Markets
Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary
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Net loss for the first quarter was 398.1 million dollars compared to a net loss of 1.1 billion dollars in the same period past year. Both companies have a history of steep losses and went through layoffs prior to the pandemic. The company said the layoffs include its customer support and recruiting team, and expects to incur about $20 million in costs for severance and related charges. [Full Article...]
Small businesses shouldn't expect more flexibility for spending PPP funds: labor secretary
The economists found "strong similarity" between states with high proportions of small business-bank financing relationships and PPP loan issuance. In the first round of funding, loans of more than $2 million account for about 1.5 percent of total loans, but around one-fourth of the total pool of money. [Full Article...]
Stock futures rise as Wall Street awaits latest jobless claims figures
The broad-based S&P 500 gained 1.6 per cent to 2,893.66, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent to 8,984.60. However, with the S&P 500 now about 16% below its record high, analysts have warned of another selloff with data revealing the extent of the pandemic's economic damage and U.S. [Full Article...]
Bank of England predicts economic record crash and soaring unemployment
The more the Bank of England and its new governor, Andrew Pelly, emphasize inflation risks, the more the market will suspect that the weakening of the British pound will be good for United Kingdom policymakers. Many economists expect the BoE to increase its asset purchase program in June, before the extra STG200 billion it gave itself in March is exhausted by the furious pace of its buying of Br... [Full Article...]
Crude oil prices rise on China export bounce but outlook remains weak
Brent was down $1.32, or 4.2%, at $29.65 a barrel, having risen in the past six sessions. Brent crude, the Middle East benchmark, traded above $30 a barrel for the first time since the middle of last month. Signalling a slow recovery in demand, data from the Energy Information Administration (EIA) showed U.S. crude and distillate inventories rose last week. [Full Article...]
April jobs data to show epic losses and soaring unemployment
Funds Manager at HEFFX holds a Ph.D.in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. [Full Article...]
China's exports make unexpected gains in April
Economists had forecast that exports would shrink by 11 per cent while imports would contract by 10 per cent. Exports to the European Union dropped 6.6%, while to the USA they fell 15.9%.China's exports usually start slowly in the first quarter due to the Lunar New Year and then rise from April. [Full Article...]
Farm Bureau President Says Trade Talks With United Kingdom Starting Is Positive
VanderWal says the US needs to build on each trade agreement they reach and use the success of those in forging new deals including a possible pact with the United Kingdom. International Trade Secretary Liz Truss and the United States trade representative Robert Lighthizer began two weeks of talks by videoconference involving over 100 officials from either side. [Full Article...]