HSBC's first-quarter profits drop by nearly half as coronavirus hits
HSBC on Tuesday reported first-quarter earnings that missed expectations after the bank set aside more money for potentially larger loan losses due to the coronavirus pandemic and weakening oil prices. The bank said it increased its expected credit impairment charges by $2.4 billion to $3 billion "due to the impact of Covid-19 and weakening oil prices on the forward economic outlook."
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US risking another COVID-19 wave, Mark Zandi warns
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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GM expecting billions in the new bond offering
US automaker General Motors said Monday that it is suspending its quarterly dividend and planning to raise billions through new bond offerings. General Motors is taking steps to shore up its balance sheet as the coronavirus keeps plants shuttered and auto sales depressed, the company said Thursday. The stock is down 39.3% in 2020 as the coronavirus has devastated vehicle sales and shuttered auto plants.
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Biggest contraction in the services sector of the US since 2009
Coronavirus has halted economic activity in America. The U.S. services sector contracted for the first time in about a decade last month as the coronavirus pandemic brought economic activity in the country to a near-screeching halt, according to the Institute for Supply Management. The ISM non-manufacturing index dropped to 41.8 in April from 52.5 in March, showing the first contraction in services since December 2009
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Carnival Cruise Line says it will sail again Aug. 1, a week after coronavirus no-sail order due to expire
Carnival Cruise Line announced plans Monday to resume service beginning August 1, despite concerns from the Centers for Disease Control and Prevention that cruise ship travel "exacerbates the global spread of Covid-19."
Company, which is owned by Carnival Corp., said it advised travel agents on Monday that eight of its ships will return to service on Aug. 1.
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