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Fed rolls out US$2.3 trillion to backstop ‘Main Street,’ local governments during crisis

The U.S. Federal Reserve on Thursday rolled out a broad, US$2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic.

Markets

Exclusive: JPMorgan looking to offload Saudi and UAE sovereign fund loans – sources

JPMorgan is seeking to sell at a discount loans raised by the sovereign wealth funds of Saudi Arabia and the United Arab Emirates, according to two sources and a document, as banks brace for a borrowing spree in the Gulf due to low oil prices.

Markets

COVID-19 lockdown drives jump in vodka and whisky sales in Russia

MOSCOW: Russian retailers have seen a sharp spike in alcohol sales in recent weeks, with consumers rushing to buy vodka, whisky and beer at a time when Moscow and other regions have imposed partial lockdowns to stem the spread of COVID-19. In the last week of March, vodka sales...

Markets

IMF chief says pandemic will unleash worst recession since Great Depression

The pandemic sweeping the world will turn global economic growth "sharply negative" in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.

Markets

Costco set to open new store in China’s Suzhou city

U.S. retail giant Costco will open a new store in China's eastern city of Suzhou, near Shanghai, state media reported on Thursday.

Markets

Exclusive: Airbnb restricts bookings on its platform in Britain

Home rental firm Airbnb blocked British bookings on its platform for the vast majority of customers on Thursday, allowing only key workers to stay in properties for as long as emergency government coronavirus restrictions are in place.

Markets

S&P cuts Renault bonds to ‘junk’ and downgrades outlook on PSA

Credit rating agency Standard & Poor's (S&P) delivered downgrades on Thursday to France's top car companies Renault and PSA , cutting Renault's bonds to 'junk' status due to the impact of the new coronavirus.

Markets

US bank results to focus on looming loan losses during coronavirus

How much money will U.S. banks lose on loans because of the coronavirus recession?

Markets

Futures dip ahead of weekly jobless claims number

U.S. stock index futures dipped on Thursday as investors braced for another staggering weekly jobless claims number, while oil prices rose on hopes of sweeping production cuts.

Markets

France rules Google must pay news firms for content

France's competition authority ruled on Thursday that Google must pay French publishing companies and news agencies for re-using their content.

Markets

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