Tuesday, 11 Aug 2020

Business

Asian stocks rise on vaccine hopes, eyes on U.S. payrolls

SYDNEY/NEW YORK (Reuters) – Asian stocks tracked Wall Street higher on Thursday although sentiment was cautious ahead of U.S. employment data while copper prices jumped to more than six-month highs on a better global outlook and supply fears in top producer Chile. MSCI’s broadest index of Asia Pacific shares outside of Japan rose 0.9% with […]

Oil prices slip on demand fears as U.S. virus cases surge

MELBOURNE (Reuters) – Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 10 cents, or 0.3%, to $39.72 […]

Asian stocks set to track U.S. gains but Hong Kong jitters weigh

NEW YORK (Reuters) – Asian stocks were set to track Wall Street gains on Thursday as investors cheered signs the global economy was emerging from its coronavirus hibernation although trade is likely to be choppy as fresh concerns about Hong Kong keep investors cautious. Also adding to market apprehension is June U.S. employment data due […]

Asian stocks set to track U.S. gains but Hong Kong jitters weigh

NEW YORK (Reuters) – Asian stocks were set to track Wall Street gains on Thursday as investors cheered signs the global economy was emerging from its coronavirus hibernation although trade is likely to be choppy as fresh concerns about Hong Kong keep investors cautious. Also adding to market apprehension is June U.S. employment data due […]

Novartis settles U.S. fraud lawsuit over sham speaker programs

NEW YORK (Reuters) – Novartis AG (NOVN.S) agreed to pay $678 million to settle a civil fraud lawsuit brought by the U.S. government accusing the Swiss drugmaker of paying millions of dollars in kickbacks to doctors to induce them to prescribe its cardiovascular and diabetes drugs. The U.S. Department of Justice announced the settlement late […]

Fed deluged by letters from needy over its loan program

(Reuters) – The U.S. Federal Reserve on Wednesday released thousands of letters and emails from individuals, businesses and nonprofit groups this spring urging the central bank to widen access to its Main Street Lending Program to more entities struggling to survive the coronavirus-triggered recession. The writers included school-meal providers, the American Hospital Association, a tuxedo […]

Fed revisits idea of pledging to keep interest rates low

WASHINGTON (Reuters) – Federal Reserve policymakers are looking at reviving a Great Recession-era promise to keep interest rates low until certain conditions are met, in a bid to deliver a more rapid recovery from the recession triggered by the coronavirus pandemic. The policymakers “generally indicated support” for tying rate-setting policy to specific economic outcomes, minutes […]

S&P, Nasdaq higher on vaccine hopes, improving economic data

(Reuters) – The S&P 500 and Nasdaq rose on Wednesday as rising hopes of a COVID-19 vaccine offset fears of another round of lockdowns following a record surge in coronavirus cases in the United States. A COVID-19 vaccine developed by Pfizer Inc and German biotech firm BioNTech showed promise and was found to be well […]

Fed's Daly sees 4-5 year recovery in best-case scenario

(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Wednesday painted a grim picture of the U.S. economic outlook, saying that even under her best-case scenario unemployment will still top 10% at year’s end and won’t return to pre-crisis levels for four or five years. “If we can get the public health issues […]

Coronavirus: Topshop owner and Harrods cut 1,200 jobs on grim day for retailers

Luxury department store Harrods will axe 672 jobs, following similar cuts by Sir Philip Green’s Arcadia Group and the owner of Upper Crust and Caffe Ritazza. Harrods blamed the coronavirus pandemic, which kept its flagship branch in central London closed for three months during the UK lockdown. The business, owned by the Qatar Investment Authority, […]