U.S. bank profits plunge 70% on coronavirus loss provisioning
U.S. bank profits fell by 69.6% to $18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact...
Oil prices rise on hopes of demand recovery
Oil prices edged higher on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains...
Fed corporate bond move relieves potential stigma for companies, say investors
The New York Federal Reserve’s planned launch on Tuesday of a bond-buying facility could help ease the potential stigma for companies of asking for help...
Hilton to cut 2,100 corporate jobs globally
Hotel chain Hilton Worldwide Holdings Inc said on Tuesday it would cut about 22% of its corporate workforce, or 2,100 jobs, in response to the...
Fed Chair Powell says strong job market can reduce U.S. racial inequality
The best way the Federal Reserve can help reduce racial inequality is to return the U.S. labor market to its pre-coronavirus strength, U.S. Fed Chair...
Green shoots welcome but recovery still a long road, Fed’s Powell says
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal...
Instant View: Powell: No U.S. growth recovery until epidemic controlled
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal...
Wall Street jumps as May retail sales boost hopes of swift recovery
U.S. stocks advanced on Tuesday after a record surge in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted...
Trump team prepares $1 trillion infrastructure plan to spur economy
The Trump administration is preparing an up to $1 trillion infrastructure package focused on transportation projects as part of its push to spur the world’s...
U.S. posts rule allowing U.S. companies to work with Huawei on 5G and other standards
The U.S. Department of Commerce on Tuesday posted a new rule that allows U.S. companies to work with China’s Huawei to develop standards for 5G...