Venture capital firm Index Ventures said on Thursday it had raised $2 billion for early-stage and growth investments, backing entrepreneurs it reckons will lead the way out of the economic slump caused by the coronavirus pandemic.
The pandemic sweeping the world will turn global economic growth "sharply negative" in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.
"This is what is needed because we've got to fight off a depression," CNBC's Jim Cramer said.
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The U.S. Federal Reserve on Thursday rolled out a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic.
The Federal Reserve will continue to use all the tools at its disposal until the U.S. economy begins to fully rebound from the harm caused by the novel coronavirus outbreak, Fed Chair Jerome Powell said on Thursday, even as he acknowledged the limits of the central bank's powers.
The economic dislocation caused by the coronavirus crisis is unfolding with breathtaking speed.
Renaissance Capital updated a note giving a readout on a call with Rosneft to remove a line saying the Russian energy giant believed a cut in oil output by OPEC+ of 10 million barrels per day (bpd) would be sufficient to balance markets.
OPEC and other oil producers will debate on Thursday oil cuts as big as 20 million barrels per day, equivalent to about 20% of global supplies, one OPEC source and a Russian source told Reuters.
The White House is expected to announce soon formation of a second coronavirus task force, this one devoted to getting the U.S. economy back going again when the time is right, a senior administration official said on Thursday.
The dollar dropped broadly on Thursday after the Federal Reserve rolled out a $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic.
Faced with layoffs, furloughs or cuts in pay, many Americans have been forced to find ways to still pay their bills.
U.S. Treasury Secretary Steven Mnuchin said on Thursday that aid for airlines will be the "next big thing" to be rolled out after the Federal Reserve announced new lending backstops for smaller and midsize companies and municipal bonds.
"This is what is needed because we've got to fight off a depression," CNBC's Jim Cramer said.
British department store group Debenhams went into administration for the second time in 12 months on Thursday, seeking to protect itself from legal action by creditors during the coronavirus crisis that could have pushed it into liquidation.