Long-term mortgage rates rose slightly this week, continuing to hover near all-time lows amid anxiety over the economy and housing market gut-punched by the shutdown spurred by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan edged up to 3.33% this week from 3.31% last week. Demand from prospective homebuyers has weakened amid economic anxiety, and the housing market has been upended by the pandemic just as it was entering the busy spring season....
In just a week, Russia has to find ways to cut a fifth of its oil output under a deal to tackle the market glut and is looking at all options, including putting wells on repair and maintenance to abandoning them entirely and even burning oil, four oil industry sources said. Russia, along with other members of the global oil alliance between the Organization of Petroleum Exporting Countries and non-OPEC members, agreed to jointly remove nearly 10 million barrels per day (bpd) from world markets, a tenth of total supply, starting from May 1. Last week, the Russian energy ministry told oil companies to cut their production by a fifth to 8.5 million barrels per day to meet the OPEC+ deal....
(Bloomberg) -- A Dallas hotel executive and major donor to President Donald Trump has emerged as the biggest winner from the coronavirus bailout for small businesses.A combined total of $59 million from the small business lending package went to three lodging companies chaired by Monty Bennett, according to regulatory filings. The money went to Braemar Hotels & Resorts, which owns luxury properties including the Ritz-Carlton in St. Thomas in the U.S. Virgin Islands, Ashford Hospitality Trust Inc., which owns more than 100 hotels around the country, and the firm that manages both.The PPP has come under fire after big restaurant chains like Potbelly Corp. and Ruth’s Chris Steak House got loans, while many mom-and-pop firms were left stranded when the initial $349 billion in funding for the program ran out of money last week. The House is expected to vote Thursday on a bill approving an additional $320 billion for the...
After Microsoft Corporation (NASDAQ: MSFT) ditched Intel Corporation (NASDAQ: INTC) in favor of Advanced Micro Devices, Inc. (NASDAQ: AMD) for its Surface laptops, Apple Inc. (NASDAQ: AAPL) is reportedly making a similar move. Apple's Processor Plan Apple is contemplating the use in-house chips for one or more of its Mac computers, moving away from its longtime supplier Intel, Bloomberg reported Thursday, citing people familiar with the matter.Apple is developing three Mac processors, aka systems-on-chips, based on the A14 processor, which will debut with the impending iPhone 12 models, the report said. Apple is gearing up for the release of at least one Mac with its own chips in 2021, according to Bloomberg. With the Cupertino, California-based tech giant working on multiple processors under the Kalamata project, it is believed the company is intent on moving away from Intel in a big way for its Mac devices.The chips are likely to be...
