S&P 500, Dow slip after Powell’s somber outlook on economy
The S&P 500 and Dow slipped on Wednesday as Federal Reserve Chairman Jerome Powell warned of an extended period of weak growth and stagnant incomes, while he also dismissed speculation over negative interest rates.
Wall Street bonuses set to fall by as much as 30% in 2020: report
Wall Street bonuses for 2020 could fall by as much as 25%-30% due to the deep cuts to revenues recorded by banks and hedge funds earlier this year as a result of the novel coronavirus, according to a report published Wednesday by compensation consultin…
OPEC slashes oil demand forecast but sees cuts helping restore balance
OPEC on Wednesday again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.
Jersey jackpot of $2 million awaits Deutsche’s lost shareholders
While Deutsche Bank employees fret about their jobs and pay, Germany’s largest lender is trying to track down several hundred former staff to claim share payouts it has been holding in Jersey.
S.Korean shoppers go the distance to beat Chanel price hike
More than a hundred shoppers waited in line outside a Chanel store in Seoul on Wednesday, shrugging off concerns about a second wave of coronavirus infections to beat imminent price hikes by the French luxury brand.
Over 300 lawmakers worldwide urge IMF, World Bank to cancel poor countries’ debt
Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest countries in response to the coronavirus pandemic, and to boost funding to avert a global economic meltdown.
Powell: Fed not looking at negative rates
Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to use more Fed power as ne…
Fed’s Powell warns of prolonged economic weakness, calls for more fiscal support
Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an “extended period” of weak growth and stagnant incomes, pledged to use more of the central bank’s power as ne…
Tesla, county reach deal to allow automaker to reopen U.S. plant next week
Tesla Inc and officials in California have resolved their acrimonious clash over safety procedures at the automaker’s sole U.S. assembly plant with a deal that allows production to resume as early as Monday, county officials said.
Equities slide, bonds rise on Fed warning of prolonged recession
Stock markets tumbled on Wednesday on fears about a second wave of coronavirus infections and warnings from Federal Reserve Chairman Jerome Powell that the U.S. faces a “significantly worse” recession than any downturn since World War Two, while bonds …
