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12,135 results 07/14/2020 17:08
Image: Five-day chart, S&P 500 Index. Source: Yahoo Finance. By Stan Choe, Damian J. Troise and Alex Veiga. NEW YORK (AP) — Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading. The S&P 500 climbed 1.3%, led by energy producers and other companies whose profits would benefit greatly from a strengthening economy. It was a sharp turnaround from the morning, when the index was down 0.9%, and from Monday’s last-hour slide after California shut bars and reinstated other restrictions amid a jump in coronavirus counts. The Dow Jones Industrial Average also erased an early loss to end the day at 26,642.59, up 556.79 points, or 2.1%. Big te. 07/14/2020 14:32
Image source: Fitbit. Alphabet's Google subsidiary has offered to the European Commission that it won't use health data from Fitbit's fitness tracker in order to target ads. The company is responding to the EC's antitrust issues surrounding its proposed $2.1 billion acquisition. Announced in November 2019, the bid for Fitbit aimed to boost Google’s presence in the fitness-tracking and smartwatch sectors to compete with market leaders Apple, Samsung, Huawei and Xiami. As of Q1, Fitbit had only 3% of the global wearables market compared to Apple’s 29% share and trails Xiaomi, Samsung and Huawei, according to data from market research firm IDC. The proposed deal prompted concerns from consumer groups and privacy advocates. Google replied in an 07/14/2020 11:16
Image source: CDC. By Carl O'Donnell. (Reuters) - U.S. industrial conglomerate 3M Co has partnered with the Massachusetts Institute of Technology to develop a rapid antigen test for COVID-19, the company said on Tuesday. The test would produce results within minutes and could be administered on a low-cost, paper-based device, similar to a home pregnancy test, that could be delivered at the point of care. “We are seeking to improve the speed, accessibility and affordability of testing for the virus, a major step in helping to prevent its spread,” said John Banovetz, the chief technology officer at 3M. The research effort is being aided by a grant from the National Institutes of Health, which is running a project called Rapid Acceleration of Di. 07/14/2020 09:27
Image source: Virginia Johnson / Unsplash. WASHINGTON (Reuters) - U.S. consumer prices increased by the most in nearly eight years in June as businesses reopened, but the underlying trend suggested inflation would remain muted and allow the Federal Reserve to keep injecting money into the ailing economy. The Labor Department said on Tuesday its consumer price index increased 0.6% last month, the biggest gain since August 2012, after easing 0.1% in May. 07/14/2020 09:18
(Reuters) - Citigroup Inc reported a nearly 73% plunge in quarterly profit on Tuesday as the bank set aside $5.6 billion to brace itself for a potential surge in loan defaults stemming from the coronavirus outbreak. The New York-based bank reported a profit of $1.32 billion, or 50 cents per share, for the second quarter ended June 30, down from $4.8 billion, or $1.95 per share, a year earlier. Revenue rose 5% to $19.77 billion. Analysts on average had forecast $19.12 billion in revenue and earnings of 28 cents per share, according to Refinitiv data. 07/14/2020 09:06
Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter’s $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business. The bank said it had a loss of 66 cents per share. 07/14/2020 08:56
By Anirban Sen and Elizabeth Dilts Marshall. (Reuters) - JPMorgan Chase & Co beat Wall Street estimates for profit in the second quarter as trading revenue surged, while setting aside a record $10.5 billion to brace for rising defaults as the United States slides into one of the worst recessions in decades. The biggest U.S. lender’s loan loss provision reflects the damage wreaked by the coronavirus pandemic, but its performance in markets bodes well for Goldman Sachs and Morgan Stanley, both of which have big trading businesses and report later this week. JPMorgan’s trading revenue surged 77% in a quarter that saw record-breaking volumes in financial markets. 07/14/2020 07:18
Image: US President Donald Trump, Canadian Prime Minister Justin Trudeau, at USMCA signing ceremony, Nov. 30, 2018, Buenos Aires. Source: Official White House Photo by Shealah Craighead. By David Ljunggren and Steve Scherer. OTTAWA (Reuters) - Canada and the United States are set to extend a ban on non-essential travel that was imposed to fight the coronavirus outbreak, although a final decision has not been taken, two Ottawa sources familiar with the matter said on Monday. The ban, introduced in March, has been extended several times and is due to expire on July 21. The measure does not include trade. Infections have risen rapidly in about 40 of the 50 U.S. states over the last two weeks, according to a Reuters analysis, and the premiers of. 07/14/2020 07:03
Image: New York Governor Andrew Cuomo, July 13 2020. Source: Office of the Governor of the State of New York. By Jim Mustian and Bernard Condon. NEW YORK (AP) — New York Gov. Andrew Cuomo is facing blistering criticism over an internal report that found no strong link between a controversial state directive that sent thousands of recovering coronavirus patients into nursing homes and some of the nation’s deadliest nursing home outbreaks. Scientists, health care professionals and elected officials assailed the report released last week for failing to address the actual impact of the March 25 order, which by the state’s own count ushered more than 6,300 recovering virus patients into nursing homes at the height of the pandemic. And some accused. 07/14/2020 06:50
By Jill Colvin, Jonathan Lemire and Zeke Miller. WASHINGTON (AP) — With U.S. virus cases spiking and the death toll mounting, the White House is working to undercut its most trusted coronavirus expert, playing down the danger as President Donald Trump pushes to get the economy moving before he faces voters in November. The U.S. has become a cautionary tale across the globe, with once-falling cases now spiraling. 07/14/2020 05:36
Image: Christine Lagarde, President, European Central Bank. Source: European Parliament. FRANKFURT (Reuters) - Euro zone banks maintained relatively easy access to credit for firms in the second quarter with the backing of government guarantees, but they will likely tighten credit standards in the following three months, the European Central Bank said on Tuesday. With a pandemic-induced crisis shutting much of the euro zone economy, firms rushed to tap bank credit to stay liquid and government guarantee schemes provided vital support for banks to keep cash flowing. “In the third quarter of 2020, banks expect a considerable net tightening of credit standards on loans to enterprises, which is reported to be related to the expected end of state. 07/14/2020 05:11
