Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by continuing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
A California employment panel rejected a funding request from Elon Musk's SpaceX after its billionaire founder defied a San Francisco Bay area health order and threatened to move Tesla Inc.'s headquarters out of the state.
Dismissing calls for blanket debt relief for African nations, 25 private creditors with more than $9 trillion in assets under management have banded together to influence debt restructuring efforts throughout the continent for countries whose finances have been sorely pressured by the coronavirus pandemic.
Germany's economy contracted in the first quarter at its sharpest rate since 2009 with worse expected by mid-year, as coronavirus lockdowns ravage business activity. But Europe's largest economy is weathering the fallout from the pandemic better than other EU states where outbreaks have been more disruptive.
The depth and breadth of the damage inflicted on the United States economy by coronavirus lockdown measures came into sharp, painful focus on Friday with government figures showing a record 20.5 million Americans lost their jobs in April.Â
Electric car firm Tesla has been ordered to keep its main plant in the US closed, as California grapples with a coronavirus outbreak.
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