Markets
Oil posts double-digit gains after USA crude storage build slows
Brent crude for July delivery, which started trading on Friday as the new front-month contract, was up 34 cents, or 1.3%, at $26.82 a barrel by 0318 GMT. The surge was, in part, a result of the kingdom slashing its official selling prices last month. But indicating the depth of the crisis facing the industry after the unprecedented drop in demand, Royal Dutch Shell said on Thursday it was cuttin... [Full Article...]
Elon Musk Tweets Tesla’s Stock Price Is Too High
He also renewed his call for reopening the economy and then recited parts of the "Star Spangled Banner". Tesla's stock had been trading at about $760 a share then, after Musk's 11:11 am Tweet, plummeted to below $700 a share within minutes before rebounding slightly. [Full Article...]
Tesla drops plan to recall some workers to California plant this week
A paint department supervisor told employees in an email on Sunday that there was no need to come back to the factory this week, according to the report . But the company resisted, and kept producing cars there for another five days while its legal and policy teams argued with local authorities that they should be categorized as an "essential business". [Full Article...]
McDonald's says testing options for re-opening
In the latest weeks, different quick-meals eating places reminiscent of KFC and Burger King have been working restricted takeaway providers. McDonald's chief executive officer for United Kingdom and Ireland, Paul Pomroy, said it chose to close its restaurants temporarily for "the safety of our people and customers" but has recently begun looking at a "potential and limited reopening". [Full Article...]
Amazon's online sales soar, profit falls as coronavirus-related costs rise
Jones & Co. Rival brick-and-mortar retailers have had to shut stores while Amazon hired 175,000 people. Amazon owner Jeff Bezos pledged to spend all of the company's expected US$4 billion in Q2 profit on coronavirus-related expenses as pressure mounts over the company's treatment of workers during COVID-19. [Full Article...]
How to track the status of your stimulus check payment
The Treasury is aware that some individuals who have recently died received the $1,200 economic impact payments and plans to issue guidance in the coming days, the spokesman said. Users must provide basic information, including Social Security number, date of birth and mailing address used on tax return. The IRS has said that people who received more money than they were due because of changes ... [Full Article...]
Washington unemployment claim numbers ‘gargantuan,’ commissioner says
Since the job losses from the pandemic began in early March, the employment department estimates 787,533 Washington residents have filed a claim, with 504,284 getting a payment. "The number one reason New Yorkers' applications are incomplete is because they are missing Federal Employer Identification Numbers - and today we are reminding businesses they are legally required to provide this inform... [Full Article...]
Mukesh Ambani Foregoes His Salary Till 'COVID-19 Impact Abates'
Standalone total income was up 33.47 per cent at Rs 63,983 crore ($8.52 billion, assuming a conversion rate of Rs 75.1 to a United States dollar) in FY20 as compared to Rs 47,935 crore ($6.38 billion) in FY19, Mukesh Ambani-led telecom company said in a filing to the Bombay Stock Exchange. [Full Article...]