Avis Budget Group Inc. (NASDAQ: CAR) on Monday reported total revenue of $1.8 billion in its first quarter, down 9% from the same quarter a year ago.The parent company of Avis Car Rental posted a net loss of $158 million, or loss per share of $2.16. This compares with the $91 million net loss, or […]
Hertz Global Holdings Inc. (NYSE: HTZ) dropped nearly 24% in after-hours trading on Monday as multiple reports suggested the company is nearing a bankruptcy filing.What HappenedThe car rental company has hired an additional advisor to help prepare for a planned bankruptcy filing, according to The Wall Street Journal.FTI Consulting Inc. was engaged by Hertz to […]
Wall Street is experiencing some major déjà vu. The tensions between the U.S. and China flared after President Trump threatened to impose new import tariffs. The difference this time? These tariffs would serve as a punishment for China’s role in the COVID-19 pandemic. In response, stocks posted sharp declines, a rough start to the month […]
The government of Iran is said to have issued a license to Turkey-based iMiner to mine bitcoin in Iran.The post A new licensed bitcoin mining farm is getting set up in Iran – report appeared first on The Block.
There is a correlation between gold’s price and the value of the US dollar, the US dollar direction will play a major role in the gold price this year.
(Bloomberg) — U.S. cases increased 2.3% in the past 24 hours, below the one-week daily average. Gilead Sciences Inc. plans to get its drug remdesivir to patients within days after getting U.S. backing for emergency use.New York added the fewest new deaths in more than a month as hospitalizations declined. Russia reported more than 10,000 […]
(Bloomberg) — U.S. equity futures declined and stocks opened lower in the Asia, indicating the risk-off move that’s hit markets at the start of this month may have further to run. The dollar climbed.S&P 500 futures retreated more than 1.5% after global stocks posted a more than 2% slide on Friday, while shares in Sydney […]
[Editor's note: "9 Gold Stocks to Stave Off Coronavirus-Induced Volatility" is regularly updated to include the most relevant information available.]With a shocking number of Americans unemployed due to the devastating economic impact of the novel coronavirus, the future appears a very dark one. At this time, the idea of a quick, V-shaped recovery seems remote. […]
(Bloomberg) — Once again, when stocks rally, it’s Europe that’s left behind.With the S&P 500 about 30% above its March lows, the Stoxx 600 index has lagged behind with a 21% bounce, despite having fallen more than the U.S. in the global selloff sparked by the coronavirus pandemic.The reason? For starters, there’s the market’s makeup: […]
On Thursday, hourly trading volume in Tether Gold climbed to over $13 million, up from roughly $1 million the day before.
(Bloomberg Opinion) — As the coronavirus pandemic continues, Bloomberg Opinion will be running a series of features by our columnists that consider the long-term consequences of the crisis. This column is part of a package envisioning a new consumer economy. As Hollywood sets sit empty because of the Covid-19 pandemic, streaming-video apps that were just getting off the […]
(Bloomberg) — Microsoft Corp. is in talks to buy Softomotive Ltd., a U.K.-based startup that makes software robots to automate tasks, according to people familiar with the matter.If talks are successful, a deal could be announced as soon as the coming weeks, said the people, asking not to be identified because the matter isn’t public. […]
(Bloomberg) — One of the biggest U.S. steelmakers is signaling how the coronavirus pandemic is set to inflict pain on blue-collar America.U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces. Even before lockdowns hit the economy, producers were facing slowing demand […]
(Bloomberg) — U.S. stock futures sank as investors began a new month pondering gloomy corporate news and the persistent economic turmoil caused by the coronavirus. The dollar rose with Treasuries as a risk-off mood prevailed on what is a holiday in many major markets.Contracts on the Nasdaq 100 Stock Index fell more than those on […]
(Bloomberg) — Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran, according to people with direct knowledge of the matter.Government officials piled some 9 tons of gold — an amount equal to about $500 million […]
Massive stockpiling of gold by investors spooked by the coronavirus outbreak offset a collapse in jewellery production to keep global demand for the metal stable in the first three tumultuous months of 2020, the World Gold Council said on Thursday. “This is the biggest change to the market that I can remember,” said John Reade, […]
(Bloomberg) — South Africa’s gold industry output has dwindled to a fifth of its 1970s’ peak as ever-deepening shafts and higher costs take their toll. The coronavirus may pose an even bigger threat.The pandemic jeopardizes the future of a 134-year-old industry that once employed more than half a million workers on the world’s biggest gold […]
The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally. Concern has mounted among some market participants over the dollar-denominated system as the U.S. Federal Reserve cut interest rates to near-zero […]
(Bloomberg) — The world’s biggest maker of mining and construction equipment is predicting that the pain from the coronavirus crisis is far from over.Caterpillar Inc. said the current quarter will be “more significantly impacted” by the pandemic after profits for the first three months of the year trailed analysts estimates. The Deerfield, Illinois-based company also […]
(Bloomberg) — Gold slipped for a third day as a drumbeat of moves toward easing lockdown restrictions and reopening economies eroded appetite for haven assets.Spain plans to announce loosening measures after Tuesday’s weekly cabinet meeting, and France’s prime minister will present the government’s blueprint to the National Assembly. The moves come even as the World […]