Brazil airline Gol Linhas Aereas Inteligentes said on Wednesday it will receive 2.4 billion reais ($412 million) from Boeing Co as compensation for the grounding of the 737 MAX plane. The timing of the payments has become a lifeline for Gol, which, like its peers worldwide, is reeling from the coronavirus crisis. Gol, Brazil's largest airline, is one of Boeing's biggest customers and had ordered more than 100 Boeing 737 MAX planes....
The losses by HSBC, one of the world's biggest bullion trading banks, are theoretical, reflecting the value of positions it held. HSBC said in the filing that the issue was mainly due to an "unprecedented widening of the gold exchange-for-physical basis, reflecting Covid-19-related challenges in gold refining and transportation, which affected HSBC's gold leasing and financing business and other gold hedging activity". The exchange-for-physical, or EFP, is the difference between the price of U.S. gold futures and spot gold in the London market....
COVID-19 has left the U.S. economy reeling, yet Wall Street is pushing forward. Unemployment has reached alarming levels, with the loss of 20.5 million jobs in April bringing the U.S. unemployment rate to 14.7%, but the S&P 500 has staged somewhat of a recovery. While the index dipped Tuesday as investors weighed reopening efforts against fears of a second wave of infections, it has gained about 30% since hitting lows in March.So, what’s driving this stock market disconnect? Mike Wilson, Morgan Stanley's chief U.S. equity strategist, argues that investors are betting on a future recovery, with these bets being primarily fueled by concrete actions rather than the unknown. Additionally, he points out that market watchers believe the rebound will be “V-shaped”, the most ambitious form of an economic recovery.“Our client conversations have changed dramatically over the past month, shifting from whether we will have a re-test of the March lows to...
Stock futures reversed course during the overnight session and rose Wednesday, as traders awaited commentary from Federal Reserve Chair Jerome Powell later in the morning....
(Bloomberg) -- The human cost of producing 99-cent chickens and affordable burgers during a pandemic is pushing U.S. meatpackers to eye major operational changes that will likely make American meat more costly.Some plants are already running slower than normal to adhere to social distancing. But companies are also considering how best to redesign their operations to prevent infections, including by automating some lines altogether. The likely result: higher costs for an industry dominated by the likes of Tyson Foods Inc. and JBS SA that’s been very efficient at pumping out cheap meat.The changes are arriving as concerns mount over mega-plants staffed with low-paid workers operating elbow-to-elbow. More than 10,000 meat workers have been infected by the coronavirus, and at least 30 have died, according to the United Food and Commercial Workers International Union.“Americans want to buy cheaper and cheaper and cheaper food,” said Matthew Wadiak, founder of Cooks Venture, a small...
