More than 20,000 municipal employees across all city agencies could lose their jobs to create $1 billion in cuts needed to balance the budget with the Big Apple’s coronavirus-starved coffers, Mayor Bill de Blasio announced Wednesday. Source New York Post
The US economy added a record 4.8 million jobs last month as the nation continued an economic rebound that’s now threatened by a surge in coronavirus infections, new data show. Source New York Post
Shell, one of the world’s largest oil companies, has warned that the low price of oil could reduce the value of its assets by up to $22bn (£17.9bn). It said it expects oil to change hands at $60 per barrel in the long term and to be priced at $35 this year and $40 next year. Source BBC
- In a report out Tuesday, the BIS warned that there are underlying financial fragilities despite some confidence among market participants in recent weeks regarding the reopening of many economies.
- Coeure said that addressing corporate solvency is a matter for national governments and not central banks. Source CNBC
