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Google Business NewsApr 03, 2020
Trump slams 3M after ordering company to make face masks for coronavirus fight - New York Post
Trump slams 3M after ordering company to make face masks for coronavirus fight  New York Post Trump invokes Defense Production Act for ventilator equipment and N95 masks  CNNCoronavirus US live: Trump uses Defense Production Act to make ventilators  The GuardianWhy Is Trump So Timid With the Defense Production Act?  The New York Times

Yahoo BusinessApr 03, 2020
Trump Push for OPEC Deal to Cut Oil Supply Draws Disbelief
(Bloomberg) -- With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.After the president's social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. -- the world's three biggest producers -- are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.It's unclear whether it's feasible -- or even legal -- for such a coalition to come together. Or indeed whether it would be enough to tame the tsunami of unwanted crude now bearing down on world markets, which could be two to three times bigger than the cut touted by Trump."It's too little, too late," said Ed Morse, head of commodities research at Citigroup Inc. "Cuts are required immediately, and unless they happen, the price is going to go down significantly and force them to happen."There's no doubt that the industry could benefit from some intervention. With global oil demand slashed roughly a third by the coronavirus pandemic, a gusher of surplus crude threatens to overwhelm the world's storage tanks in a matter of months. The meltdown is exacerbated by the dispute between Moscow and Riyadh, prompting the Gulf kingdom to push unprecedented volumes of crude at customers in a tussle for market share.Texas Two-StepTrump's claim that the two belligerents are ready to end their price

CNBC FinanceApr 03, 2020
White House says small business lending will begin Friday, but JPMorgan says it's not ready
The program is a crucial component of the $2 trillion stimulus package signed last week by President Trump to cushion disruptions tied to the coronavirus.

USA Today MoneyApr 03, 2020
Trump blasts 3M as company says mask demand far exceeds ability to produce them
President Trump is criticizing 3M over the production of masks as the company revealed demand is "much higher" during the coronavirus pandemic.      

MarketWatch MarketPulseApr 03, 2020
European stocks open lower as global coronavirus cases top one million
European stocks slipped and U.S. equity futures pointed to a weaker session on Friday, as investors braced for more bad news on the American job front and coronavirus cases worldwide topped one million. The Stoxx Europe 600 index dropped 0.4%, alongside a similar loss for the German DAX 30 index , while the FTSE 100 index fell 0.7%. After a positive session for Wall Street on Thursday, Dow Jones Industrial Averages futures fell 181 points, or 0.9%, to 21,077. S&P 500 and Nasdaq-100 futures eased around 0.8%. Oil prices pared back some of Thursday's gains that saw West Texas Intermediate crude jump nearly 25% and Brent crude climb 21%. Those contracts were off 1.7% and 0.3% respectively. Oil's rally was sparked by a tweet from President Donald Trump who predicted Saudi Arabia and Russia would agree to significantly cut oil production. Investors are waiting for March nonfarm payrolls data from the U.S., after data Thursday showed a record 6.6 million Americans filed for unemployment claims due to shutdowns from the coronavirus outbreak.

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MarketWatch MarketPulseApr 03, 2020
3M argues against ceasing exports of respirators as it preps to work with FEMA to boost production
3M Co. said Friday the administration of President Donald Trump has asked it to cease exporting respirators that are made in the U.S. to Latin America and Canada, given they are in short supply during the coronavirus pandemic. The company said it is a vital supplier of that equipment in those markets and that there are "signifiant humanitarian implications" to such a move. "Ceasing all export of respirators produced in the United States would likely cause other countries to retaliate and do the same, as some have already done," the company said in a statement. "If that were to occur, the net number of respirators being made available to the United States would actually decrease. That is the opposite of what we and the Administration, on behalf of the American people, both seek. " The company, which was criticized by Trump at a Thursday briefing after it said demand for N95 respirators was exceeding capacity, said it is looking forward to working with FEMA to boost production after Trump invoked the Defense Production Act against the company, giving the federal government more control over its operations. The company has received approval to import 10 million N95 masks made at 3M facilities in China back to the U.S. "We also continue to act on reports of price gouging and unauthorized reselling related to 3M respirators. This activity is unethical and illegal," said the statement. 3M and a half dozen smaller competitors are making about 50 million N95 masks a month, as the Wall Street Journal has reported. The masks block 95% of very small particles and are key for health care workers. Production is far short of the 300 million N95 masks that the Department of Health and Human Services estimated that U.S. health-care workers would need monthly to fight a pandemic. 3M shares were down 2.3% premarket and have fallen 22% in the year to date, while the S&P 500 has fallen 22%.

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Yahoo BusinessApr 03, 2020
Trump to host Big Oil executives at White House to discuss market slump
U.S. President Donald Trump will meet with oil company executives at the White House on Friday to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. Trump said on Thursday Saudi Arabia and Russia had agreed to cut output by an unprecedented 10 million to 15 million barrels per day (bpd), representing 10% to 15% of global supply, after he discussed the issue with their leaders. Trump said in a press conference that he made no concessions to Saudi Arabia or Russia and did not agree to a U.S. production cut.

Yahoo BusinessApr 03, 2020
U.S. Stock Futures Fall With Relief Rally Fading on Pandemic Fears
(Bloomberg) -- U.S. stock index futures fell, erasing part of Thursday's rally, as global coronavirus infections continued to increase.S&P 500 Index futures expiring in June slid 0.9% as of 9:30 a.m. in London, after gaining 2.8% on Thursday. Contracts dropped 0.9% on the Nasdaq 100 Index and fell 1.1% on the Dow Jones Industrial Average. Global coronavirus infections surpassed 1 million, a milestone reached just four months after the first cases surfaced in China.In Europe, the Stoxx 600 Index was down 0.5%, weighed down by insurers and telecom shares. The euro-area economy is in a slump of unprecedented scale, with IHS Markit saying Friday its monthly measure of services and manufacturing points to an annualized economic contraction of about 10%."Sentiment in the market is still very fearful," said Dan Russo, chief market strategist at Chaikin Analytics. "The longer it takes to flatten the curve, the more prolonged the negative economic impact is likely to be, the longer it takes for businesses to get up and running again. Our base case remains that we are likely to retest the lows from last Monday."The underlying S&P 500 advanced 2.3% on Thursday, climbing for the first time in three days, with Chevron Corp and Exxon Mobil Corp. among the top gainers, after President Donald Trump said Russia and Saudi Arabia would cut production. Oil prices slid back below $25 a barrel after a record surge as doubts crept in about the deal.Consumer discretionary stocks weighed on the benchmark after jobl

Google Business NewsApr 03, 2020
Federal Government To Make New Recommendation On Wearing Face Masks | TODAY - TODAY
Federal Government To Make New Recommendation On Wearing Face Masks | TODAY  TODAYPublic health experts: Americans should be wearing masks in public amid coronavirus  Yahoo FinanceTrump says new recommendations on face masks are coming  CNNCoronavirus Advice: Wear a Mask. Here's How.  The New York TimesCoronavirus mask guidance remains unclear. Here's how history can help.

Forbes HeadlinesApr 03, 2020
How The Uninsured Can Gain Financial Protection From The Virus
At Wednesday's news conference, President Trump and Vice-President Pence were asked about their plan to best protect the uninsured from financial ruin as a result of the coronavirus pandemic. They should have started their answer: "with short-term health insurance plans."

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