Business

Resurgent Wall Street disconnected from reality on the ground

(Reuters) – With the U.S. economy facing its potentially deepest economic decline in nearly a century, Wall Street is pulling further and further ahead from Main Street. Trillions of dollars of fiscal and monetary stimulus to dampen the impact of the coronavirus pandemic on the U.S. economy and financial markets have sent stocks soaring off […]

Business

S&P 500 dips on fears of virus resurgence in economic reopening

New York (Reuters) – The S&P 500 dipped in choppy trading on Tuesday as the top U.S. infectious disease expert warned Congress that a premature opening of the nation’s economy could lead to additional outbreaks of the novel coronavirus. Investors were weighing the potential for a second wave of infections against hopes for a reopening […]

Business

California should do whatever's needed to help Tesla reopen car factory: Mnuchin

(Reuters) – California should do whatever is necessary to help electric carmaker Tesla Inc (TSLA.O) reopen its only U.S. vehicle factory, U.S. Treasury Secretary Steven Mnuchin said on Monday. Health officials in Alameda County, where the factory is based in Fremont, said on Friday it must remain closed as long as local lockdown measures to […]

Business

Chinese advisers call for talks on new trade deal with U.S.: Global Times

BEIJING (Reuters) – Hawkish voices have emerged in China seeking a reevaluation of its Phase 1 trade deal with the United States, with some advisers urging fresh talks, a state-controlled tabloid said, citing sources close to the Chinese government. Advisers close to the talks have suggested that Chinese officials revive the possibility of invalidating the […]

Business

Hong Kong company sells residential land at loss in rare move citing uncertain property market

HONG KONG (REUTERS)- Hong Kong’s Goldin Financial Holdings on Monday (May 11) said it has sold a residential land parcel at a loss of HK$2.6 billion (S$474 million), in a rare move aimed at reducing debt given an uncertain property market amid economic downturn. The firm’s stock rose 4.2 per cent following the announcement. Selling undeveloped […]

Business

White House considers more coronavirus stimulus, with conditions: officials

WASHINGTON (Reuters) – The White House has started informal talks with Republicans and Democrats in Congress about next steps on coronavirus relief legislation, officials said on Sunday, but they stressed any new federal money would come with conditions. Treasury Secretary Steven Mnuchin told Fox New Sunday he was having discussions with lawmakers from both parties […]

Business

Chipotle secures $600 million credit line amid coronavirus crisis

(Reuters) – Chipotle Mexican Grill Inc (CMG.N) has secured a new year-long $600 million revolving credit line, a regulatory filing showed bit.ly/2SOtm6L on Friday, as the restaurant chain looks to deal with the fallout from the COVID-19 pandemic. Companies across the globe have been shoring up their cash positions, at a time when many sectors, […]

Business

As pandemic rages, anything goes for bitcoin's third 'halving'

NEW YORK (Reuters) – Bitcoin is about to undergo a scheduled technical adjustment as the number of new coins awarded the computer wizards who “mine” the cryptocurrency will be cut in half, but forecasting which way its price will move afterward is more complicated now. Investors are widely anticipating this so-called “halving,” the third in […]

Business

Nova Scotia to provide cash bonus for front-line health-care workers

The majority of health-care workers on the front lines of the coronavirus crisis did not initially qualify for the federal top-up program, according to the government of Nova Scotia, until now. Thursday Prime Minister Justin Trudeau announced changes to the program, with Nova Scotia signing on to provide health-care workers supporting the COVID-19 response with […]

Business

Some Singapore expats ask for rent cuts as employers tighten belts

SINGAPORE (BLOOMBERG) – Singapore expats are often envied for their generous pay packets but facing the prospect of salary cuts as the coronavirus batters businesses, some are tightening their belts and asking for lower rent. Clarence Foo, a real estate agent at APAC Realty unit ERA, has come across seven such cases over the past […]