Business

NL tourist accommodations saw customers drop 72%

After a record year in 2019, the second quarter of 2020 was a tough one for tourist accommodations in the Netherlands. Due to the coronavirus and resulting travel restrictions, these accommodations received 72 percent fewer guests than in the same period last year. Amsterdam accommodations were hit hardest, seeing the number of visitors drop 92 […]

Business

U.S. housing regulator postpones new mortgage refinancing fee

WASHINGTON – A contentious new fee on U.S. mortgage refinancings has been delayed until Dec. 1, according to the regulator overseeing mortgage giants Fannie Mae and Freddie Mac. The 0.5% fee, aimed at recouping potentially billions of dollars in losses created by the coronavirus pandemic, was originally set to take effect on Sept. 1. The […]

Business

American Airlines to cut 19,000 jobs in October without aid, workforce shrinking 30%

CHICAGO – American Airlines said on Tuesday its workforce will shrink by 40,000, including 19,000 involuntary cuts, in October as the COVID-19 pandemic continues to weigh on air travel, unless the government extends aid for airline employee payrolls. Airlines received $25 billion in U.S. government stimulus funds in March meant to cover payrolls and protect […]

Business

S&P 500, Nasdaq close at record highs on trade, vaccine developments

NEW YORK – The S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic. The Dow, which has yet to reclaim its February high, ended the session lower. Apple […]

Business

Brazil’s Petrobras pays back $2.1 billion in revolving credit

RIO DE JANEIRO – Brazilian state-run oil firm Petrobras has made an early repayment on $2.1 billion of revolving credit lines, it said on Tuesday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said the move would free up cash for future credit operations.

Business

Biden says supports ethanol, hits Trump on handling of U.S. biofuel laws

NEW YORK – Democratic presidential nominee Joe Biden on Tuesday threw his support behind U.S. laws that require oil refiners to blend biofuels into the nation’s fuel pool and criticized the Trump administration for its handling of the mandates. “A Biden-Harris Administration will promote and advance renewable energy, ethanol, and other biofuels to help rural […]

Business

Stocks rise as U.S.-China phone call boosts optimism, euro gains

NEW YORK – The euro rose on better-than-expected German business morale data on Tuesday while global equity markets gained, with the S&P 500 and Nasdaq setting new closing highs, after a phone call cooled a recent flare-up in U.S.-China trade tensions. Gold prices fell as the call, the first formal dialogue between top U.S. and […]