Markets

Ryanair to cut 3,000 jobs as coronavirus grounds flights

Ryanair to cut 3,000 jobs as coronavirus grounds flights The low-priced carrier, Europe's largest airline, said it would begin consulting with unions over 3,000 "mainly pilot and cabin crew jobs". Ryanair is also in talks with planemaker Boeing about a reduction in aircraft deliveries as it adjusts to a "slower and more distorted European Union air travel market in a post Covid-19 world". [Full Article...]

Oil up as United States crude stocks due to fall short of estimate

Oil up as United States crude stocks due to fall short of estimate To ease the growing glut, major oil producing-nations agreed in mid-April to cut output by almost 10 million barrels per day. Energy Secretary Dan Brouillette said in a Tuesday conference call that Treasury Secretary Steven Mnuchin is considering loans and emergency lending through the Federal Reserve for small- and medium-sized oil producers, Bloomberg reports . [Full Article...]

S&P 500, Dow slip after grim jobless claims data

On Thursday, the Labor Department's report showed initial unemployment claims totaled 3.84 million for the week ended April 25, a day after data confirmed the biggest contraction for the USA economy in the first quarter since the Great Recession. [Full Article...]

Government extends furlough scheme to June

Government extends furlough scheme to June The furlough initiative, which was due to end on May 31, will now run until June 30 2020. "For many businesses this is proving to be a blunt instrument because reducing production isn't as simple as chopping out half a workforce". Unions, firms and economists have welcomed the scheme. However, the Chancellor said he would keep the scheme under review and extend it if necessary. [Full Article...]

Alberta to reopen some businesses as early as mid-May

Private and municipal parks will be reopened as well, along with golf courses becoming operational as of this weekend (weather permitting), though club houses and pro shops will remain closed until Stage 1 of the relaunch strategy comes into effect. [Full Article...]

French Economy Suffers Historic Drop and Enters Recession

French Economy Suffers Historic Drop and Enters Recession The only questions are how severe the downturn will be and how long it will take to recover. The Commerce Department's Bureau of Economic Analysis ( BEA ) said that it could not quantify the full effects of the pandemic, but that the virus had partly contributed to the decline in GDP in the first quarter. [Full Article...]

ETF May Gain From the Falling Oil Prices

ETF May Gain From the Falling Oil Prices The world's largest oil exporter is suffering from historic price lows, while at the same time measures to fight the new coronavirus are likely to curb the pace and scale of economic reforms launched by Crown Price Mohammed bin Salman. Saudi Arabia does not disclose the oil price assumptions behind its budget. The Kingdom needs a price of $76.1 to balance its budget, according to the International... [Full Article...]

Almost 4 million Americans filed for unemployment last week

Almost 4 million Americans filed for unemployment last week The federal data only include traditional unemployment claims and do not count previously ineligible workers, such as contractors and the self-employed, who can access benefits through the new Pandemic Unemployment Assistance program Congress created. [Full Article...]


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