China's Ucar Inc, in which Luckin Coffee Chairman Charles Zhengyao Lu is the biggest shareholder, suspended trading of its shares on Tuesday after regulators questioned the car service provider about how the alleged fraud at Luckin would impact it. Ucar, in which Lu is chairman and CEO, said in a statement late on Monday that the company applied to halt trading in its shares to avoid abnormal price fluctuations and protect investor interest amid media reports on the company. Chinese media reports have linked the firm with Luckin, which said last week an internal investigation revealed sales fabrication of about 2.2 billion yuan ($310.80 million)....
A United Parcel Service Inc worker employed in Kentucky died over the weekend from a COVID-19 infection, Gov. Andy Beshear said at a public health briefing on Monday. UPS separately said that a "valued member of our management team" at its Worldport global shipping hub in Louisville, Kentucky, had died. UPS employs roughly 20,000 workers in the Louisville area - mainly at Worldport, which is central to the U.S. government's effort to rush in medical supplies for healthcare workers....
President Donald Trump's administration and 3M Co. (NYSE: MMM) on Monday reached an agreement to ramp up mask supply in the United States while letting the company continue to sell abroad.What Happened As part of the deal, the Minnesota-based veteran mask maker will import 166.5 million masks from its China manufacturing facilities by June. These will supplement the 35 million N95 respirators 3M already manufactures in the U.S.The company will also continue to sell masks in other countries, including Canada and Latin American countries."I want to thank President Trump and the Administration for their leadership and collaboration," 3M chairman and CEO Mike Roman said in a statement."We share the same goals of providing much-needed respirators to Americans across our country and combating criminals who seek to take advantage of the current crisis."3M also said it plans to increase the production of masks globally in the coming months. In the U.S., it...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]...
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday. Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply. Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States....
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]...
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
