Markets
Coronavirus: Oil price collapses to lowest level for 18 years
The country is willing to maintain its survival-of-the-fittest oil strategy by using its vast supplies and financial muscle to drive out higher-cost rivals for the long term, sources have told Reuters . Global demand for oil could fall by 20 percent as 3 billion people around the world live in lockdown. According to GasBuddy , the average nationwide price of a gallon of regular gasoline fell t... [Full Article...]
Gas prices falling in Tennessee as COVID-19 slows travel demand
The goal behind the low prices? Gasoline prices at some Cleveland gas stations have dipped below one dollar per gallon over the past 24 hours, reaching as low as 67.9 cents Monday night at one station on Cleveland's West Side. "Motorists should continue to be vigilant if they need to fill their tanks- bring hand sanitizer and potentially wipes, but also shop around as the gap between station wid... [Full Article...]
Fed steps in once again to try to smooth out lending markets
In a series of sweeping steps, the U.S. Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs. The Fed had already opened up USA dollar swap lines with 14 other central banks as companies and governments around the world scramble for dollars. [Full Article...]
DOJ probes Sen. Burr's stock trades ahead of coronavirus market crash
CNN reported on Monday the DOJ, along with the Securities and Exchange Commission, has begun examining Burr's decision to dump thousands of dollars worth of stocks on February 13-less than a week before the stock market sharply dropped because of the coronavirus threat. [Full Article...]
Surprising factory activity numbers in China, according to Beijing stats office
The shutdown of China's economy sent out global shockwaves, battering Asian countries that supply its factories with components and raw materials and disrupting shipping, airlines and other industries. Nomura analysts Lu Ting, Wang Lisheng and Wang Jing said in a note ahead of the PMI data release that they expect "deeply negative growth for nearly all activity data in March", given the relatively... [Full Article...]
COVID-19 infection cases surge in Spain; U.S
At the same time, he warned this is no time to let up on tough containment measures. Meanwhile, a US Navy hospital ship with 1000 beds arrived in port in NY to help relieve the crisis gripping the city. Nearly 15 percent of all those infected in Spain, almost 13,000 people, are among the country's 646,000 health care professionals. A field hospital opened in New York City's iconic Central Park, ... [Full Article...]
Holland America extends pause on cruise ship operations for 30 more days
Options include cancellation or a 100% credit on a future cruise with additional onboard credit. The cruise line originally announced that cruise operations would be suspended for 45 days until April 30, 2020 , for North America. Guests will be contacted and be able to choose either a full refund or a future cruise credit for 125 per cent of the booking value, along with a $250 shipboard cred... [Full Article...]
WestJet extends global flight suspensions into May amid COVID-19 pandemic
A company-wide cost reduction and capital deferral program, targeting at least $500 million. Air Canada is working with Ottawa to repatriate Canadians overseas. Rovinescu continues that these temporary layoffs will aid in ensuring that Air Canada will be able to manage through the coronavirus crisis that has taken serious tolls not only on their airline but on every operator within the indus... [Full Article...]