Category Archives: CNN – Business

Oil crashes to fresh 18-year low as demand suffers unprecedented drop

Oil crashes to fresh 18-year low as demand suffers unprecedented drop

The great oil crash of 2020 ain’t over yet. US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand. At session lows, oil touched $19.27 a barrel — the weakest intraday price since February 2002. Brent…MORE

These companies are racing to roll out COVID-19 treatments

These companies are racing to roll out COVID-19 treatments

Big Pharma companies and biotechs are racing to come up with an effective treatment for the Covid-19 novel coronavirus. Several high profile companies are working on new experimental vaccines. Drug giant Johnson & Johnson is the latest to announce a promising vaccine candidate, saying on Monday that it plans human testing by September with the…MORE

Macy’s will furlough the majority of its 125,000 employees

Macy’s will furlough the majority of its 125,000 employees

Macy’s is furloughing a majority of its 125,000 employees because of the ongoing coronavirus pandemic, which has sunk sales and forced it close to its stores. The company said Monday that the pandemic has taken a “heavy toll” on its business. Macy’s, which also owns Bloomingdale’s and Bluemercury, closed all of its 775 stores in…MORE

Is the worst over for markets? Wall Street can’t decide

Is the worst over for markets? Wall Street can’t decide

As unprecedented stimulus efforts move through markets, banks face growing pressure from clients to say when risky assets could reach their low point. But Wall Street’s top players can’t agree on an answer, with limited ability to predict the path of the virus and efforts to contain it. One view: Governments are unleashing trillions of…MORE

EasyJet grounds entire fleet while Loganair bailout looms

EasyJet grounds entire fleet while Loganair bailout looms

Budget airline EasyJet has become the latest carrier to suspend operations entirely because of the coronavirus. In a statement on Monday, the airline said that it is grounding all 334 of its planes in Europe as a result of travel restrictions across the region, adding that it cannot be sure when flights will resume. The…MORE

Global stocks and oil fall as investors brace for another wild week in markets

Global stocks and oil fall as investors brace for another wild week in markets

Global markets sank again on Monday as the coronavirus pandemic continued to worsen and after President Donald Trump announced that social distancing measures would be extended at least through April 30. Oil was also slammed by the prospect of further disruption to the US economy and with Saudi Arabia apparently determined to pursue a price…MORE

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