Business

Business

US Consumer Confidence Slumps to Near 3-Year Low

'Intensification of COVID-19 and extreme volatility in the financial markets,' are to blame U.S. consumer confidence dropped to a near three-year low in March as households worried about the economys near-term outlook amid the COVID-19 pandemic. The survey from the Conference Board on Tuesday came in the wake of reports last week showing the number of Americans filing for unemployment benefits surging to a record 3.28 million in the week ending March 21, and business activity hitting an all-time low in March. The country has ground to a sudden stop as authorities enforce strict measures to control the spread of COVID-19, a respiratory illness caused by the Chinese Communist Party (CCP) virus. The Consumer Confidence Index fell sharply in March to 120, down from 132.6 in February. “The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs,” said Lynn Franco, Senior Director of Econ..

Business

Coronavirus: New Zealand Rugby offers Super Rugby teams $211,000 in short-term support

WELLINGTON (REUTERS) – New Zealand Rugby has offered a grant of NZ$250,000 (S$211,400) to each of the country's five Super Rugby teams to help them get through the next three months while the game remains suspended because of the coronavirus pandemic. The intercontinental Super Rugby competition was shut down after round seven when the New Zealand government enforced two weeks of self-isolation for anyone entering the country. Hopes of putting on a domestic competition foundered when government measures to counter the virus were further tightened, leaving the teams with players to pay but no revenue streams. "An emergency NZR grant of NZ$250,000 each is to be made available to all Super Rugby clubs for the next three months which is seen as a critical supplement to other financing options or levers being considered by the clubs," NZR chief Mark Robinson said in a statement. "These decisions are about protecting the core capability of the Super Rugby clubs so that they are read..

Business

Coronavirus: Premier League, EFL and PFA to discuss wage deferral agreement, says BBC

LONDON (REUTERS) – Premier League and English Football League clubs are seeking agreement on a collective wage deferral plan at a meeting with the Professional Footballers' Association on Wednesday (April 1), the BBC has reported. The report said the proposal is one option to help clubs safeguard their financial future during the coronavirus shutdown. English football has been suspended until at least April 30 and league authorities have said they will resume action "only when it is safe and conditions allow". Players at Championship leaders Leeds United have volunteered to take a wage deferral, while Birmingham City have asked some players to take a 50 per cent pay cut over the next four months. Tottenham Hotspur chairman Daniel Levy has called on Premier League players and managers to help English football deal with the crisis. "We have seen some of the biggest clubs in the world such as Barcelona, Bayern Munich and Juventus take steps to reduce their costs," said Levy, who..

Business

Coronavirus: Beijing 2022 Winter Olympics face ‘special situation’ after Tokyo delay

BEIJING (AFP) – Beijing 2022 organisers said they face "a special situation" after the postponement of the Tokyo 2020 Olympics means that there are less than six months between the Summer and Winter Games. The Tokyo Olympics are now scheduled to run from July 23 to Aug 8, 2021, after they were put back a year because of the coronavirus pandemic. However, with the Beijing Winter Games beginning on Feb 4, 2022, there is the unusual challenge of almost back-to-back Olympics. "The new dates of the Tokyo Olympic and Paralympic Games mean we are faced with a special situation where the Summer Games and Winter Games are to be held in half-a-year," a Beijing 2022 official told Xinhua news agency. "We will have a detailed assessment of how the new dates of Tokyo 2020 will affect the Beijing 2022 Games. "In the meantime, will keep close communication with the IOC (International Olympic Committee) and the Olympic family to handle the situation properly aRead More – Source [contf] [contfnew]..

Business

Singapore banks may see worst-case hit of 14-18% on revenue over consumer loan relief: Jefferies

SINGAPORE (THE BUSINESS TIMES) – In a worst-case scenario, Singapore banks may see a 14 to 18 per cent hit to their revenue in 2020 following the latest coronavirus relief measures for consumers, said Jefferies Research in a report on Wednesday (April 1). The Monetary Authority of Singapore (MAS) on Tuesday announced measures that showed how financial institutions should allow distressed property owners and small and medium-sized enterprises (SMEs) to defer debt repayments or payments on insurance policies, amid the virus crisis. Banks and finance companies must allow deferments on principal repayments of qualifying mortgages and secured corporate loans through to the end of the year. Insurers can also offer deferments of instalment payments on health insurance policies, and design instalment payment plans on general insurance held by both individuals and corporates. Assuming the bank's entire mortgage and personal loan book is available for interest deferment or lower rates, J..

