Author: Anne

Oil stocks surge after Keystone deal, but sector isn’t out of the woods yet

The Canadian energy sector has offered its investors little in the way of hope since a global oil price war made the price of a barrel of the country’s crude cheaper than a pint of beer, forcing companies to slash dividends and threatening the continuity of others.

But amid a torrent of bad news, the energy sector was quietly rallying as the S&P/TSX Capped Energy Index had gained more than 34 per cent in nearly two weeks. So when it finally delivered good news on Tuesday, investors loudly voiced their excitement in the form of investment dollars.

TC Energy Corp. announced that it will be going ahead with the construction of the Keystone XL pipeline in early April after the Alberta government bought a US$1.1 billion equity stake in the project and said it would be providing another US$6 billion through a loan guarantee.

On the back of that news,

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Cuba suspends arrival of international flights to stop coronavirus By Reuters

HAVANA (Reuters) – Cuba said on Tuesday it was suspending the arrival of international passenger flights and asking all foreign boats to withdraw from the Caribbean island’s waters to curb the spread of the new coronavirus.

Cuba, which has confirmed 186 cases of the fast-spreading disease, partially closed its borders last week, banning the arrival of foreign tourists and the departure of Cubans.

But Cubans and foreigners with Cuban residency continued to return on a dwindling number of flights, although they were required to spend two weeks in quarantine at state isolation centres. The new measures appear to close that door.

“We need to eliminate the arrival of passengers who continue to pose a risk to people’s health,” state television showed Prime Minister Manuel Marrero saying during a high-level crisis response meeting.

Marrero clarified that Cuba would remain open for commerce and donations.

Cuba first reported cases of the new

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Coronavirus finances: What to do when your bills are due

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North American stocks rebound on news of five-minute coronavirus test and vaccine candidate

U.S. stocks rallied as investors saw glimmers of optimism in efforts to deliver rapid testing for the new coronavirus. The dollar rose.

The S&P 500 Index climbed for the fourth time in five days, rising 17 per cent over the last week, with health-care shares among the biggest gainers. The Nasdaq 100 advanced nearly 4 per cent, leading the rebound among benchmarks from Friday’s losses. Abbott Laboratories surged after unveiling a five-minute COVID-19 test and Johnson & Johnson announced a vaccine candidate for the virus.

The S&P/TSX composite index rose 350.76 points, or 2.76 per cent, to 13,038.50.

Crude fell more than 5 per cent even after Trump spoke with Russia’s Vladimir Putin about falling oil prices. The 10-year Treasury yield rose, while the dollar was on course to snap a four-session losing streak. Gold dipped.

Investors are grappling with the reality that the world’s biggest economy will stay crippled

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Elton John’s coronavirus ‘living room’ show raises $8 million for U.S. charities By Reuters

© Reuters. FILE PHOTO: Elton John AIDS Foundation 28th Annual Academy Awards Viewing Party

LOS ANGELES (Reuters) – A weekend benefit broadcast featuring recording stars performing live music online from home raised nearly $8 million for two charities serving first responders and Americans facing economic hardship amid the coronavirus crisis, sponsors said on Monday.

The Sunday night show, hosted by Elton John from his kitchen, featured Billie Eilish, the Backstreet Boys, Lizzo, Alicia Keys, Mariah Carey, Lady Gaga and Tim McGraw – all appearing by way of smartphones, home cameras or online platforms.

The Fox broadcast network carried the hour-long show, dubbed the “iHeart Living Room Concert for America,” live without commercial interruption, drawing 8.7 million television viewers, Fox said.

The songs were interspersed with short personal stories from nurses, doctors, truckers, grocery staff, and other essential workers as millions of Americans entered a second full week subjected to stay-at-home

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Everything you need to know about furloughs—and what they mean for workers during the coronavirus pandemic

Subscribe to Outbreak, a free daily roundup of stories on the coronavirus pandemic—and its impact on global business.

Monday brought more bad news for American workers, as companies continue to lay off employees to cope with the economic damage of the coronavirus outbreak and the related lockdown.

This time, Macy’s made the biggest headlines with the news that it will be furloughing the majority of its 130,000 employees. The department store giant—which also owns and operates Bloomingdale’s and Bluemercury—said that despite continuing to sell items online, it has “lost the majority of our sales” since closing all of its stores on March 18.

Macy’s is far from alone. Gap Inc. also announced that it would be furloughing most of its retail workers in the U.S. and Canada on Monday—“pausing pay but continuing to offer applicable benefits until stores are able to reopen,” the company said in a press … Read More