UBS, the world's largest wealth manager, reported a 40 percent increase in profit on Tuesday January-March, bolstered by ultra-rich customers reshuffling portfolios to cope with the coronavirus outbreak, and as a revamp helped its core business to reach its best quarter since 2008.
Elon Musk, Chief Executive of Tesla Inc, is on the cusp of a payday of about $750 million as the stock of the electric carmaker recovers from a slump caused by the coronavirus that led the company to close its factories and furlough workers.
BP's first-quarter profit tumbled by two-thirds and its debt climbed to its peak in at least five years as the coronavirus crisis hammered demand for oil, but the energy major maintained its dividend despite warning of exceptional uncertainty.
The U.S. economy's shuttering due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16 percent or higher this month and require more stimulus to ensure a strong rebound, a Sunday White House economic adviser said.
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