Banks Brace for Crisis Loan Program Rollout
Lenders fear the launch of the $350 billion program could be "a disaster that could dwarf the failed kickoff of the Obamacare enrollment web site in 2013."
Weekly Jobless Claims Soar to Record 6.64M
Job losses amid the coronavirus pandemic amount to "a staggering, sudden blow to American workers never seen before in the U.S. economy."
FTC Sues to Reverse Altria’s Investment in Juul
“Altria and Juul turned from competitors to collaborators by eliminating competition and sharing in Juul’s profits."
Global Manufacturing Dives Amid Virus Lockdowns
Even export powerhouses Germany and Japan saw steep decreases in factory output last month as the coronavirus upended supply chains and crushed demand.
Xerox Bows to Virus, Drops HP Takeover Fight
The market values of both companies have declined since the coronavirus pandemic intensified.
Fed Offers Liquidity to Foreign Central Banks
The new FIMA Repo Facility is the Fed's latest move to relieve stresses in financial markets resulting from the coronavirus crisis.
Moody’s Cuts Corporate Debt Outlook to Negative
The Fed's unusual intervention in the market will help but "is unlikely to prevent distress at businesses with less certain long-term viability."
Fitch Lowers Outlook for Consumer Finance Sector
Loan forbearance offers to coronavirus-hit consumers are "prudent" but lenders' credit performance could “deteriorate rapidly” once they expire.
GM Announces Ventilator Deal as Trump Fumes
"This is really an unprecedented activity that GM and Ventec are in to mass-produce a ventilator with an auto manufacturer."
Virus Relief Bill Delays CECL Rule for Banks
Congress makes a rare intervention to delay when large public banks must change how they account for losses on souring loans.
Gas Demand Plunges Amid Virus Lockdowns
“The oil industry could take a sustained hit as people stay close to home and forgo typical commutes along with travel plans."