Lockdown disrupts the part of finance that hasn’t gone digital
Consumers have flooded social media with tales and images of lengthy lines and boisterous crowds seeking to pick up funds sent by friends and family abroad.
Bloomberg News
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Locked-down drinkers lose their thirst for Budweiser, Stella
Revenue from Budweiser, Stella Artois and Corona dropped 11% in the first quarter, about twice the rate of decline for the company’s overall portfolio of more than 500 labels.
Fashion retailer J. Crew files for bankruptcy protection
Even before COVID-19 spread, the company was struggling because shoppers were defecting to online merchants and consumer tastes were changing.
Rich grabbing historic chance to pass on wealth tax-free
Plunging interest rates and volatile equity markets are creating a once-in-a-lifetime chance that’s keeping wealth advisers busy even as they work from home.
U.S. stocks rally on hopes for coronavirus drug
The Nasdaq composite index rose to within 1% of erasing losses for the year, led by Alphabet after it reported an ad-sales slowdown that wasn’t as bad as expected.
Pandemic hobbles drugmakers in recruiting for new studies
The Covid-19 pandemic is hampering research across the pharmaceutical industry, including at Indianapolis-based Eli Lilly and Co.
Macy’s aims to use real estate to free up cash
The department store chain would issue new bonds backed by certain property and other assets to bolster its liquidity.
Oil prices see record plunge, falling below $11 per barrel
Despite OPEC’s unprecedented output deal agreed a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by about a third.
Restaurants in ‘survival mode’ trim down their menu offerings
Offering less variety on their menus helps restaurants get by with fewer workers in the kitchen and makes replenishing food inventory simpler and cheaper.
Shake Shack gets funding, to return paycheck protection loan
The company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.
Shake Shack, Potbelly among chains tapping small-biz funds
A review of regulatory filings shows that restaurant chains and companies in industries ranging from mining to manufacturing to cruise travel received large amounts.
Gamers may have a cure for distressed American shopping malls
With store vacancies at an eight-year high, retail landlords see the potential of gamers someday pouring out of their basements and into their shopping meccas as a kind of lifeline.
Fear of impending car-price collapse grips auto industry
The auto industry—already fretting lengthy factory shutdowns and depressed new-vehicle demand—is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences.
Record bankruptcies predicted in next year as unemployment soars
New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000, reaching almost 1 million, unless government stimulus programs offset the increase.
Dow skyrockets 1,627 points on signs new virus deaths could be slowing
A worldwide rally gained steam on Wall Street on Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
Auto insurers return money to customers during ‘unprecedented’ driving slump
States across the U.S. have issued stay-at-home mandates to help slow the spread of the deadly coronavirus. That’s led to a decline of about 35% to 50% in driving in most states.
Abbott launching 5-minute COVID-19 test for use almost anywhere
The Chicago-based medical-device maker plans to supply 50,000 tests a day starting April 1.
Struggling Americans can tap 401(k)s with coronavirus bill
Lawmakers in Washington, D.C., are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.
Scooter companies pull out of cities worldwide amid pandemic
The appeal of sharing a high-touch vehicle with an unknown number of strangers has succumbed to the fear of viral transmission.
Small businesses fear delays in $350 billion rescue program
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.