Coronavirus
Survey: 2.76 Million Layoffs in May, Far Fewer Than Expected
U.S. businesses shed 2.8 million jobs in May, significantly less than the 9.3 million job losses that were expected.
TMCSuperTech Canceled; Fall Meeting Will Be Virtual
The Technology & Maintenance Council of American Trucking Associations has canceled its competitions geared toward truck technicians that were scheduled for September.
American Farmers Can’t Wash Their Hands of All This Corn
American corn farmers are feeling better about their prospects with billions more in government aid and optimal growing conditions. There’s only one downer — demand.
China Halts Some US Farm Imports, Threatening Trade Deal
Chinese government officials told major state-run agricultural companies to pause purchases of some American farm goods, including soybeans, as Beijing evaluates the ongoing escalation of tensions with the U.S. over Hong Kong, according to people familiar with the situation.
June 1, 2020Senate Republicans Seek to Clear Small Business Loan Changes
Senate Majority Leader Mitch McConnell will attempt to expedite approval of changes to the popular Paycheck Protection Program aimed at giving small businesses more flexibility in using the money from the fund, according to Senate aides.
Uncertainty About OPEC+ Cuts Has Oil Struggling to Sustain Rally
OPEC+ and its allies will decide as soon as this week whether to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month.
Survey: US Factories Sink in May for Third Straight Month
American factories contracted for the third straight month in May as they continued to sustain economic damage from the coronavirus pandemic.
Trump Moves to Revoke Hong Kong Trade Status, Stoking China Rift
President Donald Trump intensified his confrontation with China, vowing to punish the country for the coronavirus pandemic and taking steps to curb Hong Kong’s autonomy by ending the territory’s special trade status with the U.S. and denying visas to Chinese officials.
May 29, 2020Saudi Oil Flood to China Persists Despite Historic Cuts
An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.
European Auto Industry Buckling Up for at Least 35,000 Job Cuts
The extent of the devastation wrought on the European car industry by the coronavirus pandemic came into sharp focus May 29 when a sampling of major vehicle and parts manufacturers from France to Sweden revealed plans for at least 35,000 job cuts.