(Bloomberg) -- Gold steadied as investors counted down to testimony from Federal Reserve Chairman Jerome Powell on the central bank’s next steps to combat the hit from the coronavirus pandemic.Powell, who delivers his semi-annual policy report Tuesday and Wednesday, is expected to echo the downbeat view he gave June 10 after policy makers signaled rates would probably stay near zero. Earlier, bullion got a lift from concerns over new outbreaks in the U.S. and China, plus a weaker dollar.Bullion has rallied this year as the pandemic triggered an unprecedented wave of stimulus, bolstering the haven’s appeal. On Monday, gold pared a drop after the Fed said it will begin buying individual corporate bonds, and expanded a lending program. On Tuesday, the Bank of Japan revised the estimated size of its virus-response measures, while the Reserve Bank of Australia said the nation’s economy is likely to need policy support for some time.“Gold...
As economies reopen and border restrictions lift, Delta (DAL) will add almost 1,000 flights system-wide in July, the airline has now announced.It revealed that it has implemented several measures to encourage extra space and has capped cabin seating at 60% in the main cabin and 50% in first class and blocking middle seats until the end of September.“Confidence in a safe travel experience is key to a successful recovery,” said Joe Esposito, Senior Vice President – Network Planning. “While we’re rebuilding our network at home and abroad, it’s even more critical that we provide the highest industry standard of safety, space and clean so when our customers are ready to travel, we’re ready for them.”Customers can also change their plans without a fee for a year, for new flights purchased through June 30.Even with the modest growth in demand, Delta’s July schedule will be approximately 70% smaller than the same time last year, including reductions...
(Bloomberg) -- Banks including Credit Suisse Group AG and Morgan Stanley face a $300 million shortfall on margin loans to the embattled founder of Luckin Coffee Inc., after they sold shares he had pledged as collateral for deeply depressed prices.The lenders, which also include Haitong International Securities Group and Goldman Sachs Group Inc., raised about $210 million from Luckin stock disposals over the past two months, people familiar with the matter said. Luckin Chairman Lu Zhengyao defaulted on $518 million of margin debt in early April, Goldman said in a statement at the time, after revelations of accounting fraud caused shares of the Chinese coffee chain to plunge.The stock sales represent the latest attempt by Lu’s creditors to limit losses from a scandal that has fueled calls in Washington for tougher scrutiny of financial ties between the U.S. and China. Luckin’s fall from grace blindsided some of the biggest names on...
China’s electric-vehicle maker Nio Inc (NIO) has announced the completion of the offering of 72 million American depositary shares (ADS) at $5.95 per ADS, raising $428.4 million.The company has also granted the underwriters a 30-day option to purchase up to an additional 10.8 million ADSs.Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Limited are acting as the joint book-running managers for the ADS offering.NIO plans to use the net proceeds mainly to fund its cash investments in NIO China, as well as other working capital needs.The company “expects NIO China to use the cash investments for research and development of products, services and technology, development of manufacturing facilities and roll-out of its supply chain, operation and development of sales and service network and general business support purpose.”Shares in NIO surged 12% in Monday’s trading, and 2% after-hours following the announcement. This...
(Bloomberg) -- Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates.When markets were collapsing as the coronavirus pandemic crushed demand in March and early April, the idea that crude could rise again to $40 a barrel was “a dream,” the UAE’s Suhail Al Mazrouei said during a conference call on Monday. That was before the OPEC+ alliance agreed unprecedented cuts in output.Prices could return to “normal” within a year or two as curbs approaching 10 million barrels a day drain excess barrels from the market, Mazrouei said during the call hosted by the Atlantic Council, a Washington-based research institute.“We have seen very good signs of demand picking up,” Mazrouei said. “We have seen numbers of driving vehicles are picking up,” he said, citing demand growth in China, India and Europe.Hinging on LockdownsStill, the...
T-Mobile US Inc. (NASDAQ: TMUS) on Monday suffered a widespread outage across the United States, disrupting connectivity across cellular networks.What Happened According to an outage tracker Downdetector, complaints started pouring in around 12:30 PM ET and continue through press time. T-Mobile President of Technology Neville Ray acknowledged the glitch on Twitter, and said the company engineers "are working to resolve a voice and data issue that has been affecting customers around the country." The world's third-largest telecom operator in April completed its merger with the Softbank Group Corp-owned (OTC: SFTBY) smaller rival Sprint, and the combined company has more than 100 million customers in the country.Social Media Reports On DDoS Unsubstantiated Several users on social media, including Democratic Representative Ted Lieu of California, claimed that there was a massive "DDoS" or "Distributed Denial of Service" attack on the major US networks.> In light of this DDoS attack, your reminder that @realDonaldTrump...
The @FCC is launching an investigation. Neville Ray, president of technology at T-Mobile, said on Twitter Monday that engineers were working to resolve a voice and data issue that has affected customers around the country....