Business

Ugly Qantas feud with Virgin Australia puts spotlight on ethics of airline bailouts

SYDNEY (BLOOMBERG) – An ugly feud is escalating between Qantas Airways and its closest Australian competitor over the ethics of state aid, just as airlines facing collapse around the world race to secure bailouts. With demand all but gone, Qantas is hunkering down to weather the coronavirus crisis after a run of record profits. It has furloughed most staff and used planes as collateral to swell its cash reserves to A$3 billion (S$2.6 billion). Meanwhile Virgin Australia Holdings, unprofitable for seven years, has asked for a A$1.4 billion government loan that would convert into equity if unpaid. Qantas argues that Virgin's record should not be rewarded with a bailout, while Virgin has accused Qantas of spreading false rumours about Virgin's cash position. The dispute intensified on Wednesday (April 1) after Australia's corporate regulator said it is investigating allegations against Qantas, which may have influenced the share prices of both airlines. Qantas said the..

Business

KKR suspends $2.85b sale of Singapore’s Goodpack amid market turmoil

SINGAPORE (BLOOMBERG, REUTERS) – Private equity giant KKR & Co is suspending its planned sale of Goodpack, a Singapore provider of intermediate bulk containers, after bids fell short of expectations, according to people familiar with the matter. The coronavirus outbreak has disrupted the sale, which was expected to fetch at least US$2 billion (S$2.85 billion), said the people, who asked not to be named as the information is private. Potential buyers have expressed difficulties in getting financing and offers were below what the New York-based buyout firm anticipated, the people said. Any successful sale of Goodpack for US$2 billion would mark one of the biggest exits by a private equity of a Singapore-based company, according to data complied by Bloomberg. KKR may resume the process within the next few months once concerns over the coronavirus ease, the people said. A representative for KKR declined to comment, while a representative for Goodpack didn't immediately respond to r..

Business

Futures tumble as coronavirus crisis intensifies

REUTERS: U.S. stock index futures sank on Wednesday following stark predictions of a rising U.S. death toll and economic damage from the coronavirus outbreak, a day after the S&P 500 ended its worst quarter since the 2008 financial crisis. President Donald Trump on Tuesday warned Americans of a "very, very painful" two weeks, with White House health officials modeling an enormous jump in virus-related deaths even with strict social distancing measures. Advertisement Advertisement Cleveland Federal Reserve Bank President Loretta Mester said reports measuring U.S. economic activity are likely to be "very bad" in the first half of 2020 and the unemployment rate could rise above 10per cent due to efforts to stem the virus outbreak. The rapid worldwide spread of the disease has forced entire countries to shut down, stalling business activity and raising fears of corporate defaults. The S&P 500 lost about US$7 trillion in market value to post its worst first quarter on record, while the..

Business

Oil majors slash 2020 spending by 20per cent after prices slump

Business The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. . REUTERS/Angus Mordant 2 related media assets (image or videos) available. Click to see the gallery. 01 Apr 2020 05:55PM Share this content Bookmark LONDON: The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. Cuts already announced by eight major oil companies, including Saudi Aramco and Royal Dutch Shell, come to a combined US$28 billion, or a drop of 20per cent from their initial spending plans of US$142 billion. Advertis..

Business

Exclusive: China may ease electric car quotas, delay emission rules to help automakers – sources

Business China is considering temporarily easing quotas designed to boost production of electric cars to help automakers badly bruised by the coronavirus pandemic to revive slumping sales, people familiar with the matter said. FILE PHOTO: Baojun E100 and E200 all-electric battery cars at a parking lot operated by General Motors Co and joint-venture partners in Liuzhou, Guangxi Zhuang Autonomous Region, China, February 28, 2019. REUTERS/Aly Song/File Photo 2 related media assets (image or videos) available. Click to see the gallery. 01 Apr 2020 05:45PM Share this content Bookmark BEIJING: China is considering temporarily easing quotas designed to boost production of electric cars to help automakers badly bruised by the coronavirus pandemic to revive slumping sales, people familiar with the matter said. Policymakers in the world's biggest auto market may also delay the implementation of a new emission particle restriction by six months to help the car industry, which has s..

1 2 92
Page 1 of 92