Business

Trump signs off on deferring tariffs for most-favored nations for three months

President Donald Trump has signed off on a plan to defer U.S. tariffs for most-favored nations for three months, according to a source familiar with the decision. The plan would not apply to tariffs on Chinese and European goods subject to Section 301 tariffs or to steel and aluminum subject to Section 232 tariffs.

Business

U.S. aims to lease space in emergency oil stockpile, after buying plan canceled

The Trump administration plans to lease out space for energy companies to store oil in the nation’s Strategic Petroleum Reserve, after a previous effort to buy millions of barrels for the emergency stockpile was canceled over a lack of funding, according to two people briefed on the matter. The new plan could help the United […]

Business

Factory activity plunges as coronavirus shock deepens

Factories fell quiet across much of the world in March as the coronavirus pandemic paralyzed economic activity, with evidence mounting that the world is sliding into deep recession. Manufacturing activity has tumbled, purchasing managers’ index (PMI) surveys showed on Wednesday, with sharp slowdowns in export powerhouses like Germany and Japan overshadowing a modest improvement in […]

Business

KKR shelves $2 billion sale of Singapore-based Goodpack due to market slump

KKR & Co (KKR.N) has shelved a plan to sell Singapore-based Goodpack, which provides shipping containers and logistics services, after the coronavirus outbreak hit valuations, sources with knowledge of the matter said on Wednesday. The private equity group had received bids from a few consortiums after tapping more than a dozen potential buyers late last […]

Business

Equities drop as evidence mounts of deep global recession

World equity markets began the new quarter with steep losses on Wednesday as evidence mounted that the coronavirus pandemic was sending the global economy into a deep recession. Traders headed for the safety of government bonds, the dollar [USD/] and gold [GOL/] following sharp slowdowns in manufacturing activity in Japan and Germany, one day after […]

Business

Macy’s to drop from S&P 500 to small-cap index

Macy’s Inc (M.N) will be removed from the benchmark S&P 500 stock index .SPX, the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping. The company’s shares have plunged more than 70% so far this year, leaving Macy’s with a market value […]

Business

The Mask Middlemen – How pop-up brokers seek big paydays in a frenzied market

Brian Kolfage, a Florida military veteran, recently convinced Americans to donate millions of dollars for a privately built wall on the U.S. southern border. Now he has jumped into a new venture: hawking millions of protective face masks that are in critically short supply during the coronavirus pandemic. About a month ago, Kolfage formed a […]