Business

ussian President Vladimir Putin on Friday blamed the recent collapse in oil prices on Saudi Arabia’s withdrawal from an OPEC+ deal over oil supply, as well the impact of coronavirus on demand. At a meeting with Energy Minister Alexander Novak, Putin said Saudi Arabia was planning to get rid of …

OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of worldwide supply in what they expect will be a global effort including the United States, but the White House did not make such a commitment after a Friday meeting with …

A record-long streak of U.S. job growth ended suddenly in March after nearly a decade as employers cut 701,000 jobs because of the viral outbreak that’s all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year low of 3.5%. Last month’s actual job loss …

European stock markets sank on Friday, erasing meager gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, …

Oil prices soared over 30% – on track for the most in a day on record – following reports U.S. President Donald Trump expects Russian President Putin and the Saudi Crown Prince to announce an oil production cut of 10 million to 15 million barrels. Brent futures rose $8.04, or …

Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. Both contracts are down nearly two thirds this year and the coronavirus-related slump in economic activity and fuel demand has forced massive …

The number of Americans filing for unemployment has surged to a record high as the economy goes into lockdown due to the coronavirus pandemic. Nearly 3.3 million people registered to claim jobless benefits for the week ended 21 March, according to the Department of Labor data. That is nearly five …

Global stocks and US futures plunged again on Monday as governments worldwide lockdown their cities and the United States stalls on a massive stimulus package meant to help Americans handle the coronavirus pandemic. Dow (INDU) futures fell more than 900 points at one point, hitting a 5% decline that triggered …

The world’s richest nations poured unprecedented aid into the global economy on Thursday as coronavirus cases ballooned in the new epicenter Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated. With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned …

World leaders raced to shore up panic-stricken global markets on Thursday, pouring liquidity into the financial system as investors everywhere dumped assets, switching to dollars in cash amid the escalating coronavirus pandemic. Policymakers in the United States, Europe, and Asia resorted to emergency action as the pandemic left their economies …

Coronavirus fears led to a historic drop in U.S. stocks, shut borders and disrupted daily life around the world, as governments took increasingly drastic measures to try to reduce the severity of the global outbreak. Financial markets had their worst day in 30 years despite emergency action by global central …

US stocks have plunged more than 10 percent as panic following emergency moves by the Federal Reserve to try to avert a recession due to the coronavirus pandemic that is shutting down global business and travel. About 25 minutes into trading on Monday morning, the Dow Jones Industrial Average stood …

Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut. Brent crude fell $2.07 to $31.78 a barrel by …

It’s the end of an era at Microsoft. The giant company announced Friday that co-founder and Technology Advisor Bill Gates stepped down from the board of directors to dedicate more time to his philanthropic efforts, including global health, development, education and his increasing work tackling climate change. He’ll continue to …

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the …

Automaker Nissan announced Wednesday it has filed a $90 million civil lawsuit against former executive Carlos Ghosn in Japan, saying it is owed monetary damages from suspected fraud and misconduct while he was chairman. The suit is the latest fight between the Japanese auto giant and its fugitive former executive …

Britain wants a stable relationship with the European Union for “decades to come” in financial services, Britain’s finance minister Sajid Javid said on Tuesday but received an instant rebuttal from Brussels. Britain left the EU last month and its large financial services sector will lose privileged access to EU customers …

Sixteen years after the SARS virus infected over 8,000 people and killed 77, a new respiratory virus from China is again sparking fears across the globe as the disease spreads with no vaccine in sight. The coronavirus, however, is likely to have a bigger economic impact than previous outbreaks thanks …

Gold prices continued higher on Thursday with the spread of coronavirus still capping risk appetite in the Asia Pacific region and across the world. The US Federal Reserve left its monetary policy settings on hold on Wednesday but acknowledged the disease as a new risk. Anything likely to deter the …

Bulgaria’s efforts to set itself on a firm path to adopt the euro single currency have entered the “final stretch,” its central bank chief said. “Bulgaria is really very close to a strategic breakthrough on its path of European integration,” Bulgarian National Bank Governor Dimitar Radev said Tuesday at a …