Credit card issuer American Express Co said on Friday it would cut spending by nearly $3 billion in 2020 after its quarterly profit sank 76% as it set aside more money to brace itself against a wave of potential delinquencies.
With the U.S. coronavirus death toll topping 50,000, Georgia pushed ahead with its plan to become the first state to allow an array of small businesses to reopen on Friday despite the disapproval of President Donald Trump and health experts.
The U.S. Federal Reserve announced Friday that banks can now allow account holders to make an unlimited number of withdrawals and transfers from their savings accounts.
The technology and healthcare sectors have tightened their grip on global stock markets since the coronavirus shock knocked world shares from February's record highs.
After hitting record highs last year, retirement account balances sank in the first quarter, according to Fidelity Investments, the largest 401(k) provider in the U.S.
With the U.S. coronavirus death toll nearing 50,000, Georgia pushed ahead with its plan to become the first state to allow an array of small businesses to reopen on Friday despite the disapproval of U.S. President Donald Trump and health experts.
German airline Lufthansa is seeking a loan of 290 million euros ($313.08 million) loan from the Belgian government to avoid the bankruptcy of its Belgian subsidiary Brussels Airlines, Belgian broadcaster LN24 said on Friday.
BNY Mellon | Dominic Broom | Apr 2020 The Transformation and Convergence of Global Payments 2020 The global payments landscape is in a state of fundamental transformation, comparable in significance to the advent of downloadable entertainment for the video rental business. Banks in particular will need to move swiftly if they are to take advantage
The U.S. economy faces a bleak immediate future with gross domestic product likely contracting 12% in the second quarter and the federal deficit growing to $3.7 trillion, while the unemployment rate will probably crest at 16% in the third quarter, according to projections released by the Congressional Budget Office on Friday.
Companies across a range of industries are slashing or suspending dividends to cope with the economic fallout from the coronavirus outbreak, complicating the stock selection process for money managers eager to buttress their portfolios with a steady stream of income.
Billionaire investor Carl Icahn said he expects to see "good opportunities" to buy after the historic stock market sell-off but warned there will likely be more heavy selling because the coronavirus outbreak has yet to be contained.
Wall Street rallied on Friday, led higher by Apple and Microsoft as investors finished a turbulent week of trading and some states prepared to relax coronavirus-related lockdowns.
A nationwide business shutdown and a surge in U.S. government spending will nearly quadruple the federal deficit to a record $3.7 trillion this fiscal year, as a gyrating American economy reacts to the coronavirus pandemic, congressional forecasters said on Friday.
With the U.S. coronavirus death toll topping 50,000, Georgia, Oklahoma and a handful of other states took the first tentative steps at reopening for business on Friday, despite the disapproval of President Donald Trump and health experts.
Global equity benchmarks struggled on Friday as some U.S. states began reopening businesses despite the disapproval of health experts, and as the European Union put off addressing details of its new economic rescue plan.