It was billed as a lifeline for America’s middle-market companies seeking cash to get through the pandemic. Yet more than two months since its launch, the Federal Reserve’s Main Street Lending Program isn’t living up to expectations as few banks are willing to provide the loans.
Some of the nation’s biggest lenders have demanded such crushing terms that discussions have stalled from the get-go, while other banks have decided not to participate at all. That’s meant the take-up for the $600 billion program is just 0.2%, threatening to undercut the economic recovery and efforts to protect jobs.Read more
The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing a “treacherous” path ahead amid weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe.
In a closely-watched monthly report, the IEA trimmed its outlook for worldwide oil demand growth to 91.7 million barrels per day. That marks a contraction of 8.4 million bpd year-on-year, more than the 8.1 million bpd contraction predicted in the Paris-based energy agency’s August report.Read more
The next big shock to the oil industry could be yet another hit to demand, analysts said.
That would add to the destruction already seen this year as measures taken to combat the pandemic prevented people from commuting and traveling – drastically reducing oil usage.Read more
Airlines are staring down a Sept. 30 deadline that could determine winners and losers in the beleaguered sector. By then, they must decide whether to take out dilutive government-backed loans or try to raise funds in some other way. At the same time, all are coming to the realization that the rescue aid they’ve used to pay their idled workers will soon run out, and it looks unlikely that more is in store.Read more