U.S. stocks surged on Wednesday as hopes for an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.
Coindesk | Nathaniel Whittemore | Apr 29, 2020 A massive shortage of dollars is instigating economic chaos, including a more than 50% loss of value in the Lebanese pound and what looks like an enormous local premium for bitcoins. Presented in podcast and full-transcript formats. The Lebanese pound has lost at least 50% of its
Volkswagen AG and Toyota Motor Corp said on Wednesday they will delay restarting U.S. production amid the coronavirus pandemic and concerns about the automotive supply network.
Tesla Inc's outspoken CEO Elon Musk on Wednesday called sweeping U.S. stay-at-home restrictions to curtail the coronavirus outbreak "fascist" as the electric carmaker posted its third quarterly profit in a row.
Asian equity markets were poised to gain on Thursday, tracking Wall Street's rally after positive trial results of an experimental COVID-19 treatment, a U.S. Federal Reserve pledge to shore up the economy and a jump in oil prices.
Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday and said it has seen "signs of stability" for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors.
Microsoft Corp on Wednesday beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working and playing from home because of the novel coronavirus pandemic.
Tesla Inc's outspoken CEO Elon Musk on Wednesday called sweeping U.S. stay-at-home restrictions to curtail the coronavirus outbreak "fascist" as the electric carmaker posted its third quarterly profit in a row.
SoftBank Group Corp said it sees a loss of around 700 billion yen ($6.6 billion) in the year ending March on the portion of its WeWork investment held outside the Vision Fund, extending the group's expected net loss to 900 billion yen.
Tyson Foods Inc is halting operations at a beef facility in Dakota City, Nebraska until May 4 to complete a deep cleaning of the plant amid the coronavirus outbreak, a unit of the largest U.S. meat supplier said on Wednesday.
Virgin Australia Holdings Ltd's administrators have halted payments to bondholders and appointed Morgan Stanley to help sell the airline within four months, said a participant in a meeting of creditors owed nearly A$7 billion ($4.58 billion).
Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered dueling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook's Zuckerberg endorsing the measures while Tesla's Musk condemned them as anti-democratic.
Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day.
Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.
The U.S. economy likely contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.