Image: WHO Director General Tedros Adhanom Ghebreyesus. Source: WHO. By Stephanie Nebehay and Silke Koltrowitz. GENEVA/ZURICH (Reuters) - The new coronavirus pandemic raging around the globe will worsen if countries fail to adhere to strict healthcare precautions, the World Health Organization (WHO) warned on Monday. “Let me be blunt, too many countries are headed in the wrong direction, the virus remains public enemy number one,” WHO Director General Tedros Adhanom Ghebreyesus told a virtual briefing from the U.N. agency’s headquarters in Geneva. “If basics are not followed, the only way this pandemic is going to go - it is going to get worse and worse and worse.”Global infections stand at 13 million, according to a Reuters tally, with more. 07/14/2020 05:03
Image source: NBCUniversal. By Lynn Elber. LOS ANGELES (AP) — Peacock is joining the streaming world with a few feathers plucked from its intended array of original programs. Amid a stubborn, industry-wide production halt forced by the coronavirus, Peacock subscribers have to wait for a reimagined "Battlestar Galactica," the podcast-based "Dr. Death" with Jamie Dornan and Alec Baldwin, and reboots of "Saved by the Bell" and "Punky Brewster.". 07/14/2020 04:44
Image: Port of Shanghai. By Stella Qiu and Gabriel Crossley. BEIJING (Reuters) - China’s imports in June rose for the first time since the coronavirus crisis paralyzed the economy this year, as demand for commodities surged on the back of government stimulus, while exports also rose in a sign the recovery is gaining traction. Beijing has doled out aggressive stimulus to support domestic demand even as a resurgence in coronavirus infections around the world has raised questions about the strength of a rebound in global economic activity. China’s imports in June rose 2.7% from a year earlier, customs data showed on Tuesday, confounding market expectations for a 10% drop. 07/14/2020 03:10
Image source: Stitcher. SiriusXM Holdings said on Monday it will acquire E.W. Scripps’s podcast business, Stitcher, for up to $325 million, a return of more than double Scripps’ investment in podcasting over the last five years, the companies confirmed this morning. The Wall Street Journal had reported last week that a deal was in the works for $300 million. The transaction includes popular podcasts like Freakonomics Radio , How Did This Get Made? 07/13/2020 13:34
Image: Sundar Pichai, CEO of Google and Alphabet. Source: Alphabet. Alphabet Inc’s Google on Monday said it would spend around $10 billion in India over the next five to seven years to accelerate digitization in the country. It's the largest investment Google has made in India and will consist of equity investments and tie-ups. Google is set to hold its sixth annual event, “Google for India” today. For the first time, it will be a virtual event due to the COVID-19 pandemic, and Sundar Pichai, CEO of Google and Alphabet, will address the virtual audience. Ravi Shankar Prasad, Indian Minister of Communications, Electronics and IT, Law & Justice will also be present at the event and address the audience about the digital transformation of India. 07/13/2020 11:50
Image source: PxHere. By Sharon Bernstein. (Reuters) - A Texas man who waited until his brain tumor was softball-sized; a baby who suffered an ear infection for six days; a heart patient who died: The resurgence of COVID-19 is creating another health crisis as hospitals fill and patients are fearful or unable to get non-emergency care. With U.S. coronavirus infections reaching new heights, doctors and hospitals say they are also seeing sharp declines in patients seeking routine medical care and screenings - and a rise in those who have delayed care for so long they are far sicker than they otherwise would be. “I had one lady who had delayed for five days coming in with abdominal pain that was getting worse and worse,” said Dr. Diana Fite, who. 07/13/2020 11:01
Image: Screenshot, July 13 2020. Source: Twitter @realDonaldTrump. By Lisa Lambert. WASHINGTON (Reuters) - President Donald Trump on Monday took swipes at health experts in his government leading the U.S. response to the coronavirus outbreak, as his relationship further frayed with top infectious diseases doctor Anthony Fauci. The Republican president, seeking re-election in November, has been increasingly critical of government health officials and their guidance as a steady rise in infections and a turn for the worse in the death rate threatens the easing of shutdown restrictions across the country. In the early morning, Trump retweeted to his 83 million followers the accusations of a former game show host that “everyone is lying,” includin. 07/13/2020 10:37
Image source: US Agency for Global Media. Michael Pack, Chief Executive Officer of the U.S. Agency for Global Media (USAGM), is moving ahead with changes to Voice of America and other international broadcasters that have raised concerns about their future as independent news organizations. Despite making assurances to Congress that Voice of America (VOA), the largest U.S. multimedia agency for the government’s non-military, global external broadcasting, would remain independent, Pack initiated personnel changes and began a review of visas from foreign employees. Pack had assured Congress that he would consult lawmakers on any significant developments, but Congress has received no such guidance. Last week, the agency removed Iranian and North. 07/13/2020 08:46
Image source: David Nelson. In the face of rising daily infections throughout much of the U.S., last week was a strong one for risk assets. We continue to march forward with plans to reopen the economy, but the recent viral surge has called into question plans for Fortune 500 companies to get back to business. Disney reopened its Orlando resort, and for the most part reviews have been good. Some guests interviewed said they felt safer on the grounds of Disney World than at their local supermarket. Employees and guests must wear masks and go through a temperature screening before they enter the park. The challenges Disney faces are like those of most close proximity businesses. How do you get back to previous revenue levels when forced to ser.

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