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Updated: 4 years 29 weeks ago
Oil slumps, investors say OPEC supply cuts won't be enough
Oil prices slumped on Thursday, giving back an earlier 10% surge as investors doubted the emerging supply-cut agreement between members of OPEC and its allies would adequately address the global fuel demand collapse caused by the coronavirus pandemic.
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Dollar drops after Fed launches new loan program, curbing safety bids
The dollar dropped broadly on Thursday after the Federal Reserve rolled out a $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.
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Caterpillar seeks $3 billion loan from banks to boost liquidity: Bloomberg
Caterpillar Inc is in talks with banks for a new $3 billion nine-month revolving credit facility, Bloomberg https://bloom.bg/34nIvAB reported on Thursday, citing people familiar with the matter.
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Volkswagen furloughs workers at Tennessee auto plant starting April 11
Volkswagen AG said it will furlough workers at its U.S. assembly plant in Tennessee starting April 11 as the industry grapples with the ongoing coronavirus pandemic.
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A day in the life of an Amazon courier on the frontlines of the U.S. pandemic
Excelso Sabulao delivers groceries for Amazon.com Inc in California so he can help provide his parents an income. Now, with endless interactions at stores and at homes during a pandemic, he worries his work will kill them.
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Mnuchin says U.S. economy could open in May, defying experts
U.S. Treasury Secretary Steven Mnuchin said on Thursday that the American economy could start to reopen for business in May, despite experts' emphasis on prolonged social distancing measures to defeat the coronavirus.
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Fed, BoE push deeper into uncharted territory in face of coronavirus slump
The U.S. Federal Reserve and the Bank of England ramped up their emergency responses to the world's escalating coronavirus recession on Thursday as they pushed deeper into territory once considered fraught with risk for central bankers.
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Oil slumps on disappointment with OPEC supply deal
Oil prices slumped on Thursday, giving back an earlier 10% surge as investors reacted negatively to the emerging supply-cut agreement between members of OPEC and its allies in response to the global fuel demand collapse due to the coronavirus pandemic.
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Citigroup starts accepting paycheck protection program application
Citigroup Inc said on Thursday, that it has started accepting applications for the $349 billion small business bailout fund.
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Air France KLM says it needs government support to continue operations
Air France KLM said that despite cost-cutting measures to stave off the impact of the coronavirus crisis, it expects it will be short of cash in the third quarter, but said it was confident that the French and Dutch governments would support the group.
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California developer says virus an act of God, sues Exxon over stalled deal
A California retail developer claims the state's coronavirus lockdown was an act of God that prevented it from completing a $4.2 million property acquisition, asking a court to prevent owner Exxon Mobil Corp from selling to any other buyers.
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Oil gives up gains even as OPEC+ hammers out supply-cut deal
Oil prices dipped on Thursday, giving back an earlier 10% surge as investors awaited details on a massive OPEC supply-cut agreement in response to the global fuel demand collapse due to the coronavirus pandemic.
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EasyJet to defer delivery of 24 Airbus planes, hold shareholder meeting
British airline easyJet on Thursday said it would defer the delivery of 24 Airbus jets and hold a shareholder meeting after the airline's founder Stelios Haji-Ioannou stepped up a disagreement over the airline's expansion plans.
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Uber to give drivers millions of face masks to battle coronavirus
Uber Technologies Inc on Thursday said it plans to ship millions of face masks to its active drivers and food delivery people around the world to help prevent the spread of the novel coronavirus.
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U.S. jobless claims exceed six million for second week in a row
A staggering 16.8 million Americans have filed for unemployment benefits in the last three weeks, with weekly new claims topping 6 million for the second straight time last week as the novel coronavirus outbreak relentlessly savages the economy.
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Airbus's landmark jet output cut faces crucial test
Airbus's decision to cut output of its best-selling jet by a third amid coronavirus marks a huge shift for the European planemaker, which has enjoyed virtually unbroken growth since it began competing toe-to-toe with Boeing almost 20 years ago.
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Fed rolls out $2.3 trillion to backstop 'Main Street,' local governments
The U.S. Federal Reserve on Thursday announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses, the latest in an expanding suite of programs meant to keep the U.S. economy intact as the country battles the coronavirus pandemic.
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Explainer: Next from the Fed - Help for Main Street
The U.S. Federal Reserve responded fast to the coronavirus crisis with open-ended programs to keep financial markets running and ensure major companies could raise cash as they usually do through large capital markets.
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Saudi, Russia closing in on record oil cut deal
OPEC and it allies held talks on Thursday on record oil output curbs of 15 million to 20 million barrels per day (bpd), or 15% to 20% of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources said.
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Wall Street rises on Fed's $2.3 trillion rescue plan
Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve rolled out a massive $2.3 trillion program to bolster local governments and businesses hammered by the coronavirus outbreak.
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