Crude Oil Slumps; U.S. WTI Falls Below $20/Bbl on Longer Demand Dip

By Peter Nurse     Investing.com – Oil markets traded sharply lower Monday, hitting multi-year lows, on growing fears that the global coronavirus shutdown could last months, pushing back the timeline for a recovery in demand to end an unprecedented glut. . AT 9 AM ET (1300 GMT), U.S. crude futures traded 4.4% lower at $20.55 a…

Incoming President of the European Central Bank Christine Lagarde.

Christine Lagarde a no-show as she’s voted in as new ECB President by secret ballot

Largarde is currently the outgoing chief of the International Monetary Fund. THE EUROPEAN PARLIAMENT has approved outgoing IMF chief Christine Lagarde as the next boss of the European Central Bank, which last week announced massive stimulus for the sluggish eurozone despite divisions among its governors. Lagarde, who was absent for the vote, won backing from…

AmEx to avoid job cuts as it rides out coronavirus storm

(Reuters) – American Express Co (N:AXP) will avoid job cuts in 2020 as the credit card issuer “rides out the storm” brought on by the coronavirus pandemic, Chief Executive Officer Steve Squeri said in a video message to employees on LinkedIn (NYSE:LNKD). As the virus outbreak hits business volumes, AmEx has moved from a largely…

V-Shaped Recovery Not A Given

My clients have known for a long time that the nucleus of the next crisis will be in the over-leveraged corporate bond market. This notion was confirmed recently in an article from the Wall Street Journal: companies that borrow in the junk loan market are now in a far weaker condition financially than they were…

IMF working with Georgia on additional financing to combat pandemic

WASHINGTON (Reuters) – The International Monetary Fund on Monday said it was working closely with authorities in Georgia to provide additional financing for the South Caucasus country as it works to cushion the human and economic impact of the coronavirus pandemic. “The IMF is working closely with the authorities to provide support under the Extended…