Pelosi calls on Fed to help universities
The top Democrat in the U.S. House of Representatives called on the Federal Reserve on Tuesday to allow nonprofit groups including colleges and universities access to a lending facility intended to help businesses cope with the coronavirus outbreak.
J.C. Penney to hire advisors as it mulls debt management options: Bloomberg News
J.C. Penney Co Inc has approached consulting firm AlixPartners LLP as the U.S. retailer looks at options for managing its debt, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.
Wells Fargo profit decimated as coronavirus-led loan defaults loom
Wells Fargo & Co eked out a first-quarter profit of one penny per share as the bank set aside nearly $4 billion to cover expected loan losses due to the coronavirus pandemic.
JPMorgan profit dives as banks brace for coronavirus-led loan defaults
JPMorgan Chase & Co’s profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Wall Street jumps 2% on hopes of lockdown easing; JPMorgan kicks off earnings
Wall Street rose more than 2% on Tuesday on signs some economies would ease strict coronavirus-induced lockdowns, with investors also looking at quarterly earnings from JPMorgan and Johnson & Johnson for clues on the business hit from the outbreak.
U.S. import prices post biggest decline in over five years; more to come
U.S. import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of other goods, pointing to import deflation that could deepen amid the coronavirus pandemic.
G7 backs debt moratorium for poor countries if G20 creditors, Paris Club join
Group of Seven (G7) finance officials on Tuesday vowed to continue to act as needed to combat the coronavirus pandemic and stabilize the global economy, and threw their support behind a push to provide temporary debt relief to the poorest countries.
Coronavirus ‘Great Lockdown’ will shrink global economy by 3% in 2020: IMF
The global economy is expected to shrink by 3.0% during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s, the International Monetary Fund said on Tuesday.
Texas hearing on oil production curbs stirs hornet’s nest
Texas energy regulators on Tuesday started to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades.
Oil producers pin hopes for massive cuts on unprecedented stocks purchases
An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stocks on a scale not before seen.
