The American oil industry is facing a doomsday scenario. The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply. That double black swan has caused oil prices to collapse […]
BREAKING: 22 million Americans lost their jobs since start of shutdown
Jobless claims total 5.245 million as 22 million positions have been lost in a month due to coronavirus Weekly jobless claims totaled 5.245 million, the Labor Department reported. That was a drop of 1.37 million from a week ago but was above estimates for 5 million. Protection measures against the coronavirus continued to tear through […]
Bill Gates steps down from Microsoft’s Board and Berkshire Hathaway
Microsoft co-founder Bill Gates is stepping down from the company’s board to spend more time on philanthropic activities. He says he wants to focus on global health and development, education and tackling climate change. One of the world’s richest men, Mr Gates, 65, has also left the board of Warren Buffett’s massive holding company, Berkshire […]
US & Asian Stocks drop after Trump speech disappoints investors
Futures contracts tied to the major U.S. stock indexes fell early Thursday after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus. The move comes after the Dow Jones Industrial Average ended its historic 11-year bull market run by closing in a bear market. As of […]
Fed cuts rates by 50 basis points in emergency move
The Federal Reserve, in a surprise move, cut its benchmark interest rate by 50 basis points. The move comes amid increasing unease over the economic effects from the novel coronavirus spread. The Federal Reserve announced an emergency rate cut Tuesday of half a percentage point in response to the growing economic threat from the novel […]
