Markets
Oil prices extend losses as coronavirus lockdown crushes global demand
Expectations on economic normalization rose after encouraging update on a clinical trial for USA biopharmaceutical company Gilead Sciences' experimental coronavirus treatment. "Oil trade will remain volatile, but any major relief rallies will likely be heavily sold into until the entire energy space starts delivering deeper production cuts", according to Edward Moya, another senior market analyst ... [Full Article...]
Oil prices slump amid mounting storage fears
Worldwide benchmark Brent crude was trading at $20.50 per barrel at 0630 GMT on Wednesday with a 0.79% gain after closing Tuesday at $20.34 a barrel. As U.S. crude output continues to fall, shale producers are butting heads with their service companies over the termination of purchase agreements. [Full Article...]
British Airways to slash up to 12,000 jobs over Covid-19 crisis
IAG announced the planned job cuts as it revealed that revenues plunged 13% to 4.6 billion euros (£4 billion) in the first three months of 2020 after the pandemic hit capacity. The French and Dutch governments have agreed an aid package for Air France-KLM worth up to 11 billion euros. "Cruz, however, said Ba had overcome many crises in its 100 year history". [Full Article...]
Branson's Virgin Atlantic in virus bailout talks
Last week, Branson had said that Virgin Atlantic would only survive the outbreak if it gets financial support from the United Kingdom government. The airline had sought a £500m government loan and Mr Branson even offered his private island as collateral but the reports say that government thinks commercial option are still available to the group. [Full Article...]
Gilead says remdesivir hit primary target in COVID-19 study
Details are expected to be released later, the company said in a statement". Gilead shares were halted, but the news appeared to lift the entire USA stock market, with futures linked to major US indexes jumping after the company's statement was issued. [Full Article...]
Farmers Markets are opening, providing a sense of normalcy
Some 12-14 vendors are expected on opening day. Vendors can assist one shopper at a time. Only those with products designated as "essential" under Gov. Currently, market organizers are planning for the event to return to an in-person environment in June, though they acknowledge if and when that happens, plans will likely include significant modifications to how the market operates. [Full Article...]
USA stocks flatten Tuesday as tech stocks tumble
The optimism helped send the S&P 500 up 1.9% in the first few minutes of trading, and stocks in Europe also jumped after Gilead Sciences said an experimental coronavirus drug met its treatment goal in a major study. They are wary of how fast stocks have rebounded despite the gradual pace of resuming business activity. The yield on the 10-year US Treasury held steady at 0.61 per cent after pari... [Full Article...]
Canada to unveil new federal coronavirus projections today: Trudeau
To date, 2,852 people have died from the novel coronavirus in Canada. Ontario and Quebec together account for more than 80 per cent of the more than 48,000 cases of COVID-19 in the country. "We're giving more money to processors so they can purchase personal protective equipment for workers, adapt to health protocols and support other social distancing measures", Trudeau said. [Full Article...]