sends stocks, euro higher

LONDON (Reuters) – World markets got another shot of energy on Thursday as the European Central Bank (ECB) ramped up its Pandemic Emergency Purchase Programme (PEPP) to 1.35 trillion euros. European equities [.EU], oil [O/R] and euro markets [/FRX] had been lower before the ECB said it would raise the programme from 750 billion euros […]

Business

France nears 1-billion-euro crisis fund for aero suppliers: sources

PARIS (Reuters) – French government and industry officials are negotiating a 1-billion-euro, privately led investment fund for small aerospace suppliers in which major manufacturers could invest 200 million euros, people familiar with the proposals said on Wednesday. The scheme mirrors government-backed plans in France to help the automobile sector and comes as the aerospace industry […]

Business

Wells Fargo stops giving loans to most independent car dealerships

(Reuters) – Wells Fargo & Co (WFC.N) will stop providing loans to a majority of its independent auto dealer customers due to the economic challenges brought on by the COVID-19 pandemic, a spokeswoman said on Tuesday. “We are doing everything we can to help customers weather the economic impacts of this health crisis … we […]

Business

U.S. auto sales in May encourage Detroit plan to rebuild inventories

DETROIT (Reuters) – Several automakers on Tuesday reported stronger-than-expected May sales in the United States, and the Detroit automakers said they will work through their annual summer shutdowns to rebuild inventories as demand recovers from coronavirus shutdowns. The U.S. auto sector has reopened assembly plants following the shutdown and automakers that reported May sales said […]

Business

Global shares cruise to three-month highs, dollar shows the strain

LONDON (Reuters) – World stocks climbed towards three-month highs on Tuesday as the global coronavirus recovery effort won out over U.S.-China tensions and the worst civil unrest in the United States in decades. U.S. President Donald Trump’s vow to use force to end violent protests in American cities and reports China had ordered U.S. soybean […]

Business

After The Pandemic: Britons want a ‘significantly’ different post-virus economy

The majority of Britons want the economy to be “significantly” different after the pandemic passes, according to a new poll for Sky News. A survey carried out by YouGov for Sky News underlines that most people in the UK see the crisis as an opportunity to change the nature of the economy, with many calling […]

Business

Wall Street closes higher as recovery signs soothe protest, pandemic worries

NEW YORK (Reuters) – U.S. stocks posted gains on Monday as signs of U.S. economic recovery helped offset jitters over increasingly violent social unrest amid an ongoing pandemic and rising U.S.-China tensions. All three major stock indexes began the month with gains of less than 1% on the heels of a strong May rally. Market […]

Business

Coronavirus: Questions over Gilead trades that made millions on possible treatment

Questions are being asked about the trading in shares of a US pharmaceutical company ahead of good news about a possible coronavirus treatment. US based Gilead Sciences has been developing former Ebola drug remdesivir for patients with COVID-19, a disease that has killed more than 370,000 people worldwide. It announced promising results in early stages […]

Business

U.S. manufacturing activity off 11-year low; construction spending falls

WASHINGTON (Reuters) – U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment. The Institute for Supply Management (ISM) said on Monday its index of […]