Facebook’s Libra cryptocurrency gets revamp in response to backlash
Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.
Millions unemployed, homebuilding collapses as coronavirus ravages U.S. economy
A record 22 million Americans have sought unemployment benefits over the past month, with millions more filing claims last week, almost wiping out all the job gains since the Great Recession and underscoring the toll on the economy from extraordinary …
New York forms team to develop ‘Trump-proof’ economic reopening plan
New York Governor Andrew Cuomo has tapped high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart pressure from President Donald Trump to move more rapidly, state government sources told Re…
Oil prices mixed after OPEC lowers oil demand forecast due to coronavirus
Oil prices were mixed with Brent down and U.S. crude higher after OPEC lowered its global oil demand forecast due to the “historic shock” delivered by the coronavirus outbreak.
Dollar at one-week high as investors seek safety after jobless data
The dollar hit a one-week high on Thursday as investors fled to safe-haven assets following the release of weekly U.S. jobless data showing a record 22 million Americans have sought unemployment benefits in the last month.
Coronavirus test ramp-up to help Abbott weather ‘toughest quarter’
Abbott Laboratories Inc said on Thursday a recent ramp up in coronavirus tests production would help it ride out a tough current quarter as the outbreak chokes demand for its other diagnostic kits.
U.S. telling lenders small business fund to run dry imminently: source
The U.S. Small Business Administration is telling lenders a $350 billion emergency loan program for small businesses designed to help them keep workers on their payrolls is expected to run out of funds imminently, a source familiar with the situation s…
Ferrari makes parts to turn snorkel masks into coronavirus kit
Luxury carmaker Ferrari has begun making parts to convert snorkel masks into respirators for treating patients with coronavirus and protecting medical workers.
S&P 500, Dow slip on grim earnings, coronavirus worries
The S&P 500 and Dow Jones slipped on Thursday, giving up early gains as concerns about rough first-quarter earnings and lasting economic damage from the coronavirus pandemic offset weekly jobless claims that were better than some had feared.
New lira curbs to boost Turkish FX reserves but at longer-term price
Turkey’s latest squeeze of its $37 billion-a-day London lira market may succeed in boosting scarce hard currency reserves but analysts say it will not stem the lira’s decline and that the country’s reliance on foreign capital means it could backfire.
