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WTI Oil jumped more than 10% on Monday to reach the highest level in two months, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices. WTI jumped above $32 per barrel. Monday’s jump is in sharp contrast to just one month ago when on the day before the contract for May delivery expired, prices plunged below zero and into negative territory

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Singapore is taking advantage of a massive surge in Pharmaceutical exports as the demand for non-oil domestic exports (NODX) rose unexpectedly by 9.7 percent year-on-year in April, defying market consensus for a contraction. April's expansion was led by gains in pharmaceutical exports, which rose 174.3 percent from a year ago, while electronics declined

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American investment banking giant Goldman Sachs predicted the worst ever recession for the Indian economy as they expect Indian GDP to contract as much as 5% in the Fiscal Year 2021. “India could see a deep recession compared to all slowdown the economy has ever seen,” says Goldman Sachs. India has now become the hotspot of coronavirus in Asia as the country crossed China in number of cases

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SoftBank announced that the co-founder of Alibaba, Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy

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Rich Dad Poor Dad author, Kiyosaki has gone further to tag a price prediction for Bitcoin. He predicted that Bitcoin will reach $75,000 in the next three years. The author further confirmed that he is buying up some more Bitcoin seeing how incompetent the government has become. Kiyosaki’s prediction is conservative in comparison to other analysts like Anthony Pompliao and PlanB. These analysts expect Bitcoin to reach $100,000 in 2021.

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“The strains on households and business balance sheets from the economic and financial shocks since March will likely create fragilities that last for some time,” the Federal Reserve said in its latest semi-annual report on the financial sector. “Forceful early interventions have been effective in resolving liquidity stresses but we will be monitoring closely for solvency stresses among highly leveraged business borrowers" the central bank added

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According to the people familiar with the matter, J.C. Penny is planning to file for bankruptcy protection as early as Friday. Its legal advisors are currently preparing documentation for the filing in Corpus Christi, Texas. J.C. Penney employed roughly 90,000 full-time and part-time employees as of February. The company is planning to close 180 to 200 stores while in bankruptcy. The retailer had 846 department stores as of February

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Official numbers released by Germany show that the economy contracted 2.2% in the first quarter of 2020 as compared to the final three months of 2019. This is the sharpest decline in Germany's GDP since the financial crisis in 2009. Germany began easing its lockdown restrictions in late April, having experienced a considerably lower death rate than other major European countries

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The latest data shows that miners are shutting down the mining equipment. Since the halving, there has been a 40% drop in hashrate. Arguably, just before the halving, this was at an all-time high with miners competing to grab as much as Bitcoin they could get while the reward was 12.5 BTC.

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Tech giant Microsoft announced the acquisition of Metaswitch Networks, a company with software that telecommunications companies can use to deliver voice and data services to their customers. Telecommunication giants like British Telecom and Sprint are customers of Metaswitch. Corporate Vice President of Microsoft, Yousef Khalidi announced in a blog post. Terms of the deal weren’t disclosed

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Around 3 million jobless claims were filed last week in the US as the jobless claims tally during the coronavirus crisis reached 36.5 million, according to the Labour department figures released on Thursday. Total 2.981 million new claims for unemployment insurance filed last week brought the total to 36.5 million, by far the biggest loss in U.S. history. The labor department reported a loss of 20.5 million jobs in April

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According to the reports, Uber's attempt to build the largest meal delivery company in the US by buying its rival Grubhub has immediately come under fire from lawmakers, city officials, and antitrust experts. Uber and Grubhub, currently the second and third-largest US meal delivery companies by market share behind DoorDash, are in talks over a tie-up as the coronavirus crisis accelerates consumer demand for delivery services.

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The Alameda County Public Health Department announced on Twitter early Wednesday that the Fremont, California plant of Tesla will be able to go beyond basic operations this week and start making vehicles this coming Monday — as long as it delivers on the worker safety precautions that it agreed to.

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US grocery store price tags are soaring across the country. Prices at the supermarket are rising sharply because coronavirus has disrupted the food supply chain : When restaurants shut down, Americans started cooking at home, and demand for groceries shot up. Breakfast cereal prices rose 1.5%. Doughnut prices shot up 5% last month, and muffins are 4.7% more expensive. Baby food prices rose 2.7%.

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Iraq, OPEC’s second-biggest producer and the least compliant member in all previous rounds of cuts, has told some of its Asian oil buyers that it would not send the full contractual volumes requested for June, traders who were informed of the measure by Iraq’s state oil marketing company SOMO told Bloomberg on Wednesday.

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According to a report published by Economist Intelligence Unit (EIU) on Wednesday, coronavirus pandemic will reverse globalization as countries will move towards regional supply chains to reduce dependence on Chinese manufacturing. “Covid-19 will push more companies in other sectors to relocate parts of their supply chains,” the report predicted. “The outcome of this will be an Asian supply chain network that is both less China-focused and more diverse"

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Emirates has announced that it will resume scheduled passenger flights to a total of nine destinations from May 21. The destinations are: London Heathrow Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney, and Melbourne. The airline will also offer connections in Dubai for customers travelling between the UK and Australia. These flights will be available for booking on the official website (emirates.com)

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Daily by Talabat is Dubai's first d-mart or cloud store concept offering 30-minute delivery of groceries at hypermarket prices. The service was launched around three months ago, before the start of pandemic in the region, now covering more than half of Dubai and working on expansion. Grocery and food delivery services reduce the need for people to leave their homes during the pandemic

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Boeing CEO Dave Calhoun said in a recent interview that he thinks a major US airline will go out of business by September this year due to the coronavirus pandemic. “I don’t want to get too predictive on that subject, but yes, most likely,” he said in an interview on NBC’s “TODAY” show. “You know, something will happen when September comes around.” He didn’t name the airline though

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Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.

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Saudia Arabia announced that the Government is tripling its Value Added Tax (VAT) in an effort to support the economy after the coronavirus impact. Saudi Arabia's state news agency said VAT will increase from 5% to 15% as of 1 July, while the cost of living allowance will be suspended from 1 June. The government also plans to cut the spending on major projects by $26 billion

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Colombian airline Avianca, which was founded in 1919 is the world’s second-oldest airline. The Colombian airline filed for Chapter 11 bankruptcy in the US Southern District of New York on Sunday, blaming its collapse on the "unforeseeable impact of the Covid-19 pandemic," according to a company statement. Coronavirus pandemic has caused carriers to rip up their flight schedules, ground planes and put staff on unpaid leave

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Tesla CEO Elon Musk expressed his anger against Alameda County over factory reopen issues. Musk said on Twitter Saturday that the company is preparing to file a lawsuit against Alameda County and will move its headquarters and future operations out of California. Interim Public Health Officer of Alameda County said on Friday that Tesla does not have a “green light,” to resume vehicle production in California, yet

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In coming years, Social Security will owe more in benefits than it collects in revenue for one simple reason: Baby boomers are leaving the workforce faster than new workers are entering it. At that point, it's estimated that Social Security will only collect enough revenue to pay 79% of scheduled benefits, which means current and future recipients are looking at a 21% cut.

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Nordstrom, an American luxury department store chain, announced that the company is permanently closing 16 of its department stores due to the coronavirus pandemic. The permanent closures, which are set to take place this year, impact Nordstrom stores across California and in Florida, New Jersey, and Texas, among other states. “More than ever, we need to work with flexibility and speed,” CEO Erik Nordstrom said in a statement

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