Markets

Markets Berkshire Sells Entire Stakes in US Airlines - Buffett
Author: 0 Berkshire Sells Entire Stakes in US Airlines - Buffett

Anthony Fauci. Berkshire Hathaway revealed that its cash pile has grown to $137 billion in the first quarter, reflecting this challenge of finding anything good to invest in, and reported a record $49.75 billion net loss, due to huge unrealized losses on stock holdings amid the market meltdown.

Markets Buffett’s Berkshire Hathaway Reports Nearly $50 Billion Loss
Author: 0 Buffett’s Berkshire Hathaway Reports Nearly $50 Billion Loss

Like many other US businesses, Berkshire Hathaway's (NYSE:BRK.B) (NYSE:BRK.A) Q1 was shaping up as a good quarter, until the COVID-19 pandemic hit in mid-March. Berkshire, which owns companies including Geico auto insurer, Burlington Northern Santa Fe railroad, Dairy Queen, Duracell, and many other financial, industrial, and consumer firms, has been hit hard by the COVID-19 pandemic.

Markets Airline Ryanair says no holiday flights until July
Author: 0 Airline Ryanair says no holiday flights until July

Mr O'Leary said customers may have to wait up to six months for cash refunds for cancelled flights. Ryanair said that it would challenge this state aid "doping", which it said was in breach of European Union rules and which would "distort Europe's level playing field in airline competition for many years".

Markets France's GDP contracts to an unprecedented 5.8 percent since 1949
Author: 0 France's GDP contracts to an unprecedented 5.8 percent since 1949

The Italian economy shrank 4.8% year-on-year in the first quarter, Istat said, less than the 5.2% contraction forecast by economists polled by The Wall Street Journal. At this stage, the government expects the country's annual GDP to fall by 8% in 2020. That would be the sharpest quarterly drop in GDP since the Great Recession, which ended in 2009.

Markets Man dies after Lebanon economic protest turns violent
Author: 0 Man dies after Lebanon economic protest turns violent

The demonstrations had largely petered out after a new cabinet was tasked earlier this year with implementing urgent reforms to unlock billions in worldwide aid. In a circular late on Sunday, the central bank said foreign exchange dealers could not sell U.S. dollars for more than 3,200 Lebanese pounds. Prime Minister Hassan Diab urged the nation's citizens to refrain from violence and said "malicious intentions behind the scenes" were "shaking stability".

Markets Google's Meet teleconferencing service now adding about 3 million users per day
Author: 0 Google's Meet teleconferencing service now adding about 3 million users per day

It will have most of the features that were available to business and education users. "It's relatively easy to turn off and then back on, and marketers see it as highly cost-effective". Alphabet reported a profit of $6.8 billion in the first three months of the year, up almost three percent from last year, on revenue that grew 13 percent to $41 billion.

Markets IRS adds details to online stimulus money tool
Author: 0 IRS adds details to online stimulus money tool

It's worth noting that Presidents George H.W. Bush and his son George W. Bush included their names in letters about economic stimulus payments in 2001 and 2008, respectively. Trump's letter offers scant information about the stimulus payments. "I have to wonder how much personal protective equipment could have been purchased with what it cost for Trump to send out this vanity letter".

Markets Trump order keeping meat packing plants open worries unions
Author: 0 Trump order keeping meat packing plants open worries unions

We work with local and state health departments along with our facility operations team on a case-by-case basis to make timely decisions about operations. Meat producers now face major health risks on the job due to COVID-19. "We're working with Tyson, which is one of the big companies in that world".

Markets Crude oil price drops as questions on demand and supply linger
Author: 0 Crude oil price drops as questions on demand and supply linger

Total Saudi supplies for March reached 7.21 million tonnes, as Russian Federation shipped 7.02 million tonnes during the same period. Meanwhile, imports from Iran have grown 11.3 percent year on year to 2.558 million tonnes, notwithstanding similar sanctions threats.

Markets Social Security recipients need to claim $500 check for kids by Wednesday
Author: 0 Social Security recipients need to claim $500 check for kids by Wednesday

Meanwhile, reports have also emerged of stimulus money going to taxpayers who have died while millions of needy Americans wait for the payment. Adults receiving Social Security, disability, or survivor benefits who did not file 2018 or 2019 tax returns are expected to receive their payments via direct deposit imminently, by May 1.

Markets Arvest Bank Announces $1.05 Billion in SBA Paycheck Protection Program Loans
Author: 0 Arvest Bank Announces $1.05 Billion in SBA Paycheck Protection Program Loans

The Small Business Administration guarantees the loans if the businesses use at least 75 percent of the funds for payroll costs. "Small businesses were prepared and ready to apply for these programs, the only financial support options for most, and it is very frustrating that the majority of these true small businesses haven't received their loan yet", said Holly Wade, director of Research and Policy Analysis at the NFIB.

Markets Banks made $10 billion in fees on coronavirus loans despite low risks
Author: 0 Banks made $10 billion in fees on coronavirus loans despite low risks

The LBRI is meant to be complementary to federal and state initiatives targeting small business recovery to the extent afforded by these programs. The demand - before PPP ran out of funds last Thursday - was extremely high - with 1.6 million loans approved as small business owners struggled to hold on to companies and restaurants as a crushing economic wave caused by the pandemic swept the country and unemployment claims pushed past an historic 26 million people.

Markets USA oil prices jump after record slump
Author: 0 USA oil prices jump after record slump

But that has had little effect, with prices continuing to plummet, as analysts predict it will not make up for the massive hit to demand. Saudi Arabia on Tuesday said that it was ready to take extra measures with other producers, though the next formal OPEC+ meeting is not until June.

Markets Oil prices drop below $0 for the first time in history
Author: 0 Oil prices drop below $0 for the first time in history

Typically the contracts are bought and sold countless times before the oil is actually delivered to the final buyer. "This may prove to be one of the worst deliveries in history", said Phil Flynn, senior market analyst at Price Futures Group in Chicago.

Markets Gilead gains on report claiming COVID-19 drug effectiveness
Author: 0 Gilead gains on report claiming COVID-19 drug effectiveness

Stocks rose in Asia along with USA equity futures amid tentative steps to restart the American economy and progress on the fight against the coronavirus . "But certainly when we start [the] drug, we see fever curves falling", she said. "We have seen people come off ventilators a day after starting therapy".

Markets Trump sends mixed messages on reopening USA after pandemic
Author: 0 Trump sends mixed messages on reopening USA after pandemic

The US coronavirus death toll - the highest in the world - surged past 30,000 on Wednesday after doubling in a week. "We'll be the comeback kids, all of us", he said . The groups announced Tuesday appeared didn't appear to be the formal economic task force that the president has recently said he would form. Mr Trump said: "New cases are declining throughout the NY metropolitan area; cases in the Detroit and Denver metro areas are flat".

Markets Big Gains on Wall Street on Optimistic COVID Outlook
Author: 0 Big Gains on Wall Street on Optimistic COVID Outlook

Bank of America Corp. and Citigroup Inc. fell in pre-market trading after following rivals in setting aside billions of dollars for loans likely to sour amid an extreme USA economic shutdown. The S&P 500 Index pared losses after dropping as much as 2.5%, with gains in consumer discretionary, technology and communication companies offsetting declines in other major groups.