Oil prices rose on Friday but still posted a weekly loss, the eighth in nine weeks, as global production cuts could not keep pace with the collapse in demand caused by the coronavirus pandemic.
The U.S. Centers for Disease Control and Prevention (CDC) on Friday reported 865,585 cases of the novel coronavirus, an increase of 37,144 from its previous count, and said the number of deaths had risen by 2,437 to 48,816.
The firm behind Madame Tussauds and Legoland parks raised 500 million euros ($540 million) via a five-year bond on Friday, paying a high yield of 7% to secure the funds it needs to tide it over while most of its venues are closed in the coronavirus pandemic.
President Donald Trump on Friday threatened to block federal aid for the U.S. Postal Service unless it raises shipping rates for online companies like Amazon.com, prompting criticism that the move would hurt consumers relying more than usual on packages during the coronavirus outbreak.
KLM, the Dutch subsidiary of Air France KLM , will receive 2-4 billion euros (up to $4.32 billion) in emergency aid to help it through the COVID-19 crisis, Dutch Finance Minister Wopke Hoekstra said on Friday.
German airline Lufthansa is seeking a loan of 290 million euros ($313.08 million) loan from the Belgian government to avoid the bankruptcy of its Belgian subsidiary Brussels Airlines, Belgian broadcaster LN24 said on Friday.
BNY Mellon | Dominic Broom | Apr 2020 The Transformation and Convergence of Global Payments 2020 The global payments landscape is in a state of fundamental transformation, comparable in significance to the advent of downloadable entertainment for the video rental business. Banks in particular will need to move swiftly if they are to take advantage
The U.S. economy faces a bleak immediate future with gross domestic product likely contracting 12% in the second quarter and the federal deficit growing to $3.7 trillion, while the unemployment rate will probably crest at 16% in the third quarter, according to projections released by the Congressional Budget Office on Friday.
Companies across a range of industries are slashing or suspending dividends to cope with the economic fallout from the coronavirus outbreak, complicating the stock selection process for money managers eager to buttress their portfolios with a steady stream of income.
Billionaire investor Carl Icahn said he expects to see "good opportunities" to buy after the historic stock market sell-off but warned there will likely be more heavy selling because the coronavirus outbreak has yet to be contained.
Wall Street rallied on Friday, led higher by Apple and Microsoft as investors finished a turbulent week of trading and some states prepared to relax coronavirus-related lockdowns.
A nationwide business shutdown and a surge in U.S. government spending will nearly quadruple the federal deficit to a record $3.7 trillion this fiscal year, as a gyrating American economy reacts to the coronavirus pandemic, congressional forecasters said on Friday.
With the U.S. coronavirus death toll topping 50,000, Georgia, Oklahoma and a handful of other states took the first tentative steps at reopening for business on Friday, despite the disapproval of President Donald Trump and health experts.
Global equity benchmarks struggled on Friday as some U.S. states began reopening businesses despite the disapproval of health experts, and as the European Union put off addressing details of its new economic rescue plan.
A historic plunge in oil prices in the wake of the COVID-19 pandemic has highlighted the risks of oil-focused exchange-traded products (ETPs).