Egypt’s Sisi calls for boost of strategic food reserves during coronavirus outbreak

March 30, 2020 CAIRO (Reuters) – Egyptian President Abdel Fattah al-Sisi has told the relevant authorities to boost strategic reserves of staple goods, a presidency spokesman said on Monday, as global concerns about food security rise amid the coronavirus crisis. Egypt reported 47 new coronavirus cases and one death on Monday, the health ministry said in a statement, bringing the total confirmed infections to 656 with 41 fatalities. The country is due to begin harvesting its local wheat crop in April from which the government expects to procure some 3.6 million tonnes of wheat, supply minister Ali Moselhy said earlier …

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U.S. expected to renew sanctions waivers allowing Iran nonproliferation work: sources

March 30, 2020 WASHINGTON (Reuters) – The United States is expected to allow Russian, Chinese and European companies to continue their work at Iranian nuclear sites to make it harder for Tehran to develop nuclear weapons, four sources familiar with the matter said on Monday. The sources, who spoke on condition of anonymity and who included one U.S. official, said a U.S. decision could come as early as on Monday to renew waivers to sanctions that bar non-U.S. firms from dealing with Iran’s Atomic Energy Organization. (Reporting By Humeyra Pamuk and Arshad Mohammed; editing by Grant McCool)

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Kohl’s extends store closure, draws down $1 billion credit facility amid coronavirus outbreak

March 30, 2020 (Reuters) – Kohl’s Corp <KSS.N> said on Monday it would extend the duration of store closure, and fully draw down on its $1 billion revolving credit facility to control damages from the coronavirus pandemic. The department store operator also said it would cut spending by about $500 million, and that Chief Executive Officer Michelle Gass would not take a salary as it manages through the crisis. (Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli)

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JPMorgan plans to raise up to $10 billion for alternative investments: Bloomberg News

March 30, 2020 (Reuters) – JPMorgan Chase & Co’s <JPM.N> alternative investments unit is seeking to raise up to $10 billion to boost its spending power in the face of the coronavirus pandemic, Bloomberg News reported on Monday. The bank plans to raise $5 billion to $10 billion “in the next couple of months” from clients including pension funds, sovereign-wealth funds, family offices and private banks, Anton Pil, the global head of alternatives for the bank’s asset-management arm, told Bloomberg in an interview. The biggest U.S. bank by assets already has about $10 billion of client capital that it plans …

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Mickelson ‘working on’ rematch vs. Tiger

March 30, 2020 Phil Mickelson says he is “working on” a rematch with Tiger Woods. The two PGA titans tangled in “The Match: Tiger vs. Phil,” a made-for-TV clash on Nov. 23, 2018, at Shadow Creek Golf Course in Las Vegas. Mickelson edged Woods on the fourth playoff hole. Mickelson was asked by a Twitter user Sunday if there was “a chance” the pair might play again to give viewers something to watch while sports around the world are on hold due to COVID-19. “Working on it,” Mickelson replied. When another Twitter asked if Mickelson was serious, he responded: “I …

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U.S. markets watchdog Clayton says SEC should not ban short-selling of shares

March 30, 2020 By Katanga Johnson WASHINGTON (Reuters) – The head of the U.S. Securities and Exchange Commission said on Monday that it should not ban short-selling of shares, amid speculation on further measures the agency might take to arrest a market rout that stems from fears the coronavirus will spark a global recession. The statement, by SEC Chairman Jay Clayton, comes after other countries, including Spain, Italy and South Korea, have moved to curtail short-sellers, who borrow shares and then sell them, betting their price will fall before the short-sellers buy back the shares and return them, pocketing the …

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AmEx to freeze hiring, not cut jobs as coronavirus crisis deepens: Bloomberg News

March 30, 2020 (Reuters) – Credit card issuer American Express Co <AXP.N> will freeze hiring and avoid job cuts this year in response to the coronavirus pandemic, Bloomberg news reported on Monday, citing a video message to employees from Chief Executive Officer Steve Squeri. More than 60,000 employees were now equipped to work from home, according to the report. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)

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Bostic: Fed programs could be broadened if they have missed important parts of economy

March 30, 2020 (Reuters) – As U.S. officials role out trillions of dollars in new economic support, a Federal Reserve policymaker on Monday said focus will now shift to whether those programs prove adequate or need to be expanded even further. U.S. elected officials last week approved a more than $2 trillion emergency economic program and the Fed is expected to layer on more than twice that amount in programs to keep borrowing costs cheap and ensure companies and families have access to credit needed to bridge the health crisis. No one’s assuming it will be enough. “What we are …

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Coronavirus drives U.S. March auto sales off a cliff

March 30, 2020 By Nick Carey DETROIT (Reuters) – U.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place. “When you look at March, we basically lost half the month,” said Eric Lyman, chief industry analyst at car-shopping website TrueCar.com <TRUE.O>. TrueCar has forecast a sales drop for March of 37 percent and Lyman said sales in April could also be off between 50 percent to …

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From sofas and kitchens, music stars hold coronavirus concert fundraiser

March 30, 2020 LOS ANGELES (Reuters) – Billie Eilish sang on her sofa, Elton John played a keyboard belonging to his children, and the Backstreet Boys sang in harmony from five locations as dozens of musicians put on a fundraiser for the warriors against a coronavirus. Those who performed from their homes for the “IHeart Living Room Concert for America” also included Mariah Carey, Camila Cabello, Alicia Keys, Shawn Mendes and Sam Smith. The one-hour show, broadcast on Fox television without commercials, was the biggest joint effort in the pandemic to lift spirits, raise money for those in the frontlines, …

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