Oil Heads Higher On Bloomberg Chinese Consumption Report
The price of oil has continued to rise as demand around the world is perceived to increase heading into the summer months. West Texas Intermediate crossed the $30 per barrel mark in overnight futures trading today, and is currently pushing a high of $33.06 per barrel. The push is amid a Bloomberg report that Chinese […]
Tesla Suffers 64% Drop of Model 3 Sales in China Despite Demand Increase for Electric Vehicles
As the deadly coronavirus rapidly spread through China, eventually leading to a pandemic on a global scale, many factories and businesses were forced to shut down operations. Among the many factories that ceased operations was Tesla (NASDAQ: TSLA), which temporarily shut down its Shanghai factory – its one and only facility outside of the US. […]
Facebook Purchases Popular Meme Platform GIPHY for $400 Million
Say goodbye to internet humour as we know it! On Friday, Facebook Inc (NASDAQ: FB) announced it will be buying Giphy, the popular platform of animated images, mostly of which are funny memes. This acquisition coincides with Facebook’s previously announced plan to introduce an AI which will be able to effectively identify any hateful memes […]
Guyana Goldfields And Silvercorp Metals Amend Takeover Transaction Terms
It appears that the drama surrounding Guyana Goldfields (TSX: GUY) has played out in favour of the shareholder. The company announced this evening that it has entered into an amended agreement regarding its merger with that of Silvercorp Metals (TSX: SVM) (NASDAQ: SVM). Under the amended agreement, Guyana shareholders will now receive $0.25 per share, […]
Huawei To Be Cut Off From Global Chip Suppliers as Tensions Between US and China Continue to Rise
As tensions continue to rise between the US and China, President Donald Trump continues to add fuel to the fire. As of Friday, the US president has targeted Huawei Technologies by putting a halt on shipments of semiconductors from various global chipmakers. The US Commerce Department has decided to change the rule on exports, which […]
Hertz Forced to Cancel New Vehicle Orders Amid Travel Industry Collapse
As the coronavirus continues to drastically curtail global and domestic travel, there are several industries which have found themselves in a great deal of financial trouble as a result. Both the auto manufacturing and car rental industries have been struggling to stay afloat during these unprecedented times, but it seems that they are being hit […]
World’s Largest Container Ship Company Anticipating Historic Decline in Volumes
A.P. Moller-Maersk A/S, which is the world’s largest container ship and vessel operator, recently issued a grim statement regarding the status of global trade amid the coronavirus pandemic. According to a Bloomberg interview, Maersk is warning that global trade volumes are going to be significantly threatened due to the increasing negative impacts of the coronavirus […]
Canadian Home Sales Drop by Record Amount Amid Coronavirus Pandemic
According to a recent report released by the Canadian Real Estate Association, home sales have dropped by a historic amount, exposing further damages stemming from the coronavirus pandemic. In the month of April, existing home sales fell by 56.8%, while prices decreased by a slight margin of 0.6%. These numbers suggest that a large portion […]
Jerome Powell Suggests More Needs To Be Done By Congress To Pull Economy Out Of Downturn
Jerome Powell, the US Federal Reserve Chairman recently addressed the current coronavirus-induced economic downturn via a webcast event for the Peterson Institute for International Economics, stating that a lot more still needs to be done to put the country back on track. In his statement on Wedneday, Powell suggested the drastic downfall of the US […]
Federal Reserve has Begun Purchasing Corporate Debt ETFs
As promised, the Federal Reserve has now begun purchasing corporate bond exchange-traded funds, as a move to further prop up the increasingly collapsing US economy. On Tuesday, the Fed announced it will be intervening in the corporate bond market by buying corporate debt in the form of ETFs. Given the current economic turmoil stemming from […]