From servicing city vehicles in full plastic suits to staggered shifts and footprint decals to keep social distance, the Support Services Department of the City of West Palm Beach is adapting to work life amidst the coronavirus. ...
(Bloomberg) -- President Donald Trump convened an extraordinary gathering of the oil industry’s competing factions at the White House on Friday, as a global pandemic and oil-price war weigh on markets.Chief executives of the nation’s biggest refiners and producers met to discuss possible relief efforts from the administration, including potential cuts in U.S. production to bring the price of crude back from a historic plunge, according to people familiar with the matter.But there are deep divisions among the various factions over what should be done, especially on the question of possible tariffs on Saudi Arabian oil, which may force Trump to make a difficult decision that could hurt some executives who are among his most ardent supporters.“We’ll get our energy back,” Trump said during a portion of Friday’s meeting that was open to reporters. “I’m with you 1,000%. It’s a great business, it’s a very vital business and honestly, you’ve been...
Stocks ended Friday’s session and the week lower after market participants digested mounting signals of economic devastation amid the still-escalating coronavirus pandemic....
In an 8-k filing with the U.S. Securities and Exchange Commission, FedEx Corporation (NYSE: FDX) provided an update on its business and announced several actions taken to reduce costs and preserve available liquidity amid the coronavirus outbreak.In the April 3 filing, the logistics giant stated that the pandemic has resulted in "significantly weaker global economic conditions [that] have negatively impacted our results of operations and are expected to continue to impact our business, results of operations, cash flows and liquidity."The company noted weakness in business-to-business demand across all of its transportation offerings globally, but said that its ground package segment has benefited from "sharp increases in ecommerce volume" given quarantine mandates. However, the change in mix to more business-to-consumer goods and household supplies, "is expected to negatively impact margins and operating results."FedEx previously suspended its fiscal 2020 earnings guidance ending May 31 when it reported fiscal third quarter earnings on March...
U.S. airlines must refund passengers when they cancel flights due to the coronavirus pandemic, the federal government said Friday, a blow to at least two carriers that have been making it difficult for customers to recover their money. The pro-consumer move is consistent with the U.S. Department of Transportation's usual policy, though there was some […]...
(Bloomberg) -- The Federal Reserve’s entrance in the corporate bond market quickly changed the mood music for the largest credit ETF, with bulls now leading, according to JPMorgan Chase & Co.Bearish bets have evaporated on the $39 billion iShares iBoxx $ Investment Grade Corporate Bond exchange-traded fund, ticker LQD, JPMorgan strategists wrote in note Friday. Short interest as a percentage of shares outstanding on LQD -- a rough indicator of bearish bets -- is currently 1.48%, according to data from IHS Markit Ltd. That’s down from 17.6% on March 12.The swing in sentiment is largely thanks to Fed’s pledge to purchase corporate bonds and certain credit ETFs, they said.“The short base collapsed in speculator fashion from LQD, the biggest HG ETF after the Fed’s credit backstop programs,” strategists led by Nikolaos Panigirtzoglou wrote.The U.S. central bank said last week that it would create a Secondary Market Corporate Credit Facility, aimed at...
