Oil hovers below $40 as doubts emerge over next step on OPEC cuts
Oil pulled back slightly on Wednesday after briefly jumping above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.
Snap removes Trump account from curated promotional section
Snap Inc said it would no longer promote U.S. President Donald Trump’s account in Snapchat’s Discover section, saying his inflammatory comments last week made the account ineligible for the curated section where users explore new content.
Citigroup chief compliance officer Mark Carawan retires
Citigroup Inc said on Wednesday its chief compliance officer Mark Carawan is retiring after eight years at the firm, effective June 8.
Gilead’s remdesivir could see $7 billion in annual sales on stockpiling boost: analyst
Gilead Sciences Inc’s potential COVID-19 treatment, remdesivir, could bring in more than $7 billion in annual sales by 2022, spurred by governments stockpiling the drug to guard against future outbreaks, SVB Leerink said on Wednesday.
Heads of U.S. automakers, other Michigan companies condemn racism, injustice
Top executives of the Detroit Three automakers and other major Michigan employers on Wednesday condemned racism and injustice in the United States following the death last week of an unarmed black man at the hands of Minneapolis police, carefully joini…
Wall Street rises on Boeing, economic recovery hopes
A jump in Boeing shares led Wall Street higher on Wednesday, with investors hopeful of a rebound from a coronavirus-led economic slump amid continuing social unrest in the country.
U.S. labor market stabilizing as layoffs abate
U.S. private payrolls fell less than expected in May, suggesting layoffs were abating as businesses reopen, though the overall economy’s recovery from the COVID-19 pandemic will be slow.
Global smartphone shipments to fall 12% this year on virus woes: IDC
Global smartphone shipments will fall nearly 12% to 1.2 billion units in 2020, market research firm IDC said on Wednesday, citing lower consumer spending due to the economic impact of the coronavirus crisis.
Warner Music strikes a chord as shares pop on Nasdaq debut
Warner Music Group Corp’s stock popped 8% on its Nasdaq debut on Wednesday, after the world’s third-largest recording label sold shares in its $1.9-billion initial public offering towards the higher end of its target.
Walmart removes firearms, ammunition from floor display as protests rage in U.S.
Walmart Inc said on Wednesday it shifted firearms and ammunition out of sales floors of some U.S. stores amid nationwide protests over the death of an unarmed black man at the hands of police last week.
