Stocks seesaw as rising coronavirus cases offset recovery hopes
Equity markets around the world seesawed on Wednesday as the prior day’s rally on economic and vaccine hopes faded, while fresh coronavirus outbreaks and rising geopolitical tensions in Asia boosted demand for the dollar and safe-haven debt.
FAA chief acknowledges agency, Boeing made mistakes on 737 MAX
The head of the Federal Aviation Administration, Steve Dickson, acknowledged on Wednesday that Boeing Co and the U.S. air safety agency both made mistakes on the 737 MAX jet, but rejected senators’ accusations the FAA was “stonewalling” probes after tw…
Powell repeats Fed to use full range of tools to aid economy
With a full U.S. economic recovery out of reach until the coronavirus pandemic is brought to heel, the Federal Reserve will use its “full range of tools” to cushion households and businesses, Fed Chair Jerome Powell told lawmakers on Wednesday.
Exclusive: Who’s in charge at Nissan? COO’s allies push to give him shared CEO role – sources
Nissan’s chief operating officer Ashwani Gupta helped engineer the troubled automaker’s latest turnaround plan. Now his allies are pressing the board to promote him to co-CEO to drive the new strategy, said four people with direct knowledge.
Insider-trading investigation against U.S. senator dismissed
The U.S. Senate Ethics Committee has cleared Senator Kelly Loeffler of wrongdoing in connection with stock trades, her office said on Wednesday, after the wealthy Republican – who is in a tough election race – was criticized over share sales during the…
U.S. shale companies to boost oil output by 500,000 bpd by month-end
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel deman…
Citing ‘racial stereotype,’ PepsiCo to drop Aunt Jemima name; Uncle Ben’s under review
PepsiCo Inc will change the name and brand image of its Aunt Jemima pancake mix and syrup, it said on Wednesday, dropping a mascot that has been criticized for a racist history.
Oil falls as coronavirus cases pick up in China, U.S.
Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after U.S. stocks of diesel fuel fell for the first time in weeks and U.S. oil production dropped sharply.
U.S. SEC has problems with car rental firm Hertz selling new shares: CNBC
The U.S. Securities and Exchange Commission (SEC) has told bankrupt Hertz Global Holdings Inc it has issues with the car rental firm’s plan to sell new shares, the agency’s Chairman Jay Clayton told CNBC television on Wednesday.
U.S. Justice Department to propose rolling back protections for big tech
The U.S. Justice Department will propose legislation as soon as Wednesday to try to remove protections that big tech platforms like Alphabet’s Google and Facebook have had for decades, a department official said on Wednesday, speaking on condition of…
