Hudson's Bay Co Chairman Richard Baker will take over as chief executive officer, a source familiar with the matter told Reuters on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders.
The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
Federal Reserve Chair Jerome Powell on Tuesday said the coronavirus poses a material risk to the economic outlook, and that change to the balance of risks drove the U.S. central bank to deliver its first emergency interest rate cut since the financial crisis.
The World Bank said it would announce a package of financial and technical support later on Tuesday to assist with the health and economic impacts of the global coronavirus outbreak.
Thermo Fisher Scientific Inc has agreed to buy German genetic testing company Qiagen in a $11.5 billion deal as the U.S.-based group looks to bolster its health diagnostic business.
U.S. Treasury Secretary Steven Mnuchin on Tuesday said he supports the Federal Reserve's decision to cut interest rates in response to the fast-spreading coronavirus, its first emergency rate cut since 2008 at the height of the financial crisis.
U.S. President Donald Trump called for further cut rates after the Federal Reserve earlier on Tuesday slashed rates by half percentage point in an emergency move designed to insulate the nation's economy from the impact of the coronavirus.
The main U.S. stock market indexes inched lower in volatile trading on Tuesday, as investors worried even a shock emergency half-point cut in interest rates might not be enough to shield the world's largest economy from the impact of the coronavirus epidemic.
Oil prices rose on Tuesday but remained below session highs reached after the U.S. Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.
OPEC and its allies will consider making substantial oil production cuts to lift prices that have been battered by the coronavirus outbreak, Algeria's oil minister said on Tuesday, as ministers began arriving for talks in Vienna this week.
Global equity markets seesawed in volatile trade and gold prices rose more than 2% on Tuesday after the Federal Reserve cut interest rates in an emergency move to shield the U.S. economy from the impact of the coronavirus.
The U.S. dollar's strength will remain in place and for longer than expected just a month ago, despite Federal Reserve interest rate cuts intended to limit the economic damage from the spreading coronavirus, a Reuters poll showed.
U.S. Treasury Secretary Steven Mnuchin on Tuesday said the United States was not considering lowering tariffs on goods from China in response to the fast-spreading coronavirus, but would look at all options as the situation evolved.
Traders of futures contracts tied to the Federal Reserve's policy rate reacted to a sooner-than-expected reduction in borrowing costs Tuesday with bets on more to come as the central bank moves to try to shield the U.S. economy from the effects of the new coronavirus.
It's OK to panic; just don't act on it, says financial psychologist Brad Klonz. Here are his techniques to stop emotions from ruling your financial life.