coronavirus

US bank profits fell by 69.6 percent, to $18.5 billion, in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to data from a banking regulator. The Federal Deposit Insurance Corp. reported that “deteriorating economic activity” caused lenders to write off delinquent debt …

US lawmakers and policymakers should be wary of China’s moves to target vulnerable US assets and expand its market share in the wake of the global economic crisis triggered by the novel coronavirus, according to a study prepared for a US trade group and released on Tuesday. The Horizon Advisory report for the Alliance for …

Stephen Roach, Yale University senior fellow and former Morgan Stanley Asia chairman, has a warning for US dollar bulls. The prominent economist says that the era of the US buck may be coming to an end and is forecasting a 35% decline soon in the US currency against its major rivals, citing increases in the …

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LONDON — Yadeen Rashid was flying high in February. He’d just earned stellar grades in his latest semester at Virginia Tech University, where he’s in his third year double majoring in economics and political science. And he’d just landed a summer internship at a data analysis company. Then the pandemic hit, triggering lockdown restrictions and …

Regal Entertainment parent Cineworld Group said Tuesday it will reopen select theaters at the end of the month in some of its markets. All 787 of the company’s theaters are expected to be up and running by July 10. The move comes after cinemas worldwide have temporarily shut their doors due to the coronavirus pandemic, …

Hotel chain Hilton Worldwide Holdings said on Tuesday it would cut 2,100 corporate roles globally in response to the coronavirus outbreak. The company also said it is extending the previously announced furloughs, reduced hours, and corporate pay cuts for up to an additional 90 days. Earlier this month, AP reported that Hilton was one of …

As businesses reopen across the US after coronavirus shutdowns, many are requiring customers and workers to sign forms saying they won’t sue if they catch COVID-19. Businesses fear they could be the target of litigation even if they adhere to safety precautions from the Centers for Disease Control and Prevention and state health officials. But …

Signify, the world’s largest lighting manufacturer, said on Tuesday researchers at Boston University had confirmed an ultraviolet light made by the company works to degrade most coronavirus in a laboratory setting in a matter of seconds. The sun’s rays are already known to degrade viruses outdoors, and the lighting maker hopes UV lights can be …

The city of Beijing closed all K-12 schools on Tuesday following the onset of a new coronavirus outbreak. College students in the city were also forbidden from returning to campus, and the city has locked down residential compounds and disinfected over 30,000 restaurants. There were 106 new coronavirus infections recorded in Beijing as of Tuesday. …