BUSINESS

BUSINESS

Oil Prices Up

Oil prices rally on Friday to post its best month ever as crude prices delivered gains of nearly 100% for May after rebounding from their lowest levels in history. West Texas Intermediate crude climbed up $1.78 at $35.49 per barrel, erasing early weakness in the session that pushed U.S. crude to as low as $32.26 at one point. Brent oil […]

BUSINESS

Apple Set To Reopen In U.S.

Apple Incorporated plans to reopen about 100 U.S. stores, mostly with curbside pickup but some with walk-in service. The company made the announcement earlier in the week. Apple shuttered stores worldwide as the coronavirus pandemic spread but has slowly opened them based on local health data. The company reopened a small number of stores earlier this month in Alaska, Idaho, […]

BUSINESS

Boeing Set To Cut Jobs

Boeing says it is eliminating more than 12,000 U.S. jobs, including involuntary layoffs of 6,770 US workers as the largest American planemaker restructures in the face of the coronavirus pandemic.  Boeing also disclosed it plans several thousand remaining layoffs in the next few months but did not say where those would take place. The company announced in April it would […]

BUSINESS

JetBlue, United Airlines Takes Safety Measures Amidst COVID-19 Pandemic

The COVID-19 pandemic has almost brought travel by air in the U.S. to a halt. Passenger traffic is down about 94 percent, and half of the industry’s 6,215 planes are parked at major airports and desert airstrips, according to Airlines for America, a trade group. Now, with the opening up of the country, airlines expect an increase in domestic travel […]

BUSINESS

U.S. Slams Break On Huawei’s Tech Progress

The U.S. federal government has unveiled a new rule set to restrict the sales of chips to Huawei. The rule requires foreign manufacturers using U.S. chipmaking gear to get a license before being allowed to sell semiconductors to Huawei. In an interview on Yahoo Finance’s On The Move, Huawei CTO Carrier Business Group Paul Scanlan argued that Washington’s move not […]

BUSINESS

U.S. Trade Deficit Widens

The U.S. trade deficit widened by almost 12% in March as the coronavirus pandemic takes a toll on the country’s exports and imports. Imports fell 6.2%, but U.S. exports sunk at an even deeper 9.6% to cause the trade gap to rise. It’s the highest monthly decline in exports ever recorded. The U.S. deficit rose to $44.4 billion in March […]

BUSINESS

U.S. Wants Money — Trillions!

The United States is looking to borrow a record US$3 trillion in the second quarter of the year. The country’s economy and budget have taken a battering because of the crisis brought on by COVID-19. The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis. In all of 2019, the […]

BUSINESS

U.S. Stock Market Takes Another Battering

Wall Street’s main stock indexes were gutted today as the Dow Jones Industrials tumbled by 2,000 points amid a 20% slump in oil prices. Additionally, the rapid spread of the coronavirus has not made it easy for traders as the threat of a global recession now seems real than imagined. Trading was halted immediately after the opening, as the benchmark […]

BUSINESS

China’s Economy Takes Big Hit

Factory activities in China are at an all-time low; it fell at a record rate in February as manufacturers closed their operations to contain the spread of coronavirus. The country’s official measure of manufacturing activity – the Purchasing Manager’s Index (PMI) – dropped to 35.7 from 50 in January. China makes up a third of world manufacturing and is the […]

BUSINESS

Global Stocks Blowout

The global stock market slid to its worst week since the depths of the financial crisis in 2008. This crisis comes against fears that the coronavirus could become a pandemic and derail economic growth. The S&P 500, with a midweek record high, slid 4.4 percent, its worst day since August 2011. The index is down 12 percent since that peak, […]