Hedge fund manager to lead Norway sovereign fund after $124 billion loss
Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic.
Fed’s Powell: U.S. may be in recession, control of virus to dictate timing of economy reopening
The United States “may well be in recession” but progress in controlling the spread of the coronavirus will determine when the economy can fully reopen, Federal Reserve Chair Jerome Powell said Thursday in a rare network television interview on NBC’s T…
Mnuchin: Americans to get aid within three weeks amid coronavirus
Americans should receive direct deposits for financial aid within three weeks as soon as the coronavirus economic relief bill is signed into law, the U.S. Treasury Secretary said, adding that the record jobless claims announced on Thursday “are not rel…
Mitsubishi Corp could take 10% stake in Renault in alliance rejig: report
Japanese conglomerate Mitsubishi Corp could potentially take a 10% stake in French carmaker Renault as part of scenarios being discussed to reinforce an alliance between Renault, Nissan and Mitsubishi Motors, Les Echos newspaper reported on Thursday…
Oil falls as sinking demand outweighs stimulus hopes
Oil prices fell on Thursday, after three sessions of gains, as plunging demand due to restrictions on movement worldwide to contain the coronavirus overshadowed expectations that a $2 trillion U.S. stimulus package will bolster economic activity.
Caterpillar halts operations at some facilities, withdraws 2020 outlook
Construction and mining equipment maker Caterpillar Inc said on Thursday it was suspending operations at some facilities and withdrawing its 2020 outlook as it struggled with the impact of government-ordered shutdowns on its plants and supply chains.
Danish charity network to 3D print protective visors
A group of Danish entrepreneurs have started a charity network that stands ready to make up to 20,000 protective visors a day using 3D printers, in an attempt to meet rising demand from doctors and nurses combating the coronavirus outbreak.
U.S. offers $58 billion aid to airlines as governments seek to avert bankruptcies
Governments stepped up efforts on Thursday to help airlines hammered by a virus-induced travel slump, with the United States offering $58 billion in aid, Singapore promising to keep its carrier aloft, and Australia easing competition rules.
Oil majors slash 2020 spending 20% after prices slump
The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Time to buy stocks again, market mavens say
BlackRock, Credit Suisse and some other big banks reckon it is time to get back into equities after markets rallied this week following massive government and central bank stimulus packages to fight fallout from the coronavirus crisis.
