Markets
Fed chair Powell warns of "lasting" economic damage without more stimulus
But, what happens if the Fed's current policy doesn't work, what then? The Dow Jones Industrial Average plunged over 500 points following the Fed chairman's remarks, indicating investors' concerns over the prospect of economic recovery as USA states race to reopen. [Full Article...]
UK's wealthiest according to Sunday Times Rich List lose billions to pandemic
Right: David and also Simon Reuben deserve ₤16 billion and also come 3rd on the list. Emma Watson, 30 - who starred alongside Daniel in the "Potter" franchise - is in second position on the list, with a fortune worth £52 million. Three various other entrances in this year's Rich List top 10 have actually additionally made use of the furlough plan. - Sir Leonard Blavatnik, financial investment,... [Full Article...]
Saudi sovereign wealth fund seeks margin loan
The $ 300 billion Public Investment Fund (PIF) has been buying minority stakes in companies around the world, taking advantage of market weakness in the wake of the coronavirus outbreak. of $3.5 billion is now down 40%. The PIF is looking into "any opportunity" arising from the economic wreckage of the crisis, the fund's governor, Yasir Al-Rumayyan, said at a virtual event in April. [Full Article...]
Royal Mail boss Rico Back ousted - but collects £450,000 payout
Royal Mail said on Friday it had committed just under £40m to purchasing PPE for employees. United Kingdom parcel volume rose by 31% and revenue climbed by 20%, even as there were 308 million fewer addressed letters in the month, pushing letter revenue down by 23%. [Full Article...]
William Hill Revenue Drops 57% Due to COVID-19
Online International net revenue accelerated by 35% up to 10 March, driven by a strong performance in gaming. The bookmaker reported a 57% fall in revenues in the seven weeks to 28 April. The bookmaker further confirmed that it has waived its Revolving Credit Facility (RCF) covenants for 2020 - which will see William Hill defer payments on £200 million bond deferred to 2021/2022. [Full Article...]
Table service and more masks: How McDonald's will change when it reopens
As of the 20th May, the restaurant chain will open a further 30 branches across the country for drive-thru, but vehicle parks and dining areas will remain closed. Employees will be checked with contactless thermometers on arrival at work and perspex screens will be installed in key locations of kitchens and service areas. [Full Article...]
Barber Who Refused to Close Tests Positive
Carol Smith, Ulster County Health Commissioner, said in a statement . Ulster County health officials are searching for anyone who may have had their haircut at the barbershop over the last three weeks, a statement from the county says. A barber in Kingston, New York has tested positive for the coronavirus after their barbershop stayed open over the last few weeks as other non-essential business... [Full Article...]
Singapore Airlines reports almost $150 million virus loss
Airlines reported an annual loss of nearly US$150 million (RM651 million) today, driven by the collapse in air travel caused by the coronavirus pandemic, and the latest sign of the outbreak's devastating impact on the aviation sector. Additional fuel hedging losses are expected in that quarter, it said. Singapore Airlines and its regional arm SilkAir have slashed 96% of capacity through the end ... [Full Article...]