BALTIMORE (AP) — U.S. retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy. The Commerce Department’s report Friday on retail purchases showed a sector that has collapsed …
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U.S. crude oil stockpiles surprisingly fell last week, including at the Cushing, Oklahoma, storage hub, the first time supply has dropped since the coronavirus pandemic choked off fuel demand in the United States. Crude inventories USOILC=ECI fell 745,000 barrels in the week to May 8 to 531.5 million barrels, the U.S. Energy Information Administration said, …
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(Bloomberg) — The U.S. Treasury is boosting the amount of debt it plans to issue in the coming quarterly refunding auctions to a record $96 billion to provide government funding as the economy heads into a recession caused by the coronavirus. The department said Wednesday it anticipates auctioning the first re-booted 20-year bond on May …
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The Dow Jones Industrial Average dropped over 500 points on Wednesday after Federal Reserve Chair Jerome Powell stated a “sharp decline” of unemployment is expected. However, he warned it will take time to return the country’s economy to the pre-crisis level. He also insisted the bank will not consider rates below zero despite the fact …
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is it worth dying for? It seems Americans didn’t need much encouragement to start leaving their homes again and heading back out into public areas. Cellphone data analyzed by The New York Times reportedly shows that, on average, 25 million more Americans left their homes each day last week compared to the preceding six weeks. …
WASHINGTON (AP) — The U.S. government’s top infectious disease expert issued a blunt warning Tuesday that cities and states could “turn back the clock” and see more COVID-19 deaths and economic damage alike if they lift coronavirus stay-at-home orders too fast — a sharp contrast as President Donald Trump pushes to right a free-falling economy. …
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Stock markets on Wall Street closed lower on Tuesday after the US Treasury Secretary reported on US budget deficit hitting record $738B in April. Also, Federal Reserve (Fed) Vice-Chair Randal Quarles said that he expects the unemployment rate will be extremely high in the near-term. Meanwhile, several Republican senators introduced a bill that would allow …
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The United Arab Emirates will cut even more oil production in June, UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei announced this week. The production cuts, according to Al Mazrouei, will increase by another 100,000 bpd next month, after already reducing its oi production “in line with the OPEC+ agreement” …
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Saudi Arabia is tripling its value-added tax (VAT) and suspending cost-of-living allowances as part of a new round of painful austerity measures to save the Kingdom’s finances after oil prices collapsed in the pandemic. Saudi Arabia, which had already cut government expenditures shortly after the price of oil crashed in March, is now tripling VAT to …
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WASHINGTON – The White House on Saturday scrambled to deal with the fallout from two aides testing positive for the coronavirus, as officials who were potentially exposed responded differently, with some senior members of the pandemic task force self-quarantining while others planned to continue to go to work. Food and Drug Administration Commissioner Stephen Hahn …
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