Oil drops on growing crude glut, doubts over output cuts
Oil slumped on Tuesday in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic, while investors also grew cautious over expectations that the world’s biggest producers would quickly agree on output cuts.
WeWork sues SoftBank for dropping $3 billion tender offer
A WeWork board committee that negotiated a $3 billion tender offer with SoftBank Group sued the Japanese conglomerate on Tuesday for abandoning the deal, accusing it of succumbing to “buyer’s remorse” amid the novel coronavirus outbreak.
U.S. banking regulators encourage ‘prudent efforts’ by banks to help borrowers
U.S. banks should feel welcome to pursue “prudent efforts” to help borrowers impacted by the coronavirus pandemic, according to a new joint statement issued by banking regulators Tuesday.
Mexico asks U.S., Canada to grant automakers transition for USMCA rules
Mexico’s government on Tuesday asked the United States and Canada to grant its automotive industry extra time to adapt its supply chains as the deadline for implementing a new North American trade deal approaches.
Hopes of progress against virus lift stocks; dollar falls
World stock markets posted sharp gains on Tuesday as signs of progress in curbing the spread of the novel coronavirus in both Europe and the United States fueled investors’ appetite for risk.
Netflix rolls out more features for parental control globally
Netflix Inc on Tuesday rolled out a number of features for parental control on its streaming platform, including options to filter out select titles and review what children are watching.
United Airlines drastically cuts California flights to match demand
United Airlines Holdings Inc said on Tuesday it was temporarily, but significantly, reducing daily flying in and out of Los Angeles and San Francisco airports to better match demand that has dropped due to the new coronavirus.
U.S. economy will eventually reopen but with big changes: Kudlow
The Trump administration is aiming to reopen the U.S. economy when the nation’s top health experts give the go-ahead, but Americans’ lives will be drastically different, White House economic adviser Larry Kudlow said on Tuesday.
Former Fed chief Bernanke sees bad year, no quick recovery
The U.S. economy could shrink 30% or more this quarter as stay-at-home orders aimed at slowing the coronavirus outbreak choke off business, and it could be a couple of years before the economy regains its footing, former Federal Reserve Chair Ben Berna…
WeWork sues SoftBank after $3-billion tender offer falls through
WeWork’s owner, The We Company, has sued SoftBank Group, challenging its largest shareholder’s decision to terminate a $3 billion tender offer for shares in the office-space sharing firm.
