Business

Fed's Powell warns of prolonged economic weakness, calls for more fiscal support

WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to use more of the central bank’s power as needed, and issued a call for additional fiscal […]

Business

Mexico's president revs up car industry, and wider economy

MEXICO CITY (Reuters) – President Andres Manuel Lopez Obrador will lay out a roadmap on Wednesday for Mexico to re-open its economy, with a focus on the automotive sector whose supply chains are closely interwoven with U.S. carmakers. The U.S. government and automotive companies have called on Mexico to reopen factories serving the U.S. market, […]

Business

Exclusive: Neiman Marcus creditor calls for deal with Saks Fifth Avenue – letter

(Reuters) – Hedge fund Mudrick Capital Management LP asked Neiman Marcus Group’s independent directors on Tuesday to explore a combination with rival department store chain Saks Fifth Avenue, challenging the company’s plan to reorganize under bankruptcy protection. A lawyer for Mudrick, which holds portions of Neiman Marcus’s roughly $5 billion of debt, wrote in a […]

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, […]