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Energy Transfer Partners: job cuts starting next week Energy Transfer (NYSE:ET) says it will begin cutting ~6% of its workforce next week, the company's chief commercial officer reportedly told employees today. Energy Transfer executives said earlier this month that it would cut operational and
Australia waives payroll tax Treasurer Josh Frydenberg said in an interview with the Daily Telegraph that the Australian government would call the states to eliminate payroll taxes as a part of the plan to accelerate the country's development and to create jobs. "I’d love the states to get rid of
For the first time since the 1930s, the Fed will provide loans to companies outside the financial system Federal Reserve Chairman Jerome Powell took part in a virtual discussion at the Griswold Center for Economic Policy Studies at Princeton University on Friday, and he acknowledged that the Fed was
France's GDP fell less than expected in the first quarter The French economy contracted less than originally anticipated in the first quarter, but remained in a deep recession, as the coronavirus pandemic affected spending, investment, and exports, detailed statistics from Insee showed on Friday
Crude oil inventories increased by 7.9 million barrels, gasoline stocks fell 700,000 barrels The Energy Information Administration said on Thursday that "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous
Pending Home Sales fell 34.6% - the largest in history Existing home sales collapsed but new home sales rebounded in April, which leaves pending home sales to break the tie and analysts expected a 17.3% MoM drop. However, pending home sales disappointed notably with a 21.8% MoM collapse, sending YoY
Federal Reserve System (Fed) Beige Book: economic activity in the USA to decline for almost three consecutive months Economic activity declined in all Districts – falling sharply in most – reflecting disruptions associated with the COVID-19 pandemic as stated in the summary of comments by Fed Beige
European stocks rise on Thursday after the announcement €750bn recovery plan Stocks in Europe rose on Thursday despite growing tensions between the US and China and the approval of a controversial Hong Kong national security law. The ascent came in the wake of the announcement on Wednesday of the
Brexit talks behind schedule because negotiators got Covid-19 The next round of virtual talks will begin on 1 June The UK's top negotiator David Frost said that Brexit talks between the government and the European Union were “paused slightly” by the coronavirus pandemic and were behind schedule by
European Central Bank: eurozone economy may decline from 5% to 12% this year European Central Bank President Christine Lagarde said on Wednesday that GDP may decline from 8% to 12% this year: moderate forecast is decline by 5%, average scenario is a fall of 8%, serious scenatio - by 12%. Christina
Bank of Canada (BoC) - significant monetary stimulus for well-functioning financial system The Canadian economy is going to need significant monetary stimulus throughout the recovery from the Covid-19 crisis to ensure it does not slide into deflation, Bank of Canada governor Stephen Poloz said in
New York Stock Exchange reopens " Today, May 26, marks the reopening of the NYSE trading floor, following its temporary closure two months ago in the early days of the COVID-19 pandemic. This moment comes as we begin working together across America to restart our economy. We are starting cautiously
Some banks in Europe may not withstand - the European regulator warned The European Banking Authority (EBA) stated the lenders are more exposed to smaller companies and consumer credit — areas hit hard by coronavirus pandemic. Europe’s banks have built enough buffers to face the effects of the
PBoC is adapting various monetary policy instruments for sufficient liquidity PBoC is adapting various monetary policy instruments to ensure reasonable and sufficient liquidity, which should be higher than last year, including to ensure social financing, Governor Yi Gang said in an interview
Bank of Japan will not hesitate to take additional easing measures The Bank of Japan will not hesitate to take additional mitigation measures if necessary, as the new coronavirus has suppressed global activity, Governor Haruhiko Kuroda said Tuesday. The Japanese economy was in an increasingly
The FTSE 100 opens 1.8% higher than Friday's close on a decision to ease pandemic restrictions Indices are rising as all UK shops are allowed to open next month. Besides, stocks rose in Britain’s biggest listed companies on Tuesday, after prime minister Boris Johnson announced an easing of
Lufthansa to receive $9.8 billion The German government, which will take a 20 percent stake in the airline, said Lufthansa was facing an ‘existential emergency.’ Lufthansa will receive a bailout worth 9 billion euros, or $9.8 billion, to help the airline survive an “existential emergency” caused by
Canadian banks are again gaining favor with investors Canadian banks, whose dividends yields climbed during the financial crisis, are again gaining favor with investors, as their pledges to maintain payouts gives them an edge over global counterparts who have shunned them. Banks are currently
PBOC set the Monday USDCNY midpoint at 7.1209 After the PBOC fixed the yuan at 7.0939 on Friday, the PBOC set the Monday USDCNY midpoint at 7.1209, which was not only weaker than the expected fix of 7.1205 but the weakest fixing since 2008. Bloomberg stated that "the spread between spot USD/CNH and
International Monetary Fund: large fraction of the banking sectors may fail to generate profits in 2025 IMF stated in the latest "Global Financial Stability Report" that "simulation exercise conducted for a group of nine advanced economies indicates that a large fraction of their banking sectors, by
UK government sells negative-yield bonds for the first time The UK Treasury has on several occasions since 2016 sold short-term, one or three-month bills at a negative yield, but this is the first time a longer maturity bond has gone negative. The UK issued its first bond with a negative yield as
China decides not to set a GDP target for 2020 as coronavirus batters the economy Chinese Premier Li Keqiang shared the government’s outlook Friday as part of China’s annual parliamentary meeting, delayed by about two months this year due to the coronavirus. Last year, GDP expanded by 6.1%, just
Bank of Japan launches its version of Fed’s ‘Main Street’ lending scheme Japan’s central bank created its own version of the U.S. Federal Reserve’s “Main Street” lending program to channel more money to small businesses, in a bid to keep the coronavirus pandemic from pushing the economy deeper into
Fed's Williams Optimistic for a Rebound, But Uncertain on Pace Federal Reserve Bank of New York President John Williams said Thursday it is unclear when the U.S. economy will fully recover from the coronavirus pandemic, adding that the central bank will do all it can to help the country navigate the
IHS Markit: collapse in U.S. economy peaked in April IHS Markit says latest U.S. PMI data indicate rate of collapse in U.S. economy peaked in April. U.S. private sector firms reported a slightly slower rate of contraction in activity in May, according to latest PMI data from IHS Markit. The firm
Eurozone PMI survey: economy has ‘likely bottomed out’ The eurozone’s economic slump has “likely bottomed out” after the bloc suffered a disastrous collapse under lockdowns to contain coronavirus, a closely watched survey by IHS Markit said Thursday. The contraction across the 19 EU nations using
Downturn in UK private sector continues in May; "the recovery will be measured in years not months" UK private sector output remained on a steep downward trajectory in May due to business shutdowns amid the coronavirus, or Covid-19, pandemic, according to the flash survey results published by IHS
Fed Minutes highlight uncertainty; the economic activity could recover more quickly In addition to the severely adverse near-term effects of the coronavirus pandemic, the minutes of the Federal Reserve's latest monetary policy meeting noted the outbreak and the measures undertaken to contain it have
More Central Bank Rate Cuts, Mixed Global Economic Data and a Weaker Dollar The dollar traded down overnight by 1.2% against the peso, 1.0% relative to the kiwi, 0.9% vis-a-vis the Australian dollar, 0.6% versus the Swiss franc, 0.4% against the euro, 0.3% relative to the loonie and 0.1% against
Bailey Says Bank Of England Not Ruling Out Negative Interest Rates Bank of England Governor Andrew Bailey said the UK central bank is currently reviewing all its tools and it would be foolish to rule out any one of them, including negative interest rates. "We do not rule things out as a matter of