News

The Economy

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."
Cybersecurity

Zoom Issues Apology After Security Lapses

The company promised to freeze work on other features and focus entirely on privacy for 90 days.
Regulation

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 Business

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.
Bankruptcy

Whiting Petroleum Files for Bankruptcy Amid Oil Price Plunge

The company has enough liquidity to keep operating during the restructuring without the need for additional financing.
M&A

Xerox Bows to Virus, Drops HP Takeover Fight

The market values of both companies have declined since the coronavirus pandemic intensified.
Regulation

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.
Cybersecurity

Zoom’s Privacy Practices Questioned Amid Rising Popularity

The New York Attorney General wants to know what measures the video conferencing app is taking to ensure user privacy.
Credit

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."
Credit

Mortgage Company Suspends Lending for Two Weeks

Impac Mortgage hopes the pause will give the Fed's efforts to stabilize the mortgage-backed security markets time to take effect.
Credit

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.
Bankruptcy

SoftBank-Backed Satellite Startup Files for Bankruptcy

OneWeb said it couldn’t obtain new funding from investors due to the financial impact of the COVID-19 pandemic.
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