LONDON/TOKYO (Reuters) – Factories fell quiet across most of Europe and Asia in March as the coronavirus pandemic paralyzed economic activity, with evidence mounting that the world is sliding into deep recession. FILE PHOTO: A worker welds at a market under construction in Kunming, Yunnan province, August 12, 2015. REUTERS/Wong Campion Manufacturing…
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Dollar rallies as investors brace for global downturn
LONDON (Reuters) – The dollar rallied against riskier currencies on Wednesday, with markets staring at what looked likely to be one of the worst economic contractions for decades as the world confronted the coronavirus pandemic. FILE PHOTO: One hundred dollar notes are seen in this photo illustration at a bank in Seoul,…
Markets fall as virus woes strike again
LONDON (Reuters) – World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities. Traders headed for the safety of government bonds, the dollar and gold as evidence continued to mount that the virus was sending the global economy into a deep…
Futures tumble as coronavirus crisis intensifies
(Reuters) – Wall Street was set to open sharply lower on Wednesday, as dire predictions on the U.S. death toll and worsening economic damage from the coronavirus pandemic led investors to ditch equities for safe-haven assets. FILE PHOTO: A trader wears a face mask on the floor of the New York Stock…
Glencore’s chrome joint venture in South Africa with Merafe declares force majeure
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann LONDON (Reuters) – Glencore’s (GLEN.L) chrome joint venture in South Africa with Merafe Resources (MRFJ.J) has declared force majeure on qualifying contracts after a nationwide lockdown forced operations…
Oilfield spending to fall 21% as producers slash outlays: report
(Reuters) – Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending. FILE PHOTO: A pump jack operates in…
Oil falls to $25 as oversupply fears mount with U.S. inventory rise
LONDON (Reuters) – Oil fell towards $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns. General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden,…
Chinese buyers snap up U.S. oil purchases at widest discounts ever
SINGAPORE (Reuters) – China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland,…
Oil majors slash 2020 spending by 20% after prices slump
LONDON (Reuters) – The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. FILE PHOTO: The sun is seen behind a crude…
Tariff pain turns to gain: U.S. computer, toy stockpiles help meet virus rush
OAKLAND, California (Reuters) – As the coronavirus outbreak forced classes online, Boston Public Schools ordered 20,000 laptops and had them in hand in four days – an unusually fast turnaround made possible by a build-up of inventory prompted by the U.S.-China trade war. FILE PHOTO: A 4th grader at Cottage Lake Elementary…
It’s April Fools’ Day, So a K-Pop Star Pulled a Coronavirus Prank
For most people, the coronavirus is no laughing matter. But the Korean star known as Jaejoong of the K-pop group JYJ decided to pretend to have the virus on Wednesday in a misfired attempt at an April Fools’ Day joke. He made the claim on his Instagram account, which had nearly two…
Coronavirus, New York, Food Banks: Your Wednesday Briefing
(Want to get this briefing by email? Here’s the sign-up.) Good morning. It’s a new month, but the coronavirus is still with us. We’re covering it and answering your questions, while making suggestions to help take your mind off the news. (April Fools’ Day is canceled.) Image Dr. Deborah Birx with President…
Why the Global Recession Could Last a Long Time
LONDON — The world is almost certainly ensnared in a devastating recession delivered by the coronavirus pandemic. Now, fears are growing that the downturn could be far more punishing and long lasting than initially feared — potentially enduring into next year, and even beyond — as governments intensify restrictions on business to…
Transforming a Boring Office into a Flexible Workspace
A workspace can play a significant role in a company’s overall productivity. Given that employees spend most of their waking hours in offices, this environment should contribute to their performance rather than drag it down. In fact, Harvard Business Review found that designing offices that align with the tools used in industries…
Ford, GE to produce 50,000 ventilators in 100 days
DETROIT (Reuters) – Ford Motor Co said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric’s healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus. Ford said the simplified ventilator…
Explainer: What the Federal Reserve has done in the coronavirus crisis
(Reuters) – The Federal Reserve has moved into overdrive to try to keep the U.S. economy from suffering lasting damage from the coronavirus pandemic, announcing an emergency interest rate cut on March 3 and rolling out new efforts almost weekly since, including slashing rates to zero and relaunching large-scale asset purchases. FILE…
U.S. proposes minimum air service rules for airlines receiving assistance
FILE PHOTO: Delta Airlines planes and a British Airways plane (2nd L) are pictured at Seattle-Tacoma International Airport, on the day Delta CEO Ed Bastian told employees he was cutting 40% of capacity in the coming months, the largest in the airline’s history, in addition to pursuing aid, in SeaTac, Washington, U.S.…