GM CEO Mary Barra ‘cautiously optimistic’ on Covid-19 recovery


General Motors CEO and Chairman Mary Barra is “cautiously optimistic” about consumer demand returning as well as a global economic recovery as businesses continue to reopen following shutdowns due to the coronavirus pandemic. 

“We’ve been pleasantly surprised how demand has come back,” she said Wednesday morning on CNBC’s “Squawk Box.” “We’re cautiously optimistic as we see demand resuming.”

Barra said the company is “hopeful that we’ll have a strong recovery” overall but is planning for multiple scenarios “to make sure the company is strong from a business perspective and can weather any outcome.” 

GM, according to Barra, remains committed to

Read More

Fed adds coronavirus scenarios to this year’s bank stress tests


People walk past the U.S. Federal Reserve building in Washington D.C., the United States, May 21, 2020.

Ting Shen | Xinhua via Getty Images

Historically unique financial conditions brought on by the coronavirus have changed the way the Federal Reserve is stress-testing banks this year.

In addition to the usual rigors that measure how well institutions are prepared for sharp downturns, the Fed is adding three new scenarios this year, Vice Chair for supervision Randal Quarles announced Friday. The scenarios examine different patterns of recovery and look to see how banks will respond.

The initial testing focus was for stress

Read More

Marsh addresses priorities for businesses as they deal with coronavirus


The impacts of the novel coronavirus are likely to be felt by people, businesses, and the broader global economy for months – and potentially years – to come. Leaders are confirming these predictions with Angel Gurría, secretary general for the Organisation for Economic Co-operation and Development (OECD), recently telling the BBC that the shock to financial markets was already bigger than the financial crisis of 2008-2009 and that it was “wishful thinking” to think that countries will bounce back quickly.

In light of the risks that the pandemic poses, Marsh experts proposed risk mitigation techniques in a webinar titled “Coronavirus

Read More

China factory activity unexpectedly expands, but economy cannot shake off virus shock


BEIJING (Reuters) – Factory activity in China unexpectedly expanded in March from a collapse the month before, but analysts caution that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand and threatens a steep economic slump.

FILE PHOTO:A worker walks past a steel factory in Beijing April 1, 2013. REUTERS/Kim Kyung-Hoon

China’s official Purchasing Managers’ Index (PMI) rose to 52 in March from a plunge to a record low of 35.7 in February, the National Bureau of Statistics (NBS) said on Tuesday, above the 50-point mark that separates monthly growth from contraction.


Read More