Oil falls as demands fears outweigh stimulus efforts
Oil prices fell on Friday as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world and as the United States faced the prospect of becoming the next global epicenter of the pandemic.
U.S. not bailing out airlines, Boeing not using federal money: Treasury Secretary
U.S. Treasury Secretary Steve Mnuchin said on Friday that the coronavirus economic stimulus bill before Congress is not an airline bailout and that taxpayers will be compensated for relief given to companies hobbled by the global pandemic.
Lufthansa applies for short-time work for 31,000 employees
Lufthansa has applied for short-time work for around 31,000 crew and ground staff at its core brand until the end of August, a spokesman said on Friday, as Germany’s flagship carrier has slashed flights due to the coronavirus outbreak.
‘This is a war and we want to survive,’ says Polish retailer
Polish fashion retailers may not survive the coronavirus crisis if the government, banks and shopping mall owners do not help them bear the costs, a lobby group said on Friday, as Poland closed non-essential shops to stop the spread of the virus.
Calls mount for new OPEC+ deal as oil prices and demand slide
Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging price war.
We need to act, ECB’s Lagarde tells feuding EU on coronavirus rescue: sources
European Central Bank chief Christine Lagarde urged wrangling EU leaders to act more decisively to cushion the economic hit of the coronavirus pandemic, three sources familiar with the matter said on Friday, as the bloc feuds over how far to go.
‘Maximum bearish’: funds in record rush to cash in past week
Investors rushed into cash and out of bonds at a record pace over the past week as the coronavirus pandemic caused mayhem in markets, BofA said on Friday, though it noted a key positioning signal at “maximum bearish” could signal a big rally ahead.
Nestle says cuts deforestation in its cocoa supply chain
Nestle, the world’s biggest food company, says it has made significant progress removing cocoa produced in protected forests in West Africa from its supply chain as pressure builds from consumers and governments for ethically sourced cocoa.
Futures fall after three-day surge as virus fears grow
U.S. stock index futures fell over 2% on Friday, a day after the S&P 500 and the Dow posted their best three-day run since the early 1930s, as the United States faced the prospect of becoming the next global epicenter of the coronavirus pandemic.
Condom shortage looms after coronavirus lockdown shuts world’s top producer
A global shortage of condoms is looming, the world’s biggest producer said, after a coronavirus lockdown forced it to shut down production.